10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2019

OR

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

For the transition period fromto

Commission File Number: 001-36735

Landmark Infrastructure Partners LP

(Exact name of registrant as specified in its charter)

Delaware	61-1742322
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
400 Continental Blvd., Suite 500
P.O. Box 3429
El Segundo, CA 90245	90245
(Address of principal executive offices)	(Zip Code)

(310) 598-3173

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ☐	Accelerated filer  ☒	Non-accelerated filer  ☐	Smaller reporting company  ☐
Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ◻    No  ☒

The registrant had 25,338,432 common units outstanding at April 26, 2019.

LANDMARK INFRASTRUCTURE PARTNERS LP

Table of Contents

		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements:
	Consolidated Balance Sheets	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Equity and Mezzanine Equity	6
	Consolidated Statements of Cash Flows	7
	Notes to the Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48
Item 4.	Controls and Procedures	49
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	50
Item 1A.	Risk Factors	50
Item 6.	Exhibits	51
Signatures		52

2

PART I. FINANCIAL INFORMATION 

Item 1. Financial Statements

Landmark Infrastructure Partners LP

Consolidated Balance Sheets

(in thousands, except unit data)

	March 31, 2019			December 31, 2018
Assets
Land	$	131,731		$	128,302
Real property interests		509,369			517,423
Construction in progress		35,456			29,556
Total land and real property interests		676,556			675,281
Accumulated amortization real property interests		(40,926	)		(39,069	)
Land and net real property interests		635,630			636,212
Investments in receivables, net		9,611			18,348
Investment in unconsolidated joint venture		64,133			65,670
Cash and cash equivalents		6,034			4,108
Restricted cash		4,994			3,672
Rent receivables, net		5,194			4,292
Due from Landmark and affiliates		2,584			1,390
Deferred loan costs, net		5,350			5,552
Deferred rent receivable		5,254			5,251
Derivative assets		2,432			4,590
Other intangible assets, net		20,485			20,839
Assets held for sale (AHFS)		20,448			7,846
Right of use asset, net		7,495			—
Other assets		9,470			8,843
Total assets	$	799,114		$	786,613
Liabilities and equity
Revolving credit facility	$	165,000		$	155,000
Secured notes, net		222,752			223,685
Accounts payable and accrued liabilities		5,173			7,435
Other intangible liabilities, net		8,733			9,291
Liabilities associated with AHFS		180			397
Lease liability		7,525			—
Prepaid rent		5,884			5,418
Derivative liabilities		1,019			402
Total liabilities		416,266			401,628
Commitments and contingencies (Note 15)
Mezzanine equity
Series C cumulative redeemable convertible preferred units, 2,000,000 and zero units    issued and outstanding at March 31, 2019 and December 31, 2018, respectively		47,664			47,308
Equity
Series A cumulative redeemable preferred units, 1,593,149 units issued and outstanding    at March 31, 2019 and December 31, 2018, respectively		37,207			37,207
Series B cumulative redeemable preferred units, 2,463,015 units    issued and outstanding at March 31, 2019 and December 31, 2018, respectively		58,936			58,936
Common units, 25,338,432 and 25,327,801 units issued and outstanding at    March 31, 2019 and December 31, 2018, respectively		405,731			411,158
General Partner		(165,828	)		(167,019	)
Accumulated other comprehensive income		(1,063	)		(2,806	)
Total partners' equity		334,983			337,476
Noncontrolling interests		201			201
Total equity		335,184			337,677
Total liabilities, mezzanine equity and equity	$	799,114		$	786,613

See accompanying notes to consolidated financial statements.

3

Landmark Infrastructure Partners LP

Consolidated Statements of Operations

(In thousands, except per unit data)

	Three Months Ended March 31,
	2019			2018
Revenue
Rental revenue	$	14,393		$	15,695
Expenses
Property operating		665			286
General and administrative		1,478			1,699
Acquisition-related		127			185
Amortization		3,517			4,022
Impairments		204			—
Total expenses		5,991			6,192
Other income and expenses
Interest and other income		394			438
Interest expense		(4,488	)		(6,272	)
Unrealized gain (loss) on derivatives		(2,762	)		3,148
Equity loss from unconsolidated joint venture		(55	)		—
Gain on sale of real property interests		5,862			—
Foreign currency transaction loss		(21	)		—
Total other income and expenses		(1,070	)		(2,686	)
Income before income tax expense		7,332			6,817
Income tax expense		122			76
Net income		7,210			6,741
Less: Net income attributable to noncontrolling interest		8			4
Net income attributable to limited partners		7,202			6,737
Less: Distributions declared to preferred unitholders		(2,894	)		(1,944	)
Less: General partner's incentive distribution rights		(197	)		(195	)
Less: Accretion of Series C preferred units		(356	)		—
Net income attributable to common and subordinated unitholders	$	3,755		$	4,598
Net income (loss) per common and subordinated unit
Common units – basic	$	0.15		$	0.21
Common units – diluted	$	0.15		$	0.19
Subordinated units – basic and diluted	$	—		$	(0.19	)
Weighted average common and subordinated units outstanding
Common units – basic		25,338			22,996
Common units – diluted		25,338			24,564
Subordinated units – basic and diluted		—			1,568
Cash distributions declared per common and subordinated unit	$	0.3675		$	0.3675

See accompanying notes to consolidated financial statements.

4

Landmark Infrastructure Partners LP

Consolidated Statements of Comprehensive Income

(in thousands)

	Three Months Ended March 31,
	2019		2018
Net income	$	7,210	$	6,741
Other comprehensive income:
Foreign currency translation adjustment		1,743		1,038
Other comprehensive income		1,743		1,038
Comprehensive income		8,953		7,779
Less: Comprehensive income attributable to noncontrolling interest		8		4
Comprehensive income attributable to limited partners	$	8,945	$	7,775

See accompanying notes to consolidated financial statements

5

Landmark Infrastructure Partners LP

Consolidated Statements of Equity And Mezzanine Equity

(in thousands)

																									Accumulated									Mezzanine
						Preferred		Preferred								Preferred			Preferred						Other									Equity -
	Common		Subordinated			Units -		Units -		Common			Subordinated			Unitholders -			Unitholders -			General			Comprehensive			Noncontrolling			Total			Series C
	Units		Units			Series A		Series B		Unitholders			Unitholder			Series A			Series B			Partner			Income (loss)			Interest			Equity			Preferred
Balance as of December 31, 2017		20,146		3,135			1,568		2,463	$	288,527		$	19,641		$	36,604		$	58,936		$	(150,519	)	$	968		$	201		$	254,358		$	—
Net investment of Drop-down Assets		—		—			—		—		—			—			—			—			(20,394	)		—			—			(20,394	)		—
Foreign currency translation adjustment		—		—			—		—		—			—			—			—			—			1,038			—			1,038			—
Issuance of Preferred Units, net		—		—			25		—		—			—			603			—			—			—			—			603			—
Issuance of Common Units, net		1,721		—			—		—		30,926			—			—			—			—			—			—			30,926			—
Conversion of subordinated units		3,135		(3,135	)		—		—		18,186			(18,186	)		—			—			—			—			—			—			—
Distributions		—		—			—		—		(7,959	)		(1,152	)		(768	)		(1,176	)		(302	)		—			(4	)		(11,361	)		—
Capital contribution to fund general and administrative expense reimbursement		—		—			—		—		—			—			—			—			1,202			—			—			1,202			—
Unit-based compensation		4		—			—		—		70			—			—			—			—			—			—			70			—
Net income	—			—			—		—		4,901			(303	)		768			1,176			195			—			4			6,741			—
Balance as of March 31, 2018		25,006		—			1,593		2,463	$	334,651		$	—		$	37,207		$	58,936		$	(169,818	)	$	2,006		$	201		$	263,183		$	—
Balance as of December 31, 2018		25,328		—			1,593		2,463	$	411,158		$	—		$	37,207		$	58,936		$	(167,019	)	$	(2,806	)	$	201		$	337,677		$	47,308
Foreign currency translation adjustment		—		—			—		—		—			—			—			—			—			1,743			—			1,743			—
Distributions		—		—			—		—		(9,312	)		—			(788	)		(1,189	)		(197	)		—			(8	)		(11,494	)		(917	)
Capital contribution from Sponsor		—		—			—		—		—			—			—			—			994			—			—			994			—
Other deemed contributions		—		—			—		—		—			—			—			—			197			—			—			197			—
Unit-based compensation		10		—			—		—		130			—			—			—			—			—			—			130			—
Net income		—		—			—		—		3,755			—			788			1,189			197			—			8			5,937			1,273
Balance as of March 31, 2019		25,338		—			1,593		2,463	$	405,731		$	—		$	37,207		$	58,936		$	(165,828	)	$	(1,063	)	$	201		$	335,184		$	47,664

See accompanying notes to consolidated financial statements

6

Landmark Infrastructure Partners LP

Consolidated Statements of Cash Flows

(in thousands)

	Three Months Ended March 31,
	2019			2018
Operating activities
Net income	$	7,210		$	6,741
Adjustments to reconcile net income to net cash provided by operating activities:
Unit-based compensation		130			70
Unrealized (gain) loss on derivatives		2,762			(3,148	)
Amortization expense		3,517			4,022
Amortization of above- and below- market lease		(224	)		(328	)
Amortization of deferred loan costs		665			798
Amortization of discount on secured notes		93			93
Receivables interest accretion		(3	)		—
Impairments		204			—
Gain on sale of real property interests		(5,862	)		—
Allowance for doubtful accounts		5			(10	)
Equity loss from unconsolidated joint venture		55			—
Return on investment in unconsolidated joint venture		1,482			—
Foreign currency transaction loss		21			—
Changes in operating assets and liabilities:
Rent receivables, net		(899	)		107
Accounts payable and accrued liabilities		(416	)		743
Deferred rent		110			81
Prepaid rent		466			1,728
Due from Landmark and affiliates		(598	)		1,126
Other assets		(551	)		(343	)
Net cash provided by operating activities		8,167			11,680
Investing activities
Acquisition of land		(3,346	)		(6,931	)
Acquisition of real property interests and development activities		(12,159	)		(27,309	)
Proceeds from sale of real property interests		13,385			—
Repayments of receivables		150			299
Net cash used in investing activities		(1,970	)		(33,941	)
Financing activities
Proceeds from the issuance of Common Units, net		—			437
Proceeds from the issuance of Preferred Units, net		—			603
Proceeds from revolving credit facility		10,000			40,000
Principal payments on secured notes		(1,361	)		(969	)
Deferred loan costs		(128	)		(253	)
Capital contribution to fund general and administrative expense reimbursement		764			491
Distributions to preferred unitholders		(2,919	)		(1,996	)
Distributions to common and subordinated unitholders		(9,312	)		(9,413	)
Distributions to non-controlling interests		(8	)		(4	)
Consideration associated with Drop-down Acquisitions		—			(20,394	)
Net cash provided by (used in) financing activities		(2,964	)		8,502
Effect of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash		15			21
Net increase (decrease) in cash, cash equivalents and restricted cash		3,248			(13,738	)
Cash, cash equivalents and restricted cash at beginning of the period		7,780			27,860
Cash, cash equivalents and restricted cash at end of the period	$	11,028		$	14,122

See accompanying notes to consolidated financial statements.

7

Landmark Infrastructure Partners LP

Notes to Consolidated Financial Statements

1. Business

Landmark Infrastructure Partners LP (the “Partnership”) was formed on July 28, 2014 by Landmark Dividend LLC (“Landmark” or “Sponsor”) to own and manage a portfolio of real property interest and infrastructure assets that are leased to companies in the wireless communication, outdoor advertising and renewable power generation industries. In addition, the Partnership owns certain interests in receivables associated with similar assets. The Partnership is a master limited partnership organized in the State of Delaware and has been publicly traded since its initial public offering on November 19, 2014 (the “IPO”). On July 31, 2017, the Partnership completed changes to its organizational structure by transferring substantially all of its assets to a consolidated subsidiary, Landmark Infrastructure Inc., a Delaware corporation (“REIT Subsidiary”) , which elected to be taxed as a REIT commencing with its taxable year ending December 31, 2017. References in this report to “Landmark Infrastructure Partners LP,” the “partnership,” “we,” “our,” “us,” or like terms refer to Landmark Infrastructure Partners LP.

Our operations are managed by the board of directors and executive officers of Landmark Infrastructure Partners GP LLC, our general partner (the “General Partner”). As of March 31, 2019, the Sponsor and affiliates own (a) our general partner; (b) 3,415,405 common units representing limited partnership interest in the Partnership (“Common Units”); and (c) all of our incentive distribution rights (“IDRs”).

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidated Financial Statements

On an ongoing basis, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. The accompanying consolidated financial statements include the accounts of the Partnership, its wholly-owned subsidiaries and those entities in which it has a controlling interest. Investments in entities that the Partnership does not control are accounted for using the equity or cost method, depending upon the Partnership’s ability to exercise significant influence over operating and financial policies.

The unaudited interim consolidated financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (the “FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under the Accounting Standards Updates (“ASUs”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. Financial information for the three months ended March 31, 2019 and 2018 included in these Notes to the Consolidated Financial Statements is derived from our unaudited financial statements. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. All references to tenant sites are unaudited.

Use of Estimates

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

8

Income Taxes

The Partnership is generally not subject to federal, state or local income taxes, except for our subsidiary Landmark Infrastructure Asset OpCo LLC (“Asset OpCo”) and our foreign subsidiaries. Each limited partner is responsible for the tax liability, if any, related to its proportionate share of the Partnerships’ taxable income or loss. Asset OpCo conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes. Asset OpCo and certain foreign wholly owned subsidiaries of the Partnership conduct certain activities in international locations that generate taxable income and will be treated as taxable entities. Additionally, our consolidated REIT subsidiary, Landmark Infrastructure Inc., a Delaware corporation, files as a corporation for U.S. federal income tax purposes. The REIT Subsidiary has elected to be treated as a REIT and we believe that it has operated in a manner that has allowed the REIT Subsidiary to qualify as a REIT for federal income tax purposes, and the REIT Subsidiary intends to continue operating in such manner. If the REIT Subsidiary fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain savings provisions, all of its taxable income would be subject to federal income tax at regular corporate rates. 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, nor has the Partnership been assessed interest or penalties by any major tax jurisdictions.

Investment in Unconsolidated Joint Venture

The Partnership accounts for its investment in an unconsolidated joint venture using the equity method of accounting. Under the equity method, the investment is initially recorded at fair value and subsequently adjusted for distributions and the Partnership’s proportionate share of equity in the joint venture’s income (loss). The Partnership recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture as equity income (loss) from unconsolidated joint venture on the consolidated statements of operations. On a quarterly basis, the Partnership evaluates its investment in an unconsolidated joint venture for other-than-temporary impairments.The Partnership elected as an accounting policy to reflect unconsolidated joint venture distributions in the consolidated statements of cash flows using the nature of the distribution approach. Accordingly, the net proceeds were classified as return on investment in unconsolidated joint venture within the operating activities section of the consolidated statements of cash flows for the three months ended March 31, 2019.

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 not expected to have a material impact on its consolidated financial position and results of operations because either the ASU is not applicable, or the impact is expected to be immaterial.

In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”).  ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees and aligning it with the accounting for share-based payments to employees, with certain exceptions. Equity–classified share–based payment awards issued to nonemployees will be measured on the grant date, instead of being remeasured through the performance completion date (generally the vesting date), as required under the current guidance. ASU 2018-07 is effective for fiscal periods beginning after December 15, 2018, with early adoption permitted. The Partnership adopted the guidance as of January 1, 2019 and determined to not have a significant impact on the consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which establishes ASC 326, Financial Instruments – Credit Losses. The ASU revises the measurement of impairment for certain financial instruments measured at amortized cost from an incurred loss methodology to an expected loss methodology. The ASU affects trade receivables, debt securities, net investment in leases, and most other financial assets that represent a right to receive cash. This update is effective for annual and interim financial statement periods beginning after December 15, 2019, with early adoption permitted for financial statement periods beginning after December 15, 2018. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. This ASU clarifies that receivables from operating leases are accounted for using the lease guidance and not as financial instruments. The Partnership is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

9

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”), which establishes the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract (i.e., lessees and lessors). Subsequently, the FASB issued additional ASUs that clarified the original ASU No. 2016-02. The updated guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. This classification determines whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability on the balance sheet for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. Lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. The standard mandates the use of the modified retrospective transition method for all leases existing at, or entered into after, the date of initial application.

In March 2018, the FASB approved an optional practical expedient that would allow lessors to elect, by class of underlying asset, to not separate nonlease components from the related lease components. The practical expedient is limited to circumstances in which both (1) the timing and pattern of revenue recognition are the same for the nonlease component and related lease component and (2) the combined single lease component would be classified as an operating lease. If a lessee makes payments for taxes and insurance directly to a third party on behalf of a lessor, lessors are required to exclude them from variable payments and from recognition in the lessors’ income statements. Otherwise, tenant recoveries for taxes and insurance are classified as additional lease revenue recognized by the lessor on a gross basis in their income statements. The FASB has also clarified that the lease ASU will require an assessment of whether a land easement meets the definition of a lease under the new lease ASU. An entity with land easements that are not accounted for as leases under the current lease accounting standards, however, may elect a practical expedient to exclude those land easements from assessment under the new lease accounting standards (ASU No 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842). The new lease ASU applies to all land easement arrangements entered into or modified on and after the ASU effective date.

The Partnership adopted the guidance as of January 1, 2019. We elected to adopt the following practical expedients provided by these ASUs:

• Package of practical expedients – requires us to not reevaluate our existing or expired leases as of January 1, 2019, under the new lease accounting ASUs. The election of the package of practical expedients allowed us to not reassess whether any expired or existing contracts are or contain leases and not reassess lease classification for any expired or existing leases that commenced prior to January 1, 2019. The package of practical expedients also allowed an entity to not reassess initial direct costs for any existing leases. The Partnership has not incurred such initial direct costs for leases. Consequently, the adoption of the new lease ASUs had no effect on our accounting of initial direct cost on January 1, 2019.

• Optional transition method practical expedient – requires us to apply the new lease ASUs prospectively from the adoption date of January 1, 2019.

• Land easements practical expedient – requires us to account for land easements existing as of January 1, 2019, under the accounting standards applied to them prior to January 1, 2019. The Partnership’s land easements are primarily prepaid and included on the Consolidated Balance Sheets in real property interest, the impact of the adoption of the easement related provisions does not have a significant impact on our Consolidated Financial Statements.

• Single component practical expedient – requires us to account for lease and nonlease components associated with that lease under the new lease ASUs, if certain criteria are met. Our operating leases commencing or modified after January 1, 2019, for which we are the lessor are expected to qualify for the single component practical expedient accounting.

• Short-term leases practical expedient – for our operating leases with a term of 12 months or less in which we are the lessee, this expedient requires us to not record on our balance sheets related lease liabilities and right-of-use assets.

10

While most of our leases are and will continue to be classified as operating leases in which the Partnership is the lessor, the Partnership is the lessee in an insignificant population of leases that have recurring ground lease rental payments. We applied the modified retrospective transition method and practical expedients mentioned above to all leases existing at January 1, 2019. The adoption of ASC 842 resulted in the recognition of right-of-use assets and lease liabilities on the Consolidated Balance Sheets on January 1, 2019 for such operating leases of $7.6 million, based on the present value of the remaining minimum rental payments using each respective lease term and a corresponding incremental borrowing rate. We used a discount rate of approximately 4.5%, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. The ASUs did not significantly effect the calculations of our debt covenants.

The following table represents the future minimum ground lease payments at March 31, 2019 (in thousands).

2019 (nine months)	$	333
2020		452
2021		462
2022		472
2023		482
Thereafter		11,638
Total	$	13,839

3. Acquisitions

Drop-down Acquisitions

During the three months ended March 31, 2018, the Partnership completed one drop-down acquisition from our Sponsor and affiliates (referred to as the “Drop-down Acquisition”). Certain real property interests included in the Drop-down Acquisition completed by the Partnership were part of the right of first offer assets acquired from Landmark Dividend Growth Fund-H LLC (“Fund H”). The following table presents the Drop-down Acquisition completed by the Partnership during 2018:

		Number of Tenant Sites								Consideration (in millions)
Acquisition Date	Source	Wireless Communication		Outdoor Advertising		Renewable Power Generation		Total		Borrowings and Available Cash		Common Units		Total
January 18, 2018	Fund H		30		90		7		127	$	32.6	$	27.3	$	59.9
2018 Acquisitions			30		90		7		127	$	32.6	$	27.3	$	59.9

The Drop-down Acquisition is a transfer of net assets between entities under common control as the acquisition does not meet the definition of a business in accordance with ASU No. 2017-01. The transfer of net assets is accounted for prospectively in the period in which the transfer occurs at the net carrying value. Any differences between the cash consideration and the net carrying value of the transfer of net assets has been allocated to the General Partner. During the three months ended March 31, 2018, the difference between the total consideration of $59.9 million and the net carrying value of $39.5 million, was allocated to the General Partner.

Third Party Acquisitions

During the three months ended March 31, 2019 and the year ended December 31, 2018, the Partnership completed various direct third-party acquisitions. Third-party acquisitions include acquisitions in exchange for Common Units pursuant to our previously filed and effective registration statement on Form S-4, in which we may offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities (the “Unit Exchange Program” or “UEP”).

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The following table presents direct third-party acquisitions completed by the Partnership during the three months ended March 31, 2019 and the year ended December 31, 2018:

	No. of Tenant Sites								Consideration (in millions)
Acquisition Description	Wireless Communication		Outdoor Advertising		Renewable Power Generation		Total		Borrowings and Available Cash		Common Units		Total
First Quarter
International		—		104		—		104	$	6.0	$	—	$	6.0
2019 Total		—		104		—		104	$	6.0	$	—	$	6.0
First Quarter
UEP		5		1		—		6	$	—	$	3.2	$	3.2
Domestic		15		12		—		27		21.3		—		21.3
Total		20		13		—		33	$	21.3	$	3.2	$	24.5
Second Quarter
International		—		8		—		8	$	7.3	$	—	$	7.3
UEP		7		1		—		8		0.6		1.8		2.4
Domestic		3		1		—		4		21.5		—		21.5
Total		10		10		—		20	$	29.4	$	1.8	$	31.2
Third Quarter
International		2		12		—		14	$	14.2	$	—	$	14.2
UEP		10		—		—		10		0.9		1.8		2.7
Domestic		2		11		—		13		2.0		—		2.0
Total		14		23		—		37	$	17.1	$	1.8	$	18.9
Fourth Quarter
International		—		8		—		8	$	0.2	$	—	$	0.2
UEP		4		—		—		4		—		0.9		0.9
Domestic		1		1		—		2		0.1		—		0.1
Total		5		9		—		14	$	0.3	$	0.9	$	1.2
2018 Total		49		55		—		104	$	68.1	$	7.7	$	75.8

4. Real Property Interests

The following table summarizes the Partnership’s real property interests (in thousands):

	March 31, 2019			December 31, 2018
Land	$	131,731		$	128,302
Real property interests – perpetual		104,518			101,343
Real property interests – finite life		404,851			416,080
Construction in progress		35,456			29,556
Total land and real property interests		676,556			675,281
Accumulated amortization of real property interests		(40,926	)		(39,069	)
Land and net real property interests	$	635,630		$	636,212

On January 4, 2019, the Partnership completed the sale of its real property interest held for sale as of December 31, 2018 for total consideration of $13.5 million. We recognized a gain on sale of real property interest of $5.9 million upon completion of the sale.

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During 2017, the Partnership started developing an ecosystem of technologies that provides smart enabled infrastructure (“FlexGrid^TM”) including smart poles and digital outdoor advertising kiosks across North America. Smart poles are self-contained, neutral-host poles designed for wireless carrier and other wireless operator collocation. The smart poles are designed for macro, mini macro and small cell deployments and will support Internet of Things (IoT), carrier densification needs, private LTE networks and other wireless solutions. During the year ended December 31, 2018, the Partnership completed construction on four FlexGrid^TM infrastructure sites totaling $1.5 million. As of March 31, 2019 and December 31, 2018, the Partnership’s $35.5 million and $29.6 million, respectively, of construction in progress primarily related to the construction of the FlexGrid^TM solution and other projects.

In December 2016, the Partnership formed a joint venture to acquire real property interests that are leased to companies in the outdoor advertising industry located in the UK and Europe. Our venture partner provides acquisition opportunities and asset management services to the consolidated joint venture. As of March 31, 2019, the consolidated joint venture had 139 tenant sites and one investment in receivable with total net book value of $54.9 million. During the three months ended March 31, 2019 and 2018, the consolidated joint venture generated rental revenue of $1.2 million and $0.6 million, respectively.

The Partnership applies the asset acquisition method to all acquired investments of real property interests for transactions that meet the definition of an asset acquisition. 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 Partnership assigned discount rates ranging between 6% and 20%.

The following table summarizes final allocations for acquisitions during the three months ended March 31, 2019 and the year ended December 31, 2018 of estimated fair values of the assets acquired and liabilities assumed (in thousands).

			Investments in real		In-place lease		Above-market		Below-market
Period	Land		property interests		intangibles		lease intangibles		lease intangibles			Total
2019	$	2,330	$	3,640	$	248	$	76	$	(23	)	$	6,271
2018		16,646		91,314		7,939		1,309		(2,031	)		115,177

Future estimated aggregate amortization of finite lived real property interests for each of the five succeeding fiscal years and thereafter as of March 31, 2019, are as follows (in thousands):

2019 (nine months)	$	8,841
2020		11,068
2021		10,451
2022		10,087
2023		9,989
Thereafter		313,489
Total	$	363,925

The weighted average remaining amortization period for non‑perpetual real property interests is 42 years as of March 31, 2019. 

During the three months ended March 31, 2019, two of the Partnership’s real property interests were impaired and recognized impairment charges totaling $0.2 million. The carrying value of each real property interest was determined to have a fair value of zero. There was no impairment during the three months ended March 31, 2018.

In March 2019, the Partnership entered into a plan to sell certain real property interests and investments in receivables. The Partnership determined that the sale did not meet the criteria for discontinued operations presentation as the plan to sell did not represent a strategic shift that would have a major effect on its operations and financial results. As a result of this classification, the assets and liabilities were separately presented as AHFS and liabilities associated with AHFS in the consolidated balance sheet as of March 31, 2019.

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The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are as follows (in thousands):

	March 31, 2019		December 31, 2018
Land	$	416	$	1,286
Real property interests, net		11,626		5,566
Investments in receivables, net		8,331		—
Other intangible assets, net		75		994
AHFS	$	20,448	$	7,846
Other intangible liabilities, net	$	180	$	397
Liabilities associated with AHFS	$	180	$	397

5. Other Intangible Assets and Liabilities

The following table summarizes our identifiable intangible assets, including above/below‑market lease intangibles (in thousands):

	March 31, 2019			December 31, 2018
Acquired in-place lease
Gross amount	$	23,369		$	23,261
Accumulated amortization		(6,597	)		(6,237	)
Net amount	$	16,772		$	17,024
Acquired above-market leases
Gross amount	$	6,619		$	6,542
Accumulated amortization		(2,906	)		(2,727	)
Net amount	$	3,713		$	3,815
Total other intangible assets, net	$	20,485		$	20,839
Acquired below-market leases
Gross amount	$	(16,784	)	$	(17,097	)
Accumulated amortization		8,051			7,806
Total other intangible liabilities, net	$	(8,733	)	$	(9,291	)

We recorded net amortization of above‑ and below‑market lease intangibles of $0.2 million and $0.3 million as an increase to rental revenue for the three months ended March 31, 2019 and 2018, respectively. We recorded amortization of in‑place lease intangibles of $0.5 million as amortization expense for the three months ended March 31, 2019 and 2018, respectively.

Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of March 31, 2019 follows (in thousands):

	Acquired in-place leases		Acquired above-marketleases		Acquired below-marketleases
2019 (nine months)	$	1,315	$	526	$	(1,157	)
2020		1,640		534		(1,499	)
2021		1,578		428		(1,372	)
2022		1,483		346		(1,249	)
2023		1,207		310		(806	)
Thereafter		9,549		1,569		(2,650	)
Total	$	16,772	$	3,713	$	(8,733	)

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6. Investments in Receivables

Investments in receivables include financing arrangements and management agreements whereby we purchased the right to receive a portion of a rental payment under a contract but are not a party to the lease and do not have a real property interest. Additionally, certain lease arrangements of real property interests meet the definition of a financial asset and included in investments in receivables in our financial statements. Investments in receivables also include arrangements with T‑Mobile whereby we purchased the right to retain a portion of a lease payment prior to passing the remainder to the property owner. These cash flow financing arrangements are accounted for as receivables in our consolidated financial statements.

Transfer of investments in receivables from the Sponsor and affiliates to the Partnership, which met the conditions to be accounted for as a sale in accordance with ASC 860, Transfers and Servicing, were recorded at their estimated fair value. The receivables are unsecured with payments collected over periods ranging from 2 to 99 years. In connection with the Drop-down Acquisition from our Sponsor and affiliates, the Partnership acquired additional investments in receivables that were recorded at the fair value at the acquisition date, using discount rates ranging from 7% to 14%. 

Interest income recognized on the receivables totaled $0.4 million for the three months ended March 31, 2019 and 2018, respectively. In March 2019, the Partnership entered into a plan to sell certain real property interests and investments in receivables. The Partnership determined that the sale did not meet the criteria for discontinued operations presentation as the plan to sell did not represent a strategic shift that would have a major effect on its operations and financial results. As a result of this classification, the assets and liabilities were separately presented as AHFS and liabilities associated with AHFS in the consolidated balance sheet as of March 31, 2019.

The following table reflects the activity in investments in receivables (in thousands):

	March 31, 2019			December 31, 2018
Investments in receivables – beginning	$	18,348		$	20,782
Impairments		—			(785	)
Sales		—			(350	)
Transfers		(8,661	)		—
Repayments		(150	)		(1,108	)
Interest accretion		3			3
Foreign currency translation adjustment		71			(194	)
Investments in receivables – ending	$	9,611		$	18,348

Annual amounts due as of March 31, 2019, are as follows (in thousands):

2019 (nine months)	$	1,001
2020		1,297
2021		1,345
2022		1,463
2023		1,570
Thereafter		12,017
Total	$	18,693
Interest	$	9,082
Principal		9,611
Total	$	18,693

7. Investment in Unconsolidated Joint Venture

On September 24, 2018, the Partnership completed the formation of the unconsolidated JV. The Partnership contributed 545 tenant site assets to the unconsolidated JV that secured the Partnership’s $125.4 million Series 2018-1 secured notes (the “2018 Securitization”), in exchange for a 50.01% membership interest in the unconsolidated JV and $65.5 million in cash (the “Transaction”). The Partnership does not control the unconsolidated JV and therefore, accounts for its investment in the unconsolidated JV using the equity method of accounting prospectively upon formation of the unconsolidated JV. 

15

The Partnership recognized a gain on contribution of real property interests in accordance with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets that do not meet the definition of a business. ASC 610-20 refers to the revenue recognition principles under ASU No. 2014-09.  Under ASC 610-20, the Partnership determined it does not have a controlling financial interest in the entity that holds the assets and the arrangement meets the criteria to be accounted for as a contract, as such, the Partnership derecognized the assets and recognized a gain on the contribution of the real property interests when control of the underlying assets transferred to the buyer.

In addition to the contribution of assets, the JV assumed the 2018 Securitization, which was completed by the Partnership on June 6, 2018 involving certain tenant sites and related property interests owned by certain unrestricted special purpose subsidiaries of the Partnership, through the issuance of the Class C, Class D and Class F Series 2018-1 Secured Notes (the “2018 Secured Notes”), in an aggregate principal amount of $125.4 million. The net proceeds from the 2018 Securitization were primarily used to pay down the revolving credit facility by $120.5 million. The Class F notes are subordinated in right of payment to the Class D notes and the Class D notes are subordinated in right of payment to the Class C notes. The 2018 Secured Notes were issued at a discount of less than $0.1 million, which will be accreted and recognized as interest expense over the term of the secured notes. The Class C, Class D and Class F 2018 Secured Notes bear interest at a fixed note rate per annum of 3.97%, 4.70% and 5.92%, respectively.

The following table summarizes balance sheet information for the unconsolidated JV (in thousands):

	March 31, 2019		December 31, 2018
Total assets	$	259,707	$	263,228
Total liabilities		127,997		128,448
Total equity		131,710		134,780
Total liabilities and equity	$	259,707	$	263,228

The following table summarizes financial information for the unconsolidated JV during the three months ended March 31, 2019 (in thousands):

Rental revenue	$	3,507
Net loss		(109	)
Partnership's share in losses		(55	)
Distributions received by the Partnership		1,482

8. Debt

The following table summarizes the Partnership’s debt (in thousands):

		Outstanding Balance
	Maturity Date	March 31, 2019			December 31, 2018
Revolving credit facility	November 15, 2023	$	165,000		$	155,000
4.38% senior secured notes	June 30, 2036	$	42,058		$	42,058
Series 2017-1 Class A 4.10%	November 15, 2022 (1)		60,503			60,900
Series 2017-1 Class B 3.81%	November 15, 2022 (1)		17,474			17,563
Series 2016-1 Class A 3.52%	June 1, 2021(2)		85,383			86,258
Series 2016-1 Class B 7.02%	June 1, 2021(2)		25,100			25,100
Secured Notes			230,518			231,879
Discount on Secured Notes			(1,361	)		(1,454	)
Deferred loan costs			(6,405	)		(6,740	)
Secured Notes, net		$	222,752		$	223,685

(1) Maturity date reflects anticipated repayment date; final legal maturity is November 15, 2047.

(2) Maturity date reflects anticipated repayment date; final legal maturity is July 15, 2046.

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Revolving Credit Facility

On November 15, 2018, the Partnership completed its Third Amended and Restated Credit Facility and obtained commitments from a syndicate of banks with initial borrowing commitments of $450.0 million for five-years. Additionally, borrowings up to $75.0 million may be denominated in pound sterling, euro, Australian dollar and Canadian dollar. Substantially all of our assets, excluding equity in and assets of 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 (or secured by mortgages), as collateral under our revolving credit facility. Our revolving credit facility contains various customary covenants and restrictive provisions.

Loans under the revolving credit facility bear interest at a rate equal to LIBOR, plus a spread ranging from 1.75% to 2.25% (determined based on leverage levels). As of March 31, 2019 the applicable spread was 2.00%.

Additionally, under the revolving credit facility we will be subject to an annual commitment fee (determined based on leverage levels) associated with the available undrawn capacity subject to certain restrictions. As of March 31, 2019, the applicable annual commitment rate used was 0.175%.

The revolving credit facility requires monthly interest payments and the outstanding debt balance is due upon maturity on November 15, 2023. As of March 31, 2019, $165 million was outstanding and there was $285 million of undrawn borrowing capacity, subject to compliance with certain financial covenants. As of March 31, 2019, the Partnership was in compliance with all financial covenants required under the revolving credit facility.

Secured Notes

On April 24, 2018, the Partnership entered into a note purchase and private shelf agreement (“Note Purchase Agreement”) pursuant to which the Partnership agreed to sell an initial $43.7 million aggregate principal amount of 4.38% senior secured notes, in a private placement (the “4.38% Senior Secured Notes”) involving a segregated pool of renewable power generation sites and related property interests. The 4.38% Senior Secured Notes are fully amortized through June 30, 2036. The Partnership may from time to time issue and sell additional senior secured notes pursuant to the Note Purchase Agreement, in an aggregate principal amount when aggregated with the initial principal amount of up to $225 million. We used all the net proceeds of $41.0 million to repay a portion of the borrowings under our revolving credit facility.

On November 30, 2017, the Partnership completed a securitization transaction (the “2017 Securitization”) involving certain outdoor advertising tenant sites and related property interests owned by certain unrestricted special purpose subsidiaries of the Partnership, through the issuance of the Class A and Class B Series 2017-1 Secured Notes (the “2017 Secured Notes”), in an aggregate principal amount of $80.0 million. The net proceeds from the 2017 Securitization were primarily used to pay down the revolving credit facility by $54.0 million and $17.5 million held in a restricted reserve accounts, including $16.0 million into a site acquisition account subsequently used on January 18, 2018 to acquire additional tenant sites pursuant to the Indenture. The Class B notes are subordinated in right of payment to the Class A notes. The 2017 Secured Notes were issued at a discount of $1.8 million, which will be accreted and recognized as interest expense over the term of the secured notes. The Class A and Class B 2017 Secured Notes bear interest at a fixed note rate per annum of 4.10% and 3.81%, respectively.

On June 16, 2016, the Partnership completed a securitization transaction (the “2016 Securitization”) involving certain tenant sites and related real property interests owned by certain unrestricted special purpose subsidiaries of the Partnership, through the issuance of the Class A and Class B Series 2016-1 Secured Notes (the “2016 Secured Notes”), in an aggregate principal amount of $116.6 million. The net proceeds from the Securitization were used to pay down the revolving credit facility by $112.3 million. The Class B notes are subordinated in right of payment to the Class A notes. The 2016 Secured Notes were issued at a discount of $17,292, which will be accreted and recognized as interest expense over the term of the secured notes. The Class A and Class B 2016 Secured Notes bear interest at a fixed note rate per annum of 3.52% and 7.02%, respectively.

The secured notes described above are collectively referred to as the “Secured Notes” and the tenant site assets securing the Secured Notes are collectively referred to as the “Secured Tenant Site Assets.”

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The Secured Notes are secured by (1) mortgages and deeds of trust on substantially all of the Secured Tenant Site Assets and their operating cash flows, (2) a security interest in substantially all of the personal property of the obligors (as defined in the applicable indenture), and (3) the rights of the obligors under a management agreement. Under the terms of the applicable indenture, amounts due under the Secured Notes will be paid solely from the cash flows generated from the operation of the Secured Tenant Site Assets, as applicable, which must be deposited into reserve accounts, and thereafter distributed solely pursuant to the terms of the applicable indenture. On a monthly basis, after payment of all required amounts under the applicable indenture, subject to the conditions described below, the excess cash flows generated from the operation of such assets are released to the Partnership. As of March 31, 2019, $5.0 million was held in such reserve accounts which are classified as Restricted Cash on the accompanying consolidated balance sheets.

The Partnership is subject to covenants customary for notes issued in rated securitizations. Among other things, the obligors are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets (as defined in the applicable agreement). Under the terms of the applicable indenture, the obligors will be permitted to issue additional notes under certain circumstances, including so long as the debt service coverage ratio (“DSCR”) of the issuer is at least 2.0 to 1.0 for the 2017 Secured Notes and 2016 Secured Notes, respectively and at least 1.1 to 1.0 for the 4.38% Senior Secured Notes. As of March 31, 2019, the Partnership was in compliance with all financial covenants under the Secured Notes.

The Secured Notes’ annual principal payment amounts due as of March 31, 2019, are as follows (in thousands):

2019 (nine months)	$	6,845
2020		10,313
2021 (1)		108,013
2022		72,598
2023		2,714
Thereafter (1)		30,035
Total	$	230,518

(1) Reflects anticipated repayment dates

Interest Expense

The Partnership incurred interest expense of $4.5 million and $6.3 million for the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019 and December 31, 2018, the Partnership had interest payable of $1.0 million and $0.3 million, respectively. Additionally, the Partnership recorded amortization of deferred loan costs and discount on secured notes, which is included in interest expense, of $0.8 million and $0.9 million for the three months ended March 31, 2019 and 2018, respectively.  

9. Interest Rate Swap Agreements

The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements (in thousands, except percentages):

Date	Notional		Fixed				Effective	Maturity	Fair Value Asset (Liability) at
Entered	Value		Rate			Index	Date	Date	March 31, 2019			December 31, 2018
February 5, 2015	$	25,000		1.29	%	1-month USD LIBOR	4/13/2015	4/13/2019	$	28		$	102
August 24, 2015		50,000		1.74		1-month USD LIBOR	10/1/2015	10/1/2022		730			1,259
March 23, 2016		50,000		1.67		1-month USD LIBOR	12/24/2018	12/24/2021		687			1,117
March 31, 2016		20,000		1.56		1-month USD LIBOR	12/24/2018	12/24/2021		331			508
March 31, 2016		25,000		1.63		1-month USD LIBOR	4/13/2019	4/13/2022		385			569
June 12, 2017		50,000		2.10		1-month USD LIBOR	3/2/2018	9/2/2024		271			1,035
November 15, 2018	£	38,000		1.49		1-month GBP LIBOR	11/30/2020	11/30/2025		(1,019	)		(402	)
									$	1,413		$	4,188

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During the three months ended March 31, 2019 and 2018, the Partnership recorded a loss of $2.8 million and gain of $3.1 million, respectively, resulting from the change in fair value of the interest rate swap agreements, which is reflected as an unrealized gain (loss) on derivative financial instruments on the consolidated statements of operations. Additionally, during the three months ended March 31, 2019, the Partnership recognized less than $0.1 million of foreign currency transaction loss resulting from the changes in exchange rates as of March 31, 2019 affecting mark-to-market adjustments on our foreign currency interest rate swap agreement denominated in pound sterling.

The fair values of the interest rate swap agreements are 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 agreements. 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 March 31, 2019. The following table summarizes the fair values of the interest rate swaps as a result of the analysis performed (in thousands):

		Effects of Change in Interest Rates
Date Entered	Maturity Date	+50 Basis Points		-50 Basis Points			+100 Basis Points		-100 Basis Points
February 5, 2015	4/13/2019		28		28			28		28
August 24, 2015	10/1/2022		1,532		(88	)		2,318		(924	)
March 23, 2016	12/24/2021		1,317		49			1,936		(601	)
March 31, 2016	12/24/2021		583		77			830		(183	)
March 31, 2016	4/13/2022		739		26			1,086		(339	)
June 12, 2017	9/2/2024		1,479		(1,012	)		2,671		(2,314	)
November 15, 2018	11/30/2025		92		(2,374	)		1,245		(3,691	)

10. Equity

The table below summarizes changes in the number of units outstanding for the three months ended March 31, 2019 and 2018 (in units):

										Mezzanine Equity -
						Series A		Series B		Series C
	Common		Subordinated			Preferred		Preferred		Preferred
Balance as of December 31, 2017		20,146,458		3,135,109			1,568,402		2,463,015		—
Issuance of units to Fund H - January 18, 2018		1,506,421		—			—		—		—
Conversion of subordinated units		3,135,109		(3,135,109	)		—		—		—
Issuance under ATM Programs		27,830		—			24,747				—
Issuance under Unit Exchange Program		185,898		—			—		—		—
Unit-based compensation		3,826		—			—		—		—
Balance as of March 31, 2018		25,005,542		—			1,593,149		2,463,015		—
Balance as of December 31, 2018		25,327,801		—			1,593,149		2,463,015		2,000,000
Unit-based compensation		10,631		—			—		—		—
Balance as of March 31, 2019		25,338,432		—			1,593,149		2,463,015		2,000,000

Common Units

On February 16, 2016, the Partnership established a Common Unit at-the-market offering program (the “Common Unit ATM Program”) pursuant to which we may sell, from time to time, Common Units having an aggregate offering price of up to $50.0 million pursuant to our previously filed and effective registration statement on Form S-3.  The net proceeds from sales under the Common Unit ATM Program will be used for general partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. No Common Units were issued under the Common Unit ATM Program during the three months ended March 31, 2019 as the program expired on December 30, 2018. During the three months ended March 31, 2018, 27,830 Common Units were issued under the Common Unit ATM Program generating proceeds of approximately $0.5 million before issuance costs.

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On February 16, 2016, the Partnership filed a shelf registration statement on Form S-4 with the SEC. The shelf registration statement was declared effective on March 10, 2016 and permits us to offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities. No acquisitions were completed during the three months ended March 31, 2019 under the Unit Exchange Program. During the three months ended March 31, 2018, under the Unit Exchange Program, the Partnership completed an acquisition of six tenant sites in exchange for 185,898 Common Units, valued at approximately $3.2 million. As of March 31, 2019, we have 4,091,908, Common Units remaining available to be issued under the Unit Exchange Program.

Subordinated Units

Our Partnership Agreement provides that, during the subordination period, 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 requirements under our Partnership Agreement for the conversion of all the subordinated units into common units were satisfied upon the payment of our quarterly cash distribution on February 14, 2018. Therefore, effective February 15, 2018, all of our subordinated units which are owned by Landmark, were converted on a one-for-one basis into common units. The conversion of subordinated units does not impact the amount of cash distributions or total number of outstanding units.

Preferred Units

On June 24, 2016, the Partnership established a Series A Preferred Unit at-the-market offering program (the “Series A Preferred Unit ATM Program”) pursuant to which we may sell, from time to time, Series A Preferred Units having an aggregate offering price of up to $40.0 million pursuant to our previously filed and effective registration statement on Form S-3. The net proceeds from sales under the Series A Preferred Unit ATM Program will be used for general Partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. No Series A Preferred Units were issued under the Series A Preferred Unit ATM Program during the three months ended March 31, 2019 as the program expired on December 30, 2018. During the three months ended March 31, 2018, the Partnership issued 24,747 Series A Preferred Units under our Series A Preferred Unit ATM Program, generating proceeds of approximately $0.6 million before issuance costs, respectively.

On March 30, 2017, the Partnership established a Series B Preferred Unit at-the-market offering program (the “Series B Preferred Unit ATM Program” and together with the Series A Preferred Unit ATM Program and Common Unit ATM Program the “ATM Programs”) pursuant to which we may sell, from time to time, Series B Preferred Units having an aggregate offering price of up to $50.0 million pursuant to our previously filed and effective registration statement on Form S-3. The net proceeds from sales under the Series B Preferred Unit ATM Program will be used for general Partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. No Series B Preferred Units were issued under our Series B Preferred Unit ATM Program during the three months ended March 31, 2019 and 2018. As of March 31, 2019, we have $34.4 million remaining available to be issued under the Series B Preferred Unit ATM Program.

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Mezzanine Equity

On April 2, 2018, the Partnership completed a public offering of 2,000,000 Series C Floating-to-Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units (“Series C Preferred Units” and together with the Series A Preferred Units and Series B Preferred Units the “Preferred Units”), representing limited partner interest in the Partnership, at a price of $25.00 per unit. We received net proceeds of approximately $47.5 million after deducting underwriters’ discounts and offering expenses paid by us of $2.5 million. We used substantially all net proceeds to repay a portion of the borrowings under our revolving credit facility. In connection with the closing of the Series C Preferred Units offering, the Partnership executed the Fourth Amended and Restated Agreement of Limited Partnership of Landmark Infrastructure Partners LP (the “Amended Partnership Agreement”) for the purpose of defining the preferences, rights, powers and duties of holders of the Series C Preferred Units.

Distributions on the Series C Preferred Units are cumulative from the date of original issue and will be payable quarterly in arrears on the 15th day of February, May, August and November of each year, when, as and if declared by the board of directors of our General Partner. The initial distribution on the Series C Preferred Units was paid on May 15, 2018 in an amount equal to $0.2090 per unit. Distributions accruing from, and including, the date of original issuance and to, but excluding May 15, 2025 will accrue at an annual rate equal to the greater of (i) 7.00% per annum, and (ii) the sum of (a) three-month LIBOR as calculated on each applicable date of determination and (b) 4.698% per annum, based on the $25.00 liquidation preference per Series C Preferred Unit. Distributions accruing on and after May 15, 2025 will accrue at 9.00% per annum of the stated liquidation preference.

Holders of Series C Preferred Units, at their option, may, at any time and from time to time, convert some or all of their Series C Preferred Units based on an initial conversion rate of 1.3017 common units per Series C Preferred Unit. In the event of a fundamental change, holder of the Series C Preferred Units, at their option, may convert some or all of their Series C Preferred Units into the greater of (i) a number of common units plus a make-whole premium and (ii) a number of common units equal to the lessor of (a) the liquidation preference divided by the market value of our common units on the effective date of such fundamental change and (b) 11.13 (subject to adjustments). On May 15, 2025, May 15, 2028, and each subsequent five-year anniversary date thereafter (each such date, a “designated redemption date”), each holder of Series C Preferred Units shall have the right (a “redemption right”) to require the Partnership to redeem any or all of the Series C Preferred Units held by such holder outstanding on such designated redemption date at a redemption price equal to the liquidation preference of $25.00, plus all accrued and unpaid distributions to, but not including, in each case out of funds legally available for such payment and to the extent not prohibited by law, the designated redemption date (the “put redemption price”). At our option we may pay the redemption in our common units or cash, subject to certain limitations.

At any time on or after May 20, 2025, the Partnership shall have the option to redeem the Series C Preferred Units, in whole or in part, at a redemption price of $25.00 per Series C Preferred Unit plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared.

The Partnership has classified the Series C Preferred Units as mezzanine equity in the accompanying consolidated balance sheets based upon the terms and conditions of the holder’s redemption option. Issuance costs related to the Series C Preferred Units classified as mezzanine equity are initially recorded as a reduction of the units balances and accreted up to the redemption value.

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Distributions

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

					Total
			Distribution		Distribution
Quarter Ended	Declaration Date	Distribution Date	Per Unit		(in thousands)
Common and Subordinated Units and IDRs
March 31, 2018	April 19, 2018	May 15, 2018	$	0.3675	$	9,384
June 30, 2018	July 19, 2018	August 14, 2018		0.3675		9,431
September 30, 2018 (1)	October 26, 2018	November 14, 2018		0.3675		9,285
December 31, 2018 (1)	January 25, 2019	February 14, 2019		0.3675		9,312
March 31, 2019 (1)	April 19, 2019	May 15, 2019		0.3675		9,312
Series A Preferred Units
March 31, 2018	March 23, 2018	April 16, 2018	$	0.5000	$	797
June 30, 2018	June 21, 2018	July 16, 2018		0.5000		797
September 30, 2018	September 20, 2018	October 15, 2018		0.5000		797
December 31, 2018	December 20, 2018	January 15, 2019		0.5000		797
March 31, 2019	March 21, 2019	April 15, 2019		0.5000		797
Series B Preferred Units
March 31, 2018	April 19, 2018	May 15, 2018	$	0.4938	$	1,216
June 30, 2018	July 19, 2018	August 15, 2018		0.4938		1,216
September 30, 2018	October 22, 2018	November 15, 2018		0.4938		1,216
December 31, 2018	January 22, 2019	February 15, 2019		0.4938		1,216
March 31, 2019	April 19, 2019	May 15, 2019		0.4938		1,216
Series C Preferred Units
June 30, 2018 (2)	April 19, 2018	May 15, 2018	$	0.2090	$	418
June 30, 2018	July 19, 2018	August 15, 2018		0.4400		880
September 30, 2018	October 22, 2018	November 15, 2018		0.4382		876
December 31, 2018	January 22, 2019	February 15, 2019		0.4571		914
March 31, 2019	April 19, 2019	May 15, 2019		0.4614		923

(1) The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations related to the respective quarterly distribution.

(2) The first distribution declared by the Partnership for the Series C Preferred Units was prorated for the 43-day period following the closing of the issuance on April 2, 2018. The distribution was paid on May 15, 2018 to unitholders of record as of May 1, 2018.

11. Net Income (Loss) Per Limited Partner Unit

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 Amended Partnership Agreement. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income (loss) allocations used in the calculation of net income (loss) per unit.

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

Effective February 15, 2018, all of our subordinated units, which were owned by Landmark, were converted on a one-for-one basis into common units. The board of directors of the general partner declared a cash distribution for the quarter ended March 31, 2018, which was paid on May 15, 2018 to common unitholders of record as of May 1, 2018. The subordinated units were only allocated the excess of distributions declared over net income through the conversion date.

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The calculation of the undistributed net loss attributable to common and subordinated unitholders for the three months ended March 31, 2019 and 2018 follows (in thousands):

	Three Months Ended March 31,
	2019			2018
Net income attributable to limited partners	$	7,202		$	6,737
Less:
Distributions declared on Preferred Units		(2,894	)		(1,944	)
General partner's incentive distribution rights (1)		(197	)		(195	)
Accretion of Series C preferred units		(356	)		—
Net income attributable to common and subordinated unitholders		3,755			4,598
Distributions declared on common units		(9,312	)		(9,190	)
Undistributed net loss	$	(5,557	)	$	(4,592	)

(1) The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations related to the three months ended March 31, 2019 quarterly distribution. For purposes of determining net income per common unit, the amount otherwise due to the general partner has been referenced as a deemed distribution.

The calculation of net income (loss) per common and subordinated unit for the three months ended March 31, 2019 and 2018 follows (in thousands, except per unit data):

	Three Months Ended March 31,
	2019			2018
	Common Units			Common Units			Subordinated Units
Distributions declared	$	9,312		$	9,190		$	—
Undistributed net loss		(5,557	)		(4,289	)		(303	)
Net income (loss) attributable to common and    subordinated units - basic		3,755			4,901			(303	)
Net income (loss) attributable to subordinated units		—			(303	)		—
Net income (loss) attributable to common and    subordinated units - diluted	$	3,755		$	4,598		$	(303	)
Weighted-average units outstanding:
Basic		25,338			22,996			1,568
Effect of dilutive subordinated units		—			1,568			—
Diluted		25,338			24,564			1,568
Net income per common and subordinated unit:
Basic	$	0.15		$	0.21		$	(0.19	)
Diluted (1)(2)	$	0.15		$	0.19		$	(0.19	)

(1) The Partnership Agreement provides that when the subordination period ends, each outstanding subordinated unit will convert into one Common Unit and will thereafter participate pro rata with the other Common Units in distributions of available cash.Effective February 15, 2018, all of the subordinated units, which were owned by Landmark, were converted on a one-for-one basis into Common Units.  The diluted effect of Landmark’s subordinated units is reflected using the “if-converted method” which assumes conversion of the subordinated units into Common Units and excludes the subordinated distributions from the calculation, as the “if-converted method” is more dilutive. Diluted net income (loss) per unit for the three months ended March 31, 2018, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units from the beginning of the period through the conversion date.

(2) Diluted earnings per unit takes into account the potential dilutive effect of common units that could be issued by the Partnership in conjunction with the Series C Preferred Units conversion features. Potential common unit equivalents are anti-dilutive for the three months ended March 31, 2019 and, as a result, have been excluded in the determination of diluted net income (loss) per common unit.

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12. Fair Value of Financial Instruments

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

Cash and cash equivalents, rent receivables, net and 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. The fair value of the Partnership’s revolving credit facility is considered to approximate the carrying value because the interest payments are based on LIBOR rates that reset every month.

Secured Notes: The Partnership determines fair value of its secured notes utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information. Quotes from brokers require judgment and are based on the brokers’ interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available.

Investments in receivables: The Partnership’s investments in receivables are presented in the accompanying consolidated 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.

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

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

	March 31, 2019				December 31, 2018
	Carrying amount		Fair Value		Carrying amount		Fair Value
Investment in receivables, net	$	9,611	$	9,990	$	18,348	$	18,867
Revolving credit facility		165,000		165,000		155,000		155,000
Secured Notes, net		222,752		224,511		223,685		224,333

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

As of March 31, 2019 and December 31, 2018, the Partnership measured the following assets at fair value on a recurring basis (in thousands):

	March 31, 2019		December 31, 2018
Derivative Assets (1)	$	2,432	$	4,590
Derivative Liabilities (1)		1,019		402

(1) Fair value is calculated using level 2 inputs. Level 2 inputs are 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.

13. Related‑Party Transactions

General and Administrative Reimbursement

Under the Amended Partnership Agreement, we are required to reimburse our general partner and its affiliates for all costs and expenses that they incur on our behalf for managing and controlling our business and operations. Except to the extent specified under our amended Omnibus Agreement with Landmark (“Omnibus Agreement”), which was amended on January 30, 2019, our general partner determines the amount of these expenses and such determinations must be made in good faith under the terms of the Amended Partnership Agreement. Under the amended Omnibus Agreement, we are required to reimburse Landmark for expenses related to certain general and administrative services Landmark provides to us in support of our business, subject to a quarterly cap equal to 3% of our revenue during the current calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $120 million and (ii) November 19, 2021. The full amount of general and administrative expenses incurred will be reimbursed by Landmark and 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 in our financial statements as a capital contribution 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 three months ended March 31, 2019 and 2018, Landmark reimbursed us $0.9 million and $1.2 million, respectively, for expenses related to certain general and administrative expenses 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; or (ii) $100,000. During the three months ended March 31, 2019 and 2018, we incurred $25,000, respectively, of license fees related to the AIF patent license agreement.

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Right of First Offer

In accordance with the Partnership’s omnibus agreement, certain other investment funds managed by Landmark had granted us a right of first offer (“ROFO”) on real property interests that they owned or acquired before selling or transferring those assets to any third party. During the year ended December 31, 2018, the Partnership waived its ROFO on certain assets in investment funds managed by Landmark. During the three months ended March 31, 2018, the Partnership completed the following ROFO acquisitions:

										Common Units
				Total No. of		Total		Total		Issued to
	Acquired	Total No.		Investments in		Consideration		Common Units		Landmark
Acquisition Date	Fund	of Tenant Sites		Receivables		(in millions)		Issued		and Affiliates
January 18, 2018	Fund H		127		—	$	59.9		1,506,421		—

See further discussion in Note 3, Acquisitions for additional information.

Secured Tenant Site Assets’ Management Fee

In connection with the issuance of the Secured Notes, the Partnership entered into applicable management agreements with the General Partner. Pursuant to the applicable management agreements, our General Partner will perform those functions reasonably necessary to maintain, manage and administer the Secured Tenant Site Assets for a monthly management fee equal to 1.5% of the Secured Tenant Site Assets’ operating revenue, as defined by the applicable management agreements for the 2016 and 2017 secured notes and 0.5% of operating revenue for the 4.38% senior secured notes. The Secured Tenant Site Assets’ management fee to Landmark will be treated as a capital distribution to Landmark. Landmark will reimburse us for the fees paid with the reimbursement treated as a capital contribution. We incurred $0.1 million and less than $0.1 million of Secured Tenant Site Assets’ management fees during the three months ended March 31, 2019 and 2018, respectively.

In connection with the formation of the unconsolidated JV, the JV assumed the 2018 Secured Notes. Pursuant to the applicable management agreement, our General Partner will perform those functions reasonably necessary to maintain, manage and administer the 2018 Secured Tenant Site Assets for a monthly management fee equal to 1.5% of the Secured Tenant Site Assets’ operating revenue, subject to a maximum of $46 per tenant site asset. Landmark will reimburse us for the management fees paid by the unconsolidated JV with the reimbursement treated as a capital contribution. For the three months ended March 31, 2019, the unconsolidated JV incurred $0.1 million of management fees.

Acquisition of Real Property Interests

In connection with third party acquisitions, Landmark will be obligated to provide acquisition services to us, including asset identification, underwriting and due diligence, negotiation, documentation and closing, at the reasonable request of our General Partner, but we are under no obligation to utilize such services. We will pay Landmark reasonable fees, as mutually agreed to by Landmark and us, for providing these services. These fees will not be subject to the cap on general and administrative expenses described above. As of March 31, 2019 and 2018, no such fees have been incurred.

Penteon Partnership

On June 13, 2017, the Partnership and its Sponsor entered into a partnership with Penteon Corporation to deploy a nationwide Low Power Wide Area Network (LPWAN) based on the global open standard called LoRaWAN™ and utilizing the real property interests controlled by the Sponsor and the Partnership. As part of the agreement, the Sponsor owns a warrant to purchase up to approximately 25% of Penteon’s preferred stock. As of March 31, 2019 and December 31, 2018, the Partnership had zero in leasing costs related to the deployment of LPWAN on its sites.

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Incentive Distribution Rights

Cash distributions will be made to our General Partner in respect of its ownership of all IDRs, which entitle our General Partner to receive increasing percentages, up to a maximum of 50%, of the available cash we distribute from operating surplus (as defined in our Amended Partnership Agreement) in excess of $0.2875 per unit per quarter. The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations related to the three months ended March 31, 2019 quarterly distribution totaling $0.2 million, which is treated as a deemed contribution in the consolidated statements of equity and mezzanine equity and as a deemed distribution for purposes of determining net income per common unit. During the three months ended March 31, 2018, we paid $0.2 million of incentive distribution rights.

Due from Affiliates

At March 31, 2019 and December 31, 2018, the General Partner and its affiliates owed $2.6 million and $1.4 million, respectively, to the Partnership primarily for the current quarter general and administrative reimbursement, unconsolidated JV management fees and for rents received on our behalf, offset by rents received on behalf of the unconsolidated JV.

14. Segment Information

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

The Partnership’s wireless communication segment consists of leasing infrastructure and real property interests and providing financing to companies in the wireless communication industry in the United States, Canada, and Australia. The Partnership’s outdoor advertising segment consists of leasing real property interests to companies in the outdoor advertising industry in the United States, Canada, Australia, and the United Kingdom. The Partnership’s renewable power generation segment consists of leasing real property interests and providing financing 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 businesses require similar marketing and business strategies. Because our tenant lease arrangements are mostly effectively triple-net, we evaluate our segments based on revenue. We believe this measure provides investors relevant and useful information because it is presented on an unlevered basis.

The statements of operations for the reportable segments are as follows:

For the three months ended March 31, 2019 (in thousands):

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate			Total
Revenue
Rental revenue	$	7,236	$	5,081	$	2,076	$	—		$	14,393
Expenses
Property operating		51		260		354		—			665
General and administrative		—		—		—		1,478			1,478
Acquisition-related		—		—		—		127			127
Amortization		2,361		987		169		—			3,517
Impairments		—		204		—		—			204
Total expenses		2,412		1,451		523		1,605			5,991
Total other income and expenses		5,820		61		203		(7,154	)		(1,070	)
Income (loss) before income tax expense (benefit)		10,644		3,691		1,756		(8,759	)		7,332
Income tax expense (benefit)		—		—		—		122			122
Net income (loss)	$	10,644	$	3,691	$	1,756	$	(8,881	)	$	7,210

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For the three months ended March 31, 2018 (in thousands):

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate			Total
Revenue
Rental revenue	$	9,645	$	4,210	$	1,840	$	—		$	15,695
Expenses
Property operating		34		171		81		—			286
General and administrative		—		—		—		1,699			1,699
Acquisition-related		—		—		—		185			185
Amortization		3,072		793		157		—			4,022
Total expenses		3,106		964		238		1,884			6,192
Total other income and expenses		171		64		203		(3,124	)		(2,686	)
Income (loss) before income tax expense		6,710		3,310		1,805		(5,008	)		6,817
Income tax expense		—		—		—		76			76
Net income (loss)	$	6,710	$	3,310	$	1,805	$	(5,084	)	$	6,741

The Partnership’s total assets by segment were (in thousands):

	March 31, 2019		December 31, 2018
Segments
Wireless communication	$	427,085	$	433,254
Outdoor advertising		233,387		216,326
Renewable power generation		113,068		112,338
Corporate assets		25,574		24,695
Total assets	$	799,114	$	786,613

The following table represents the Partnership’s rental revenues by country (in thousands):

	Three Months Ended March 31,
	2019		2018
Country
United States	$	12,902	$	14,914
United Kingdom		1,178		577
Australia		299		190
Canada		14		14
Total rental revenue	$	14,393	$	15,695

The following table represents the Partnership’s total assets by country (in thousands):

	March 31, 2019		December 31, 2018
Country
United States	$	719,669	$	720,331
United Kingdom		65,344		53,850
Australia		13,460		11,830
Canada		641		602
Total assets	$	799,114	$	786,613

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15. Commitments and Contingencies

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

There has been consolidation in the wireless communication industry historically that has led to certain lease terminations. The past consolidation in the wireless industry has led to rationalization of wireless networks and reduced demand for tenant sites. We believe the impact of past consolidation is already reflected in our occupancy rates. In April 2018, T-Mobile and Sprint announced a proposed merger. Significant consolidation among our tenants in the wireless communication industry (or our tenants’ sub‑lessees) may result in the decommissioning of certain existing communications sites, because certain portions of these tenants’ (or their sub‑lessees’) networks may be redundant. The impact of any future consolidation in the wireless communication industry and 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 March 31, 2019, the Partnership had approximately $67.0 million of real property interests subject to subordination to lenders of the underlying property. To the extent a lender forecloses on a property the Partnership would take impairment charges for the book value of the asset and no longer be entitled to the revenue associated with the asset.

Substantially all of our tenant sites are subject to triple net or 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.

16. Tenant Concentration

For the three months ended March 31, 2019 and 2018, the Partnership had the following tenant revenue concentrations:

	Three Months Ended March 31,
Tenant	2019			2018
Clear Channel		13.7	%		11.7	%
T-Mobile		8.5	%		10.8	%
AT&T Mobility		7.5	%		10.2	%
Sprint		6.0	%		8.9	%

Most tenants are subsidiaries of these companies but have been aggregated for purposes of showing revenue concentration. Financial information for these companies 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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17. Supplemental Cash Flow Information

Noncash activities for the three months ended March 31, 2019 and 2018 were as follows (in thousands):

	Three Months Ended March 31,
	2019		2018
Capital contribution to fund general and administrative expense reimbursement	$	994	$	1,202
Purchase price for acquisitions included in due to Landmark and affiliates		—		493
Issuance of common units for assets acquired from Fund H		—		27,342
Unit Exchange Program acquisitions		—		3,147
Distributions payable to preferred unitholders		1,685		1,244
Offering costs included in accounts payable and accrued liabilities		—		207
Deferred loan costs included in accounts payable and accrued liabilities		—		44
Accretion of Series C preferred units		356		—
Initial recognition of lease liabilities related to right of use assets		7,589		—
Purchase price for acquisitions and construction activities included in accounts payable		—		9,677

Cash flows related to interest and income taxes paid were as follows (in thousands):

	Three Months Ended March 31,
	2019		2018
Cash paid for interest	$	3,049	$	5,438
Capitalized interest		308		76
Income taxes paid		126		—

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless the context otherwise requires, references in this report to “our partnership,” “we,” “our,” or “us,” or like terms refer to Landmark Infrastructure Partners LP. The following is a discussion and analysis of our financial performance, financial condition and significant trends that may affect our future performance. You should read the following in conjunction with the historical consolidated financial statements and related notes included elsewhere in this report. Among other things, those historical consolidated financial statements include more detailed information regarding the basis of presentation for the following information. The following discussion and analysis contains forward‑looking statements that involve risks and uncertainties. Our actual results could differ materially from those expressed or implied in forward‑looking statements for many reasons, including the risks described in “Risk Factors” disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018.

Some of the information in this Quarterly Report on Form 10-Q may contain forward‑looking statements. Forward‑looking statements give our current expectations, contain projections of results of operations or of financial condition, or forecasts of future events. Words such as “may,” “will,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward‑looking statements. They can be affected by and involve assumptions used or known or unknown risks or uncertainties. Consequently, no forward‑looking statements can be guaranteed. When considering these forward‑looking statements, you should keep in mind the risk factors and other cautionary statements as set forth in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018. Actual results may vary materially. You are cautioned not to place undue reliance on any forward‑looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties. The risk factors and other factors noted throughout our Annual Report on Form 10-K for the year ended December 31, 2018 could cause our actual results to differ materially from the results contemplated by such forward‑looking statements, including the following:

• the number of real property interests that we are able to acquire, and whether we are able to complete such acquisitions on favorable terms, which could be adversely affected by, among other things, general economic conditions, operating difficulties, and competition;

• the number of completed infrastructure developments;

• the prices we pay for our acquisitions of real property;

• our management’s and our general partner’s conflicts of interest with our own;

• the rent increases we are able to negotiate with our tenants, and the possibility of further consolidation among a relatively small number of significant tenants in the wireless communication and outdoor advertising industries;

• changes in the price and availability of real property interests;

• changes in prevailing economic conditions;

• unanticipated cancellations of tenant leases;

• a decrease in our tenants’ demand for real property interest due to, among other things, technological advances or industry consolidation;

• inclement or hazardous weather conditions, including flooding, and the physical impacts of climate change, unanticipated ground, grade or water conditions, and other environmental hazards;

• inability to acquire or maintain necessary permits;

• changes in laws and regulations (or the interpretation thereof), including zoning regulations;

• difficulty collecting receivables and the potential for tenant bankruptcy;

• additional expenses associated with being a publicly traded partnership;

• our ability to borrow funds and access capital markets, and the effects of the fluctuating interest rate on our existing and future borrowings;

• restrictions in our revolving credit facility on our ability to issue additional debt or equity or pay distributions;

• mergers or consolidations among wireless carriers; and

• performance of our joint ventures.

All forward‑looking statements are expressly qualified in their entirety by the foregoing cautionary statements.

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Overview

We are a growth‑oriented partnership formed by our Sponsor to own and manage a portfolio of real property interests and infrastructure assets that we lease to companies in the wireless communication, outdoor advertising and renewable power generation industries. In addition, the Partnership owns certain interests in receivables associated with similar assets. We generate revenue and cash flow from existing tenant leases of our real property interests and infrastructure assets to wireless carriers, cellular tower owners, outdoor advertisers and renewable power producers.

The Partnership is a master limited partnership organized in the State of Delaware and has been publicly traded since its initial public offering on November 19, 2014. On July 31, 2017, the Partnership completed changes to its organizational structure by transferring substantially all of its assets to a subsidiary, Landmark Infrastructure Inc., a Delaware corporation, which elected to be taxed as a real estate investment trust (“REIT”) commencing with its taxable year ending December 31, 2017. We intend to own and operate substantially all of our assets through the REIT Subsidiary. These changes are designed to simplify tax reporting for unitholders and intended to broaden the Partnership’s investor base by substantially eliminating unrelated business taxable income allocated by the Partnership to tax-exempt investors, including individuals investing through tax-deferred accounts such as an individual retirement account, and we do not intend to generate state source income.

How We Generate Rental Revenue

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

We believe the terms of our tenant leases provide us with stable and predictable cash flow that will support consistent, growing distributions to our unitholders. Substantially all of our tenant lease arrangements are triple net or effectively triple-net, meaning that our tenants or the underlying property owners are generally contractually responsible for property‑level operating expenses, including maintenance capital expenditures, property taxes and insurance. In addition, over 90% of our tenant leases have contractual fixed‑rate escalators or consumer price index (“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.

Significant consolidation among our tenants in the wireless communication industry (or our tenants’ sub‑lessees) may result in the decommissioning of certain existing communications sites, because certain portions of these tenants’ (or their sub‑lessees’) networks may be redundant. The loss of any one of our large customers as a result of joint ventures, mergers, acquisitions or other cooperative agreements may result in a material decrease in our revenue. In April 2018, T-Mobile and Sprint announced a proposed merger. For the three months ended March 31, 2019, T-Mobile and Sprint represented approximately 8.5% and 6.0%, respectively, of rental revenue.

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) FFO and AFFO; and (4) Adjusted EBITDA.

Occupancy

The amount of revenue we generate primarily depends on our occupancy rate. As of March 31, 2019, we had a 96% occupancy rate with 1,933 of our 2,023 available tenant sites leased. We believe the infrastructure assets at our tenant sites are essential to the ongoing operations and profitability of our tenants and will be a critical component for the rollout of future technologies such as 5G, IOT and autonomous vehicles. Combined with the challenges and costs of relocating the infrastructure, we believe that we will continue to enjoy high tenant retention and occupancy rates.

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There has been consolidation in the wireless communication industry historically that has led to certain lease terminations. We believe the impact of past consolidation is already reflected in our occupancy rates. Additional consolidation among our tenants in the wireless communication industry (or our tenants’ sub‑lessees) may result in lease terminations for certain existing communication sites. Any additional 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 triple net or 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.

Funds from Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”)

FFO, is a non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trust (“NAREIT”). FFO represents net income (loss) excluding real estate related depreciation and amortization expense, real estate related impairment charges, gains (or losses) on real estate transactions, adjustments for unconsolidated joint venture, and distributions to preferred unitholders and noncontrolling interests.  

FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies. FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the Partnership’s performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. The Partnership's computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.

AFFO is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP. AFFO should not be considered an alternative to net earnings, as an indication of the Partnership's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the Partnership's performance. The Partnership's computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore, may not be comparable to such other REITs. We calculate AFFO by starting with FFO and adjusting for general and administrative expense reimbursement, acquisition-related expenses, unrealized gain (loss) on derivatives, straight line rent adjustments, unit-based compensation, amortization of deferred loan costs and discount on secured notes, deferred income tax expense, amortization of above and below market rents, loss on early extinguishment of debt, repayments of receivables, adjustments for investment in unconsolidated joint venture, adjustments for drop-down assets and foreign currency transaction loss. The GAAP measures most directly comparable to FFO and AFFO is net income.

EBITDA and Adjusted EBITDA

We define EBITDA as net income before interest, income taxes, depreciation and amortization, adjustments for investment in unconsolidated joint venture, and we define Adjusted EBITDA as EBITDA before impairments, acquisition‑related expenses, unrealized and realized gains and losses on derivatives, loss on extinguishment of debt, gains and losses on sale of real property interests, unit-based compensation, straight line rental adjustments, amortization of above‑ and below‑market rents plus cash receipts applied toward the repayments of investments in receivable, the deemed capital contribution to fund our general and administrative expense reimbursement and adjustments for investments in unconsolidated joint ventures.

EBITDA and Adjusted EBITDA are non‑GAAP supplemental financial measures that management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

• our operating performance as compared to other publicly traded limited partnerships, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods;

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• the ability of our business to generate sufficient cash to support our decision to make distributions to our unitholders;

• our ability to incur and service debt and fund capital expenditures; and

• the viability of acquisitions and the returns on investment of various investment opportunities.

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

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:

Investment in Unconsolidated Joint Venture

On September 24, 2018, the Partnership completed the formation of an unconsolidated joint venture (the “JV”). The Partnership contributed 545 tenant site assets to the unconsolidated JV that secured the Partnership’s $125.4 million Series 2018-1 secured notes (the “2018 Securitization”), in exchange for a 50.01% membership interest in the unconsolidated JV and $65.5 million in cash (the “Transaction”). The Partnership used $59.7 million of the net proceeds to repay a portion of the borrowings under the revolving credit facility. The Partnership deconsolidated the 545 tenant sites and real property interests and recognized a gain on contribution of real property interests of $100 million. The Partnership does not control the unconsolidated JV and therefore, accounts for its investment in the unconsolidated JV using the equity method of accounting prospectively upon formation of the unconsolidated JV.

Acquisitions and Developments

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

Included in the Drop-down Assets acquired by the Partnership during the three months ended March 31, 2018, 127 tenant sites were part of the right of first offer assets acquired from Landmark Dividend Growth Fund-H LLC (“Fund H”) for a total consideration of $59.9 million.

Additionally, during the three months ended March 31, 2019 and year ended December 31, 2018, the Partnership acquired 104 tenant sites and 104 tenant sites from third parties for a total consideration of $6.0 million and $75.8 million, respectively. See Note 3, Acquisitions to the Consolidated Financial Statements for additional information.

Secured Notes

On April 24, 2018, the Partnership entered into a note purchase and private shelf agreement (“Note Purchase Agreement”) pursuant to which the Partnership agreed to sell an initial $43.7 million aggregate principal amount of 4.38% senior secured notes, in a private placement (the “4.38% Senior Secured Notes”) involving a segregated pool of renewable power generation sites and related property interests. The 4.38% Senior Secured Notes are fully amortized through June 30, 2036. The Partnership may from time to time issue and sell additional senior secured notes pursuant to the Note Purchase Agreement, in an aggregate principal amount when aggregated with the initial principal amount of up to $225 million. The 4.38% Senior Secured Notes are, and any such additional notes will be, secured by a segregated pool of renewable power generation sites and related property interests owned directly or indirectly by such subsidiary.

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On November 30, 2017, the Partnership completed its second securitization transaction (the “2017 Securitization”) involving a segregated pool of certain outdoor advertising sites and related property interests owned by certain special purpose subsidiaries of the Partnership, through the issuance of the Series 2017-1 Secured Tenant Site Contract Revenue Notes, Class A and Class B (the “2017 Secured Notes”), in an aggregate principal amount of $80.0 million. The Class A and Class B 2017 Secured Notes bear interest at a fixed note rate per annum of 4.10% and 3.81%, respectively.

On June 16, 2016, the Partnership completed a securitization transaction (the “2016 Securitization”) involving a segregated pool of wireless communication sites and related real property interests owned by certain special purpose subsidiaries of the Partnership, through the issuance of the Series 2016-1 Secured Tenant Site Contract Revenue Notes, Class A and Class B (the “2016 Secured Notes”), in an aggregate principal amount of $116.6 million. The Class A and Class B 2016 Secured Notes bear interest at a fixed note rate per annum of 3.52% and 7.02%, respectively.

The secured notes described above are collectively referred to as the “Secured Notes” and the tenant site assets securing the Secured Notes are collectively referred to as the “Secured Tenant Site Assets.” See Note 8, Debt to the Consolidated Financial Statements for additional information.

Revolving Credit Facility

On November 15, 2018, the Partnership completed its Third Amended and Restated Credit Facility and obtained commitments from a syndicate of banks with initial borrowing commitments of $450.0 million for five-years. Additionally, borrowings up to $75.0 million may be denominated in pound sterling, euro, Australian dollar and Canadian dollar. Loans under the revolving credit facility bear interest at a rate equal to LIBOR, plus a spread ranging from 1.75% to 2.25% (determined based on leverage levels). As of March 31, 2019, the applicable spread was 2.00%. Additionally, under the revolving credit facility we will be subject to an annual commitment fee (determined based on leverage levels) associated with the available undrawn capacity subject to certain restrictions. As of March 31, 2019, the applicable annual commitment rate used was 0.175%.

Series C Preferred Units

On April 2, 2018, the Partnership completed a public offering of 2,000,000 Series C Floating-to-Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units (“Series C Preferred Units”), representing limited partner interest in the Partnership, at a price of $25.00 per unit. We received net proceeds of approximately $47.5 million after deducting underwriters’ discounts and offering expenses paid by us of $2.5 million. We used substantially all net proceeds to repay a portion of the borrowings under our revolving credit facility.

Holders of Series C Preferred Units, at their option, may, at any time and from time to time, convert some or all of their Series C Preferred Units based on an initial conversion rate of 1.3017 common units per Series C Preferred Unit. In the event of a fundamental change, holder of the Series C Preferred Units, at their option, may convert some or all of their Series C Preferred Units into the greater of (i) a number of common units plus a make-whole premium and (ii) a number of common units equal to the lessor of (a) the liquidation preference divided by the market value of our common units on the effective date of such fundamental change and (b) 11.13 (subject to adjustments). On May 15, 2025, May 15, 2028, and each subsequent five-year anniversary date thereafter (each such date, a “designated redemption date”), each holder of Series C Preferred Units shall have the right (a “redemption right”) to require the Partnership to redeem any or all of the Series C Preferred Units held by such holder outstanding on such designated redemption date at a redemption price equal to the liquidation preference of $25.00, plus all accrued and unpaid distributions to, but not including, in each case out of funds legally available for such payment and to the extent not prohibited by law, the designated redemption date (the “put redemption price”). At our option we may pay the redemption in our common units or cash, subject to certain limitations.

At any time on or after May 20, 2025, the Partnership shall have the option to redeem the Series C Preferred Units, in whole or in part, at a redemption price of $25.00 per Series C Preferred Unit plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared. See Note 10, Equity to the Consolidated Financial Statements for additional information.

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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

Under the Partnership’s Fourth Amended and Restated Agreement of Limited Partnership of Landmark Infrastructure Partners LP dated April 2, 2018 (the “Amended Partnership Agreement”), we are required to reimburse our general partner and its affiliates for all costs and expenses that they incur on our behalf for managing and controlling our business and operations. Except to the extent specified under our amended Omnibus Agreement with Landmark (“Omnibus Agreement”), which was amended on January 30, 2019, our general partner determines the amount of these expenses and such determinations must be made in good faith under the terms of the Amended Partnership Agreement. Under the Omnibus Agreement, we agreed to reimburse Landmark for expenses related to certain general and administrative services that Landmark will provide to us in support of our business, subject to a quarterly cap equal to 3% of our revenue during the current calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $120 million and (ii) November 19, 2021. The full amount of our 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 in our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in the amount of general and administrative expenses.

Factors That May Influence Future Results of Operations

Acquisitions and Developments

We 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 may 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 expect to continue to pursue acquisitions internationally.

During 2017, the Partnership started developing an ecosystem of technologies that provides smart enabled infrastructure (“FlexGrid^TM”) including smart poles and digital outdoor advertising kiosks across North America. Smart poles are self-contained, neutral-host poles designed for wireless carrier and other wireless operator collocation. The smart poles are designed for macro, mini macro and small cell deployments and will support Internet of Things (IoT), carrier densification needs, private LTE networks and other wireless solutions. As of March 31, 2019 and December 31, 2018, the Partnership’s $35.5 million and $29.6 million of construction in progress balance primarily related to the FlexGrid^TM solution and other projects, respectively. As we deploy these infrastructure assets, we may incur additional operating expenses associated with ground lease payments and other operating expenses to maintain our infrastructure assets. Additionally, the Partnership may pursue further development opportunities in the future.

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During the fourth quarter of fiscal year 2018, the Partnership entered into an agreement with Dallas Area Rapid Transit “DART” to develop a smart media and communications platform which will include the deployment of content-rich kiosks and the Partnership’s FlexGrid^TM ecosystem solution on strategic high-traffic DART locations.

Investment in Unconsolidated Joint Venture

On September 24, 2018, the Partnership completed the formation of the unconsolidated JV. The Partnership contributed 545 tenant site assets to the unconsolidated JV that secured the Partnership’s 2018 Securitization in exchange for a 50.01% membership interest in the unconsolidated JV and $65.5 million in cash. The Partnership does not control the unconsolidated JV and therefore, accounts for its investment in the unconsolidated JV using the equity method of accounting prospectively upon formation of the unconsolidated JV.

Mergers

Significant consolidation among our tenants in the wireless communication industry (or our tenants’ sub‑lessees) may result in the decommissioning of certain existing communications sites, because certain portions of these tenants’ (or their sub‑lessees’) networks may be redundant. The loss of any one of our large customers as a result of joint ventures, mergers, acquisitions or other cooperative agreements may result in a material decrease in our revenue. In April 2018, T-Mobile and Sprint announced a proposed merger. For the three months ended March 31, 2019, T-Mobile and Sprint represented approximately 8.5% and 6.0%, respectively, of rental revenue.

Changing Interest Rates

Interest rates have been at or near historic lows in recent years and have recently started to rise. If interest rates rise further, 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. Additionally, fluctuations in foreign currencies in which the Partnership operates 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 preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to use judgment in the application of accounting policies, including making estimates and assumptions. We base estimates on the best information available to us at the time, our experience and on various other assumptions believed to be reasonable under the circumstances. These estimates affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. If our judgment or interpretation of the facts and circumstances relating to various transactions or other matters had been different, it is possible that different accounting would have been applied, resulting in a different presentation of our consolidated financial statements. From time to time, we re-evaluate our estimates and assumptions. In the event estimates or assumptions prove to be different from actual results, adjustments are made in subsequent periods to reflect more current estimates and assumptions about matters that are inherently uncertain. A summary of our critical accounting policies is included in our Annual Report on Form 10-K for the year ended December 31, 2018, in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Our critical accounting policies have not changed during 2019.

Historical Results of Operations of our Partnership

Segments

We conduct business through three reportable business segments: Wireless Communication, Outdoor Advertising and Renewable Power Generation. Our reportable segments are strategic business units that offer different products and services. They are commonly managed, as all three businesses require similar marketing and business strategies. We evaluate our segments based on revenue because substantially all of our tenant lease arrangements are triple net or 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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Results of Operations

Our results of operations for all periods presented were affected by the formation of the unconsolidated JV and acquisitions made during the three months ended March 31, 2019 and the year ended December 31, 2018. As of March 31, 2019 and 2018, we had 2,023 and 2,395 available tenant sites with 1,933 and 2,309 leased tenant sites, respectively.

The following table summarizes the consolidated statements of operations of the Partnership for the three months ended March 31, 2019 and 2018 (in thousands):

	Three Months Ended March 31,
	2019			2018			Change
Revenue
Rental revenue	$	14,393		$	15,695		$	(1,302	)
Expenses
Property operating		665			286			379
General and administrative		1,478			1,699			(221	)
Acquisition-related		127			185			(58	)
Amortization		3,517			4,022			(505	)
Impairments		204			—			204
Total expenses		5,991			6,192			(201	)
Other income and expenses
Interest and other income		394			438			(44	)
Interest expense		(4,488	)		(6,272	)		1,784
Unrealized gain (loss) on derivatives		(2,762	)		3,148			(5,910	)
Equity loss from unconsolidated joint venture		(55	)		—			(55	)
Gain on sale of real property interests		5,862			—			5,862
Foreign currency transaction loss		(21	)		—			(21	)
Total other income and expenses		(1,070	)		(2,686	)		1,616
Income before income tax expense		7,332			6,817			515
Income tax expense		122			76			46
Net income	$	7,210		$	6,741		$	469

Comparison of Three Months Ended March 31, 2019 to Three Months Ended March 31, 2018

Rental Revenue

Rental revenue decreased $1.3 million primarily due to the formation of the unconsolidated JV offset by rental income for assets acquired subsequent to March 31, 2018. Rental revenue for the three months ended March 31, 2018 includes $3.4 million of revenue generated from the assets contributed to the JV. On September 24, 2018, the Partnership completed the formation of the unconsolidated JV. The Partnership contributed 545 wireless communication assets to the JV along with the associated liabilities. The Partnership does not control the unconsolidated JV and therefore, accounts for its investment in the unconsolidated JV using the equity method of accounting prospectively upon formation of the unconsolidated JV. Rental income for the three months ended March 31, 2019 included $1.3 million attributed to assets acquired subsequent to March 31, 2018. Revenue generated from our wireless communication, outdoor advertising, and renewable power generation segments was $7.2 million, $5.1 million, and $2.1 million, or 51%, 35%, and 14% of total rental revenue, respectively, during the three months ended March 31, 2019, compared to $9.7 million, $4.2 million, and $1.8 million, or 61%, 27%, and 12% of total rental revenue, respectively, during the three months ended March 31, 2018. The occupancy rates in our wireless communication, outdoor advertising, and renewable power generation segments were 94%, 98%, and 100%, respectively, at March 31, 2019 compared to 96%, 98%, and 100%, respectively, at March 31, 2018. Additionally, our effective monthly rental rates per tenant site for wireless communication, outdoor advertising and renewable power generation segments were $1,950, $2,255, and $8,997, respectively, during the three months ended March 31, 2019 compared to $2,001, $2,294, and $8,346, respectively, during the three months ended March 31, 2018.

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Property Operating

Property operating expenses increased $0.4 million during the three months ended March 31, 2019 compared to the three months ended March 31, 2018 primarily due to an increase in property taxes as a result of an increase in fee simple properties that are not leased under a triple net lease structure and rent expense on assets subject to ground lease. Substantially all of our tenant sites are subject to triple net or 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. As we deploy FlexGrid^TM solution and other projects, we may incur additional operating expenses associated with ground lease payments and other operating expenses to maintain our infrastructure assets.

General and Administrative

General and administrative expenses decreased $0.2 million during the three months ended March 31, 2019 compared to the three months ended March 31, 2018, primarily due to a decrease in accounting, tax and legal related expenses. Under our Amended Partnership Agreement, we are required to reimburse our general partner and its affiliates for all costs and expenses that they incur on our behalf for managing and controlling our business and operations. Except to the extent specified under our Omnibus Agreement, our general partner determines the amount of these expenses and such determinations must be made in good faith under the terms of the Amended Partnership Agreement. Under our omnibus agreement, we are required to reimburse Landmark for expenses related to certain general and administrative services Landmark provides 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. On January 30, 2019, we amended the Omnibus Agreement and we agreed to reimburse Landmark for expenses related to certain general and administrative services that Landmark will provide to us in support of our business, subject to a quarterly cap equal to 3% of our revenue during the current calendar quarter. Under the amended Omnibus Agreement, this cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $120 million and (ii) November 19, 2021. The full amount of general and administrative expenses incurred 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. For the three months ended March 31, 2019 and 2018, Landmark reimbursed us $0.9 million and $1.2 million, respectively, for expenses related to certain general and administrative services expenses that exceeded the cap. Additionally, during the three months ended March 31, 2019, $0.1 million of management fees related to our unconsolidated joint venture that is not subject to the cap and is treated as a capital contribution from Landmark.

Acquisition‑Related

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. Acquisition‑related expenses decreased $0.1 million during the three months ended March 31, 2019 compared to the three months ended March 31, 2018 as a result of greater expenses incurred related to the Drop-down Acquisition completed during the three months ended March 31, 2018.

Amortization

Amortization expense decreased $0.5 million during the three months ended March 31, 2019 compared to the three months ended March 31, 2018 as a result of having a greater number of average tenant sites as of March 31, 2018 compared to March 31, 2019. We expect amortization of investments in real property rights with finite useful lives and in‑place lease values to decrease as a result of contributing assets to the unconsolidated JV. Subsequent to the JV transaction described above the Partnership’s consolidated income statement amortization expenses will not include amortization related to the JV assets.  In accordance with the equity method of accounting, the Partnership’s consolidated statements of operations subsequent to the date of the transaction will reflect the Partnership’s 50.01% equity interest in the JV’s income. Amortization expense during the three months ended March 31, 2018 included $0.9 million of amortization expense generated from the JV assets during the three months ended March 31, 2018.

Interest and Other Income

Interest and other income remained consistent during the three months ended March 31, 2019 compared to the three months ended March 31, 2018. Interest income on receivables is generated from our wireless communication, outdoor advertising, and renewable power generation segments.

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Interest Expense

Interest expense decreased $1.8 million during the three months ended March 31, 2019 compared to the three months ended March 31, 2018, primarily due to a lower average debt balance of approximately $391.2 million for the three months ended March 31, 2019 compared to an average debt balance of approximately $517.8 million during the three months ended March 31, 2018.

Unrealized Gain (Loss) on Derivative Financial Instruments

We mitigated exposure to fluctuations in interest rates on existing variable rate debt by entering into swap contracts that fixed the floating LIBOR rate. These interest rate swap agreements extend through and beyond the term of the Partnership’s existing credit facility. The swap contracts were adjusted to fair value at each period end. The unrealized loss recorded for the three months ended March 31, 2019 and unrealized gain for the three months ended March 31, 2018 reflect the change in fair value of these contracts during those periods.

Equity Loss from Unconsolidated Joint Venture

Equity loss from unconsolidated joint venture increased $0.1 million during the three months ended March 31, 2019 compared to the three months ended March 31, 2018 due to the formation of the JV on September 24, 2018. The Partnership accounts for its 50.01% investment in the unconsolidated JV using the equity method of accounting. Under the equity method, the investment is initially recorded at fair value and subsequently adjusted for additional distributions and the Partnership’s proportionate share of equity in the JV’s income or loss. The Partnership recognizes its proportionate share of the ongoing income or loss of the unconsolidated JV as equity income or loss from unconsolidated JV on the consolidated statements of operations.

Gain on Sale of Real Property Interests

During the three months ended March 31, 2019, the Partnership recognized a gain on sale of real property interests of $5.9 million related to the sale of an asset held for sale as of December 31, 2018.

Foreign Currency Transaction Loss

Foreign currency transaction loss increased less than $0.1 million during the three months ended March 31, 2019 as a result of changes in exchange rates affecting mark-to-market adjustments on our foreign currency interest rate swap agreement denominated in pound sterling.

Income Tax Expense

Income tax expense increased less than $0.1 million during the three months ended March 31, 2019 compared to three months ended March 31, 2018 due to an increase in net income related to our foreign operations. Certain foreign subsidiaries of the Partnership are subject to corporate income tax in the foreign jurisdictions where we own assets and generate taxable income.

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Non‑GAAP Financial Measures

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

	Three Months Ended March 31,
	2019			2018
Net cash provided by operating activities	$	8,167		$	11,680
Unit-based compensation		(130	)		(70	)
Unrealized gain (loss) on derivatives		(2,762	)		3,148
Amortization expense		(3,517	)		(4,022	)
Amortization of above- and below-market rents, net		224			328
Amortization of deferred loan costs		(665	)		(798	)
Amortization of discount on secured notes		(93	)		(93	)
Receivables interest accretion		3			—
Impairments		(204	)		—
Gain on sale of real property interests		5,862			—
Allowance for doubtful accounts		(5	)		10
Equity loss from unconsolidated joint venture		(55	)		—
Return on investment in unconsolidated joint venture		(1,482	)		—
Foreign currency transaction loss		(21	)		—
Working capital changes		1,888			(3,442	)
Net income	$	7,210		$	6,741
Interest expense		4,488			6,272
Amortization expense		3,517			4,022
Income tax expense		122			76
Adjustments for investment in unconsolidated joint venture		1,538			—
EBITDA	$	16,875		$	17,111
Impairments		204			—
Acquisition-related		127			185
Unrealized (gain) loss on derivatives		2,762			(3,148	)
Gain on sale of real property interests		(5,862	)		—
Unit-based compensation		130			70
Straight line rent adjustments		110			81
Amortization of above- and below-market rents, net		(224	)		(328	)
Repayments of investments in receivables		150			299
Adjustments for investment in unconsolidated joint venture		145			—
Foreign currency transaction loss		21			—
Deemed capital contribution due to cap on general and administrative expense reimbursement		994			1,202
Adjusted EBITDA	$	15,432		$	15,472

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The following table sets forth a reconciliation of FFO and AFFO for the periods presented (in thousands):

	Three Months Ended March 31,
	2019			2018
Net income	$	7,210		$	6,741
Adjustments:
Amortization expense		3,517			4,022
Impairments		204			—
Gain on sale of real property interests		(5,862	)		—
Adjustments for investment in unconsolidated joint venture		979			—
Distributions to preferred unitholders		(2,894	)		(1,944	)
Distributions to noncontrolling interests		(8	)		(4	)
FFO		3,146		$	8,815
Adjustments:
General and administrative expense reimbursement		994			1,202
Acquisition-related expenses		127			185
Unrealized (gain) loss on derivatives		2,762			(3,148	)
Straight line rent adjustments		110			81
Unit-based compensation		130			70
Amortization of deferred loan costs and discount on secured notes		758			891
Amortization of above- and below-market rents, net		(224	)		(328	)
Repayments of receivables		150			299
Adjustments for investment in unconsolidated joint venture		37			—
Foreign currency transaction loss		21			—
AFFO	$	8,011		$	8,067
FFO per common unit - diluted	$	0.12		$	0.36
AFFO per common unit - diluted	$	0.32		$	0.33
Weighted average common units outstanding - diluted		25,338			24,564

Liquidity and Capital Resources

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

• interest expense on our revolving credit facility;

• interest expense and principal payments on our secured notes;

• general and administrative expenses;

• acquisitions of real property interests;

• capital expenditures for infrastructure developments; and

• distributions to our common and preferred unitholders.

We intend to satisfy our short‑term liquidity requirements through cash flow from operating activities and through borrowings available under our revolving credit facility. We may also satisfy our short-term liquidity requirements through the issuance of additional equity, formation of joint ventures, asset sales, amending our existing revolving credit facility to increase the available commitments or refinancing some of the outstanding borrowings under our existing credit facility through securitizations or other long-term debt arrangements.  Access to capital markets impacts our cost of capital and ability to refinance indebtedness, as well as our ability to fund future acquisitions and development through the issuance of additional securities or secured debt. Credit ratings impact our ability to access capital and directly impact our cost of capital as well. The Partnership has a universal shelf registration statement on file with the U.S. Securities and Exchange Commission (the SEC), effective March 27, 2017, under which we have the ability to issue and sell common and preferred units representing limited partner interests in us and debt securities up to an aggregate amount of $750.0 million.

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We intend to pay at least a quarterly distribution of $0.3675 per unit per quarter, which equates to approximately $9.3 million per quarter, or $37.2 million per year in the aggregate, based on the number of common units outstanding as of April 26, 2019. We do not have a legal obligation to pay this distribution or any other distribution except to the extent we have available cash as defined in our Amended Partnership Agreement.We intend to pay a quarterly Series A and Series B Preferred Unit distribution of 8.0% and 7.9%, respectively, which equates to approximately $2.0 million per quarter, or approximately $8.0 million per year in the aggregate based on the number of Series A and Series B Preferred Units outstanding as of April 26, 2019. We intend to pay a quarterly Series C Preferred Units distribution of a rate equal to the greater of (i) 7.00% per annum, and (ii) the sum of (a) three-month LIBOR as calculated on each applicable date of determination and (b) 4.698% per annum, based on the $25.00 liquidation preference per Series C Preferred Unit. As of March 31, 2019, there were 2,000,000 Series C Preferred Units outstanding. The Preferred Unit distributions are cumulative from the date of original issuance and will be payable quarterly in arrears.

The amount of future distributions to unitholders will depend on our results of operations, financial condition, capital requirements and will be determined by the General Partner’s Board of Directors on a quarterly basis. The Partnership expects to rely on external financing sources, including equity and debt issuances, to fund expansion capital expenditures and future acquisitions. However, the Partnership may use operating cash flows to fund expansion capital expenditures or acquisitions, which could result in subsequent borrowings under the revolving credit facility to pay distributions or fund other short-term working capital requirements.

The requirements under our Partnership Agreement for the conversion of all the subordinated units into common units were satisfied upon the payment of our quarterly cash distribution on February 14, 2018. Therefore, effective February 15, 2018, all of our subordinated units which are owned by Landmark, were converted on a one-for-one basis into common units. The conversion of subordinated units does not impact the amount of cash distributions or total number of outstanding units.

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

			Total Cash
	Distribution		Distribution
Quarter Ended	Per Unit		(in thousands)		Distribution Date
Common and Subordinated Units and IDRs
March 31, 2018	$	0.3675	$	9,384	May 15, 2018
June 30, 2018		0.3675		9,431	August 14, 2018
September 30, 2018 (1)		0.3675		9,285	November 14, 2018
December 31, 2018 (1)		0.3675		9,312	February 14, 2019
March 31, 2019 (1)		0.3675		9,312	May 15, 2019
Series A Preferred Units
March 31, 2018	$	0.5000	$	797	April 16, 2018
June 30, 2018		0.5000		797	July 16, 2018
September 30, 2018		0.5000		797	October 15, 2018
December 31, 2018		0.5000		797	January 15, 2019
March 31, 2019		0.5000		797	April 15, 2019
Series B Preferred Units
March 31, 2018	$	0.4938	$	1,216	May 15, 2018
June 30, 2018		0.4938		1,216	August 15, 2018
September 30, 2018		0.4938		1,216	November 15, 2018
December 31, 2018		0.4938		1,216	February 15, 2019
March 31, 2019		0.4938		1,216	May 15, 2019
Series C Preferred Units
June 30, 2018 (2)	$	0.2090	$	418	May 15, 2018
June 30, 2018		0.4400		880	August 15, 2018
September 30, 2018		0.4382		876	November 15, 2018
December 31, 2018		0.4571		914	February 15, 2019
March 31, 2019		0.4614		923	May 15, 2019

(1) The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations related to the respective quarterly distribution.

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(2) The first distribution declared by the Partnership for the Series C Preferred Units was prorated for the 43-day period following the closing of the issuance on April 2, 2018. The distribution was paid on May 15, 2018 to unitholders of record as of May 1, 2018.

As of March 31, 2019, we had $387.8 million of total outstanding indebtedness. As of April 30, 2019, the Partnership had $175 million of outstanding borrowings on our revolving credit facility, and we had $275 million of undrawn borrowing capacity, subject to compliance with certain covenants, under our revolving credit facility.

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

Cash Flow of the Funds

The following table summarizes the historical cash flow of the Partnership for the three months ended March 31, 2019 and 2018 (in thousands):

	Three Months Ended March 31,
	2019			2018
Net cash provided by operating activities	$	8,167		$	11,680
Net cash used in investing activities		(1,970	)		(33,941	)
Net cash provided by (used in) financing activities		(2,964	)		8,502

Comparison of Three Months Ended March 31, 2019 to Three Months Ended March 31, 2018

Net cash provided by operating activities.  Net cash provided by operating activities decreased $3.5 million to $8.2 million for the three months ended March 31, 2019 compared to $11.7 million for the three months ended March 31, 2018. The decrease is primarily attributable to the timing of payments of accounts payable and accrued liabilities offset by operating results from assets acquired.

Net cash used in investing activities.  Net cash used in investing activities was $2.0 million for the three months ended March 31, 2019 compared to net cash used in investing activities of $33.9 million for the three months ended March 31, 2018. The change in net cash used in investing activities was primarily due to the proceeds received from the sale of real property interests for $13.5 million and less asset acquisitions in 2019 compared to 2018.

Net cash provided by (used in) financing activities.  Net cash used in financing activities was $3.0 million for the three months ended March 31, 2019 compared to net cash provided by financing activities of $8.5 million for the three months ended March 31, 2018. The change in net cash (used in) provided by financing activities was primarily attributable to the net decrease of $30.0 million in borrowings from the secured facility during the three months ended March 31, 2019 compared to the three months ended March 31, 2018, partially offset by the difference between the cost and the sales price of the Drop-down Acquisition completed during the three months ended March 31, 2018 which is treated as a distribution to Landmark.

Revolving Credit Facility

Our revolving credit facility will mature on November 15, 2023 and is available for working capital, capital expenditures, permitted acquisitions and general corporate purposes, including distributions. On November 15, 2018, the Partnership completed its Third Amended and Restated Credit Facility and obtained commitments from a syndicate of banks with initial borrowing commitments of $450.0 million for five-years. Additionally, borrowings up to $75.0 million may be denominated in pound sterling, euro, Australian dollar and Canadian dollar. Substantially all of our assets, excluding equity in and assets of certain joint ventures and unrestricted subsidiaries is pledged as collateral under our revolving credit facility.

Our revolving credit facility contains various covenants and restrictive provisions that limit 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;

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• 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 the revolving credit facility bear interest at a rate equal to LIBOR, plus a spread ranging from 1.75% to 2.25% (determined based on leverage levels). As of March 31, 2019, the applicable spread was 2.00%.

Additionally, under the revolving credit facility we will be subject to an annual commitment fee (determined based on leverage levels) associated with the available undrawn capacity subject to certain restrictions. As of March 31, 2019, the applicable annual commitment rate used was 0.175%.

As of March 31, 2019, we had $165 million of total outstanding indebtedness under our revolving credit facility with $285 million availableunder the revolving credit facility, subject to compliance with certain covenants. The Partnership was also in compliance with all covenants under its revolving credit facility at March 31, 2019. As of April 30, 2019, the Partnership had $175 million of outstanding borrowings on our revolving credit facility, and we had $275 million of undrawn borrowing capacity, subject to compliance with certain covenants, under our revolving credit facility.

Secured Notes

On April 24, 2018, the Partnership entered into a note purchase and private shelf agreement pursuant to which the Partnership agreed to sell an initial $43.7 million aggregate principal amount of 4.38% Senior Secured Notes, in a private placement, and may from time to time issue and sell additional senior secured notes, in an aggregate principal amount when aggregated with the initial principal amount of up to $225 million. The 4.38% Senior Secured Notes are obligations of certain special purpose subsidiaries of the Partnership, including the issuer of the 4.38% Senior Secured Notes, LMRK PropCo SO LLC (the “4.38% Senior Secured Notes Issuer”), and are not obligations of the Partnership or any of its other subsidiaries (including the obligors with respect to the 4.38% Senior Secured Notes). The assets and credit of such obligors are not available to satisfy the debts and obligations of the Partnership or any of its other affiliates (other than the obligors with respect to the 4.38% Senior Secured Notes).

On November 30, 2017, the Partnership completed the 2017 Securitization involving certain outdoor advertising sites and related property interests owned by certain special purpose subsidiaries of the Partnership, through the issuance of the 2017 Secured Notes, in an aggregate principal amount of $80.0 million. The 2017 Secured Notes are obligations of certain special purpose subsidiaries of the Partnership, including the issuer of the 2017 Secured Notes, LMRK Issuer Co. 2 LLC (the “2017 Securitization Issuer”), and are not obligations of the Partnership or any of its other subsidiaries (including the obligors with respect to the 2016 Secured Notes). The assets and credit of such obligors are not available to satisfy the debts and obligations of the Partnership or any of its other affiliates (other than the obligors with respect to the 2017 Secured Notes).

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On June 16, 2016, the Partnership completed the 2016 Securitization transaction involving certain wireless communication sites and related property interests owned by certain special purpose subsidiaries of the Partnership, through the issuance of the 2016 Secured Notes, in an aggregate principal amount of $116.6 million. The 2016 Secured Notes are obligations of certain special purpose subsidiaries of the Partnership, including the issuer of the 2016 Secured Notes, LMRK Issuer Co. LLC (the “2016 Securitization Issuer”), and are not obligations of the Partnership or any of its other subsidiaries (including the obligors with respect to the 2017 Secured Notes). The assets and credit of such obligors are not available to satisfy the debts and obligations of the Partnership or any of its other affiliates (other than the obligors with respect to the 2016 Secured Notes).

The secured notes described above were issued in separate classes as indicated in the table below. The Class B notes of the Series 2016-1 and Series 2017-1 are subordinated in right of payment to the Class A notes of such series. The Class F notes of the Series 2018-1 are subordinated in right of payment to the Class D notes and the Class D notes are subordinated in right of payment to the Class C notes of such series.

Class	Initial Principal Balance (in thousands)		Note Rate			Anticipated Repayment Date
4.38% senior secured notes	$	43,702		4.38	%	June 30, 2036
Series 2017-1 Class A	$	62,000		4.10	%	November 15, 2022
Series 2017-1 Class B	$	18,000		3.81	%	November 15, 2022
Series 2016-1 Class A	$	91,500		3.52	%	June 15, 2021
Series 2016-1 Class B	$	25,100		7.02	%	June 15, 2021

The Secured Notes are each secured by (1) mortgages and deeds of trust on substantially all of the tenant sites and their operating cash flows, (2) a security interest in substantially all of the personal property of the obligors (as defined in the applicable indenture), and (3) the rights of the obligors under a management agreement. Under the terms of the applicable indenture, the obligors will be permitted to issue additional notes under certain circumstances, including so long as the debt service coverage ratio (“DSCR”) of the issuer is at least 2.0 to 1.0 for the 2017 Secured Notes and 2016 Secured Notes, respectively, and at least 1.1 to 1.0 for the 4.38% Senior Secured Notes.

Under the terms of the applicable indenture, amounts due under Secured Notes, as applicable, will be paid solely from the cash flows generated from the operation of the Secured Tenant Site Assets, as applicable, which must be deposited into reserve accounts, and thereafter distributed solely pursuant to the terms of the applicable indenture. On a monthly basis, after payment of all required amounts under the applicable indenture, subject to the conditions described in Note 8, Debt, the excess cash flows generated from the operation of such assets are released to the Partnership. As of March 31, 2019, $5.0 million was held in such reserve accounts which are classified as Restricted Cash on the accompanying consolidated balance sheets.

Certain information with respect to the Secured Notes is set forth in Note 8, Debt. The DSCR is generally calculated as the ratio of annualized net cash flow (as defined in the applicable indenture) to the amount of interest, servicing fees and trustee fees required to be paid over the succeeding 12 months on the principal amount of the Secured Notes, as applicable, that will be outstanding on the payment date following such date of determination. As of March 31, 2019, the DSCR for the 2017 Securitization and 2016 Securitization is above 2.0, respectively, and above 1.1 for the 4.38% Senior Secured Notes.

Each indenture includes covenants customary for notes issued in rated securitizations. Among other things, the related obligors are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets (as defined in the applicable agreement) and the organizational documents of the related obligors were amended to contain certain provisions consistent with rating agency securitization criteria for special purposes entities, including that the applicable issuer and guarantor maintain independent directors. As of March 31, 2019, the applicable obligors were in compliance with all financial covenants under the Secured Notes.

Shelf Registrations

On February 16, 2016, the Partnership filed a shelf registration statement on Form S-4 with the SEC. The shelf registration statement was declared effective on March 10, 2016 and permits us to offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities.

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On February 23, 2017, the Partnership filed a universal shelf registration statement on Form S-3 with the SEC. The shelf registration statement was declared effective by the SEC on March 27, 2017 and permits us to issue and sell, from time to time, common and preferred units representing limited partner interests in us, and debt securities up to an aggregate amount of $750.0 million.

Preferred Offering

On April 2, 2018, the Partnership completed a public offering of 2,000,000 Series C Floating-to-Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units (“Series C Preferred Units”), representing limited partner interest in the Partnership, at a price of $25.00 per unit. We received net proceeds of approximately $47.5 million after deducting underwriters’ discounts and offering expenses paid by us of $2.5 million. We used substantially all net proceeds to repay a portion of the borrowings under our revolving credit facility.

Distributions on the Series C Preferred Units will be the 15th day of February, May, August and November of each year. The prorated initial distribution on the Series C Preferred Units was paid on May 15, 2018 in an amount equal to $0.2090 per Series C Preferred Unit. Distributions for the Series C Preferred Units will accrue from, and including the date of original issuance, to, but excluding, May 15, 2025, at an annual rate equal to the greater of (i) 7.00% per annum and (ii) the sum of (a) the three-month London Interbank Offered Rate (“LIBOR”) as calculated on each applicable date of determination and (b) 4.698% per annum, based on the $25.00 liquidation preference per Series C Preferred Unit. On and after May 15, 2025, distributions on the Series C Preferred Units will accrue at 9.00% per annum of the $25.000 liquidation preference per Series C Preferred Unit (equal to $2.25 per Series C Preferred Unit per annum). The Partnership shall have the option to redeem the Series C Preferred Units, in whole or in part, on or after May 20, 2025 at the liquidation preference of $25.00 per Series C Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared.

ATM Programs

On March 30, 2017, the Partnership established a Series B Preferred Unit at-the-market offering program (the “Series B ATM Program” pursuant to which we may sell, from time to time, Series B Preferred Units having an aggregate offering price of up to $50.0 million pursuant to our previously filed and effective registration statement on Form S-3. We intend to use the net proceeds from any sales pursuant to the Series B ATM Program for general partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions.

The Partnership did not issue units under the Series B ATM Program during the three months ended March 31, 2019.

Off Balance Sheet Arrangements

In connection with the issuance of the 4.38% Senior Secured Notes, the Partnership has a standby letter of credit arrangement totaling $2.4 million. As of March 31, 2019, there were no amounts drawn on the standby letter of credit.

As of March 31, 2019, we do not have any other off balance sheet arrangements.

Inflation

Substantially all of our tenant lease arrangements are triple net or effectively triple-net and provide for fixed‑rate escalators or rent escalators tied to increases in the consumer price index. 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 triple net or 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.

47

Newly Issued Accounting Standards

See Note 2, Basis of Presentation and Summary of Significant Accounting Policies, to the Consolidated Financial Statements for the impact of new accounting standards.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our future income, cash flow and fair values relevant to financial instruments are impacted by prevailing market interest rates. Market risk refers to the risk of loss from adverse changes in market prices and interest rates. In the future, we may continue to use derivative financial instruments to manage, or hedge, interest rate risks related to our borrowings. Our primary market risk exposure will be interest rate risk with respect to our expected indebtedness.

Interest Rate Risk

We are exposed to risks arising from rising interest rates. As of March 31, 2019, our revolving credit facility had an outstanding balance of $165 million. Additional borrowings under our revolving credit facility will have variable LIBOR‑based rates and will fluctuate based on the underlying LIBOR rate. As of March 31, 2019, we have hedged $195 million of the LIBOR rate on our revolving credit facility through interest rate swap agreements. On November 15, 2018, the Partnership entered into an interest rate swap agreement with a notional amount of £38 million with a fixed rate at 1.49% on floating GBP LIBOR with an effective date of November 30, 2020. On November 15, 2018, the Partnership completed its Third Amended and Restated Credit Facility that allows for borrowings in GBP LIBOR, subject to certain limitations. The GBP LIBOR interest rate swap is a hedge on anticipated future borrowings in pound sterling.

The distributions on the Series C Preferred Units are based on a rate equal to the greater of (i) 7.00% per annum, and (ii) the sum of (a) three-month LIBOR as calculated on each applicable date of determination and (b) 4.698% per annum, based on the $25.00 liquidation preference per Series C Preferred Unit. As of March 31, 2019, there were 2,000,000 Series C Preferred Units outstanding.

Interest risk amounts represent our management’s estimates and were determined by considering the effect of hypothetical interest rates on our financial instruments. These analyses do not consider the effect of any change in overall economic activity that could occur in that environment. Further, in the event of a change of that magnitude, we may take actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, these analyses assume no changes in our financial structure.

Rising interest rates could limit our ability to refinance our debt when it matures or cause us to pay higher interest rates upon refinancing and increase interest expense on refinanced indebtedness. We intend to hedge interest rate risks related to a portion of our borrowings over time by means of interest rate swap agreements or other arrangements.

Foreign Currency Risk

As we expand to international markets we are exposed to market risk from changes in foreign currency exchange rates. Approximately 10% and 5% of rental revenue was denominated in foreign currencies for the three months ended March 31, 2019 and 2018, respectively. In the future, we may utilize derivative instruments, or borrow in local currencies, to manage the risk of fluctuations in foreign currency rates.

48

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Our management has evaluated, with the participation of our principal executive officer and principal financial officer, the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report, and has concluded that our disclosure controls and procedures were effective as of March 31, 2019.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

49

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Although we may, from time to time, be involved in litigation and claims arising out of our operations in the normal course of business, we are not a party to any litigation or governmental or other proceeding that we believe will have a material adverse impact on our financial condition or results of operations. In addition, pursuant to the terms of the various agreements under which we acquired assets from Landmark and affiliates, Landmark and affiliates will indemnify us for certain losses resulting from any breach of their representations, warranties or covenants contained in the various agreements, subject to certain limitations and survival periods.

Item 1A.  Risk Factors

There are no material changes to the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018.

50

Item 6. Exhibits

Exhibit number	Description
3.1	Fourth Amended and Restated Agreement of Limited Partnership of Landmark Infrastructure Partners LP (incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K filed on April 2, 2018).
10.1	Second Amendment to Omnibus Agreement, dated as of January 30, 2019, by and among Landmark Dividend LLC, Landmark Infrastructure Partners LP and Landmark Infrastructure Partners GP LLC (incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed on February 1, 2019).
31.1*	Rule 13a-14(a) Certification (under Section 302 of the Sarbanes-Oxley Act of 2002) of principal executive officer.
31.2*	Rule 13a-14(a) Certification (under Section 302 of the Sarbanes-Oxley Act of 2002) of principal financial officer.
32.1*	Section 1350 Certifications (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002).
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.

*Filed herewith.

51

SIGNATURE

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, in the City of El Segundo, State of California, on May 1, 2019.

Landmark Infrastructure Partners LP
By:	Landmark Infrastructure Partners GP LLC, its General Partner
By:	/s/ George P. Doyle
Name:	George P. Doyle
Title:	Chief Financial Officer and Treasurer

52

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Arthur P. Brazy, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Landmark Infrastructure Partners LP;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 1, 2019

/s/ Arthur P. Brazy, Jr.

Arthur P. Brazy, Jr.

Director and Chief Executive Officer,

Landmark Infrastructure Partners GP LLC

(the general partner of Landmark Infrastructure Partners LP)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, George P. Doyle, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Landmark Infrastructure Partners LP;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 1, 2019

/s/ George P. Doyle

George P. Doyle

Chief Financial Officer and Treasurer,

Landmark Infrastructure Partners GP LLC

(the general partner of Landmark Infrastructure Partners LP)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Landmark Infrastructure Partners LP (the Company) on Form 10-Q for the period ended March 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the Report), the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Arthur P. Brazy, Jr.

Arthur P. Brazy, Jr.

Director and Chief Executive Officer,

Landmark Infrastructure Partners GP LLC

(the general partner of Landmark Infrastructure Partners LP)

May 1, 2019

A signed original of the written statement required by Section 906 has been provided to Landmark Infrastructure Partners LP and will be retained by Landmark Infrastructure Partners LP and furnished to the Securities and Exchange Commission or its staff upon request.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Landmark Infrastructure Partners LP (the Company) on Form 10-Q for the period ended March 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the Report), the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ George P. Doyle

George P. Doyle

Chief Financial Officer and Treasurer,

Landmark Infrastructure Partners GP LLC

(the general partner of Landmark Infrastructure Partners LP)

May 1, 2019

A signed original of the written statement required by Section 906 has been provided to Landmark Infrastructure Partners LP and will be retained by Landmark Infrastructure Partners LP and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 26, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Landmark Infrastructure Partners LP
Entity Central Index Key	0001615346
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	LMRK
Limited Partners Units		25,338,432

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Land	$ 131,731	$ 128,302
Real property interests	509,369	517,423
Construction in progress	35,456	29,556
Total land and real property interests	676,556	675,281
Accumulated amortization real property interests	(40,926)	(39,069)
Land and net real property interests	635,630	636,212
Investments in receivables, net	9,611	18,348
Investment in unconsolidated joint venture	64,133	65,670
Cash and cash equivalents	6,034	4,108
Restricted cash	4,994	3,672
Rent receivables, net	5,194	4,292
Due from Landmark and affiliates	2,584	1,390
Deferred loan costs, net	5,350	5,552
Deferred rent receivable	5,254	5,251
Derivative assets	2,432	4,590
Other intangible assets, net	20,485	20,839
Assets held for sale (AHFS)	20,448	7,846
Right of use asset, net	7,495
Other assets	9,470	8,843
Total assets	799,114	786,613
Liabilities and equity
Revolving credit facility	165,000	155,000
Secured notes, net	222,752	223,685
Accounts payable and accrued liabilities	5,173	7,435
Other intangible liabilities, net	8,733	9,291
Liabilities associated with AHFS	180	397
Lease liability	7,525
Prepaid rent	5,884	5,418
Derivative liabilities	1,019	402
Total liabilities	416,266	401,628
Commitments and contingencies (Note 15)
Equity
Accumulated other comprehensive income	(1,063)	(2,806)
Total partners' equity	334,983	337,476
Noncontrolling interests	201	201
Total equity	335,184	337,677
Total liabilities, mezzanine equity and equity	799,114	786,613
Limited Partners | Preferred Units Series C
Mezzanine equity
Limited partners	47,664	47,308
Limited Partners | Preferred Units Series A
Equity
Limited partners	37,207	37,207
Limited Partners | Preferred Units Series B
Equity
Limited partners	58,936	58,936
Total equity	58,936	58,936
Limited Partners | Common Units
Equity
Limited partners	405,731	411,158
Total equity	405,731	411,158
General Partner
Equity
General Partner	(165,828)	(167,019)
Total equity	$ (165,828)	$ (167,019)

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - Limited Partners - shares	Mar. 31, 2019	Dec. 31, 2018
Preferred Units Series C
Temporary equity, preferred units
Preferred units issued (in shares)	2,000,000,000	0
Preferred units outstanding (in shares)	2,000,000,000	0
Preferred Units Series A
Preferred units
Preferred units issued (in shares)	1,593,149,000	1,593,149,000
Preferred units outstanding (in shares)	1,593,149,000	1,593,149,000
Preferred Units Series B
Preferred units
Preferred units issued (in shares)	2,463,015,000	2,463,015,000
Preferred units outstanding (in shares)	2,463,015,000	2,463,015,000
Common Units
Common and subordinated units
Units issued (in shares)	25,338,432,000	25,327,801,000
Units outstanding (in shares)	25,338,432,000	25,327,801,000

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue
Rental revenue	$ 14,393	$ 15,695
Expenses
Property operating	665	286
General and administrative	1,478	1,699
Acquisition-related	127	185
Amortization	3,517	4,022
Impairments	204
Total expenses	5,991	6,192
Other income and expenses
Interest and other income	394	438
Interest expense	(4,488)	(6,272)
Unrealized gain (loss) on derivatives	(2,762)	3,148
Equity loss from unconsolidated joint venture	(55)
Gain on sale of real property interests	5,862
Foreign currency transaction loss	(21)
Total other income and expenses	(1,070)	(2,686)
Income before income tax expense	7,332	6,817
Income tax expense	122	76
Net income	7,210	6,741
Less: Net income attributable to noncontrolling interest	8	4
Net income attributable to limited partners	7,202	6,737
Less: Distributions declared to preferred unitholders	(2,894)	(1,944)
Less: General partner's incentive distribution rights	(197)	(195)
Net income attributable to common and subordinated unitholders	$ 3,755	$ 4,598
Net income (loss) per common and subordinated unit
Common units – basic	$ 0.15	$ 0.21
Common units – diluted	$ 0.15	0.19
Subordinated units – basic and diluted		$ (0.19)
Weighted average common and subordinated units outstanding
Common units – basic	25,338	22,996
Common units – diluted	25,338	24,564
Subordinated units – basic and diluted		1,568
Cash distributions declared per common and subordinated unit	$ 0.3675	$ 0.3675
Preferred Units Series C
Other income and expenses
Less: Accretion of Series C preferred units	$ (356)

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 7,210	$ 6,741
Other comprehensive income:
Foreign currency translation adjustment	1,743	1,038
Other comprehensive income	1,743	1,038
Comprehensive income	8,953	7,779
Less: Comprehensive income attributable to noncontrolling interest	8	4
Comprehensive income attributable to limited partners	$ 8,945	$ 7,775

XML

CONSOLIDATED STATEMENTS OF EQUITY AND MEZZANINE EQUITY - USD ($) $ in Thousands	Total	Limited Partners Common Units	Limited Partners Subordinated Units	Limited Partners Preferred Units Series A	Limited Partners Preferred Units Series B	Limited Partners Preferred Units Series C	General Partner	Accumulated Other Comprehensive Income (loss)	Noncontrolling Interest
Balance at Dec. 31, 2017	$ 254,358	$ 288,527	$ 19,641	$ 36,604	$ 58,936		$ (150,519)	$ 968	$ 201
Balance (in units) at Dec. 31, 2017		20,146,458	3,135,109	1,568,402	2,463,015
Increase (decrease) in partners' capital
Net investment of Drop-down Assets	(20,394)						(20,394)
Foreign currency translation adjustment	1,038							1,038
Issuance of Preferred Units, net	603			$ 603
Issuance of Preferred Units, net (in units)		1,721,000		25,000
Issuance of Common Units, net	30,926	$ 30,926
Conversion of subordinated units		$ 18,186	$ (18,186)
Conversion of subordinated units (in units)		3,135,109	(3,135,109)
Distributions	(11,361)	$ (7,959)	$ (1,152)	$ (768)	$ (1,176)		(302)		(4)
Capital contribution to fund general and administrative expense reimbursement	1,202						1,202
Unit-based compensation	70	$ 70
Unit-based compensation (in units)		3,826
Net income	6,741	$ 4,901	$ (303)	768	1,176		195		4
Balance at Mar. 31, 2018	263,183	$ 334,651		$ 37,207	$ 58,936		(169,818)	2,006	201
Balance (in units) at Mar. 31, 2018		25,005,542		1,593,149	2,463,015
Balance at Dec. 31, 2018	337,677	$ 411,158		$ 37,207	$ 58,936		(167,019)	(2,806)	201
Balance (in units) at Dec. 31, 2018		25,327,801		1,593,149	2,463,015	2,000,000
Increase (decrease) in partners' capital
Foreign currency translation adjustment	1,743							1,743
Distributions	(11,494)	$ (9,312)		$ (788)	$ (1,189)		(197)		(8)
Capital contribution from Sponsor	994						994
Other deemed contributions	197						197
Unit-based compensation	130	$ 130
Unit-based compensation (in units)		10,631
Net income	5,937	$ 3,755		788	1,189		197		8
Balance at Mar. 31, 2019	$ 335,184	$ 405,731		$ 37,207	$ 58,936		$ (165,828)	$ (1,063)	$ 201
Balance (in units) at Mar. 31, 2019		25,338,432		1,593,149	2,463,015	2,000,000
Temporary equity, Balance at Dec. 31, 2018						$ 47,308
Increase (Decrease) in temporary equity
Temporary equity, Distributions						(917)
Temporary equity, Net income						1,273
Temporary equity, Balance at Mar. 31, 2019						$ 47,664

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Operating activities
Net income	$ 7,210	$ 6,741
Adjustments to reconcile net income to net cash provided by operating activities:
Unit-based compensation	130	70
Unrealized (gain) loss on derivatives	2,762	(3,148)
Amortization expense	3,517	4,022
Amortization of above- and below- market lease	(224)	(328)
Amortization of deferred loan costs	665	798
Amortization of discount on secured notes	93	93
Receivables interest accretion	(3)		$ (3)
Impairments	204
Gain on sale of real property interests	(5,862)
Allowance for doubtful accounts	5	(10)
Equity loss from unconsolidated joint venture	55
Return on investment in unconsolidated joint venture	1,482
Foreign currency transaction loss	21
Changes in operating assets and liabilities:
Rent receivables, net	(899)	107
Accounts payable and accrued liabilities	(416)	743
Deferred rent	110	81
Prepaid rent	466	1,728
Due from Landmark and affiliates	(598)	1,126
Other assets	(551)	(343)
Net cash provided by operating activities	8,167	11,680
Investing activities
Acquisition of land	(3,346)	(6,931)
Acquisition of real property interests and development activities	(12,159)	(27,309)
Proceeds from sale of real property interests	13,385
Repayments of receivables	150	299	1,108
Net cash used in investing activities	(1,970)	(33,941)
Financing activities
Proceeds from the issuance of Common Units, net		437
Proceeds from the issuance of Preferred Units, net		603
Proceeds from revolving credit facility	10,000	40,000
Principal payments on secured notes	(1,361)	(969)
Deferred loan costs	(128)	(253)
Capital contribution to fund general and administrative expense reimbursement	764	491
Distributions to non-controlling interests	(8)	(4)
Consideration associated with Drop-down Acquisitions		(20,394)
Net cash provided by (used in) financing activities	(2,964)	8,502
Effect of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash	15	21
Net increase (decrease) in cash, cash equivalents and restricted cash	3,248	(13,738)
Cash, cash equivalents and restricted cash at beginning of the period	7,780	27,860	27,860
Cash, cash equivalents and restricted cash at end of the period	11,028	14,122	$ 7,780
Limited Partners | Preferred Units
Financing activities
Distributions to limited partners	(2,919)	(1,996)
Limited Partners | Common and Subordinated Units
Financing activities
Distributions to limited partners	$ (9,312)	$ (9,413)

XML

Business

3 Months Ended

Mar. 31, 2019

Limited Liability Company Or Limited Partnership Business Organization And Operations [Abstract]

Business

1. Business

Landmark Infrastructure Partners LP (the “Partnership”) was formed on July 28, 2014 by Landmark Dividend LLC (“Landmark” or “Sponsor”) to own and manage a portfolio of real property interest and infrastructure assets that are leased to companies in the wireless communication, outdoor advertising and renewable power generation industries. In addition, the Partnership owns certain interests in receivables associated with similar assets. The Partnership is a master limited partnership organized in the State of Delaware and has been publicly traded since its initial public offering on November 19, 2014 (the “IPO”). On July 31, 2017, the Partnership completed changes to its organizational structure by transferring substantially all of its assets to a consolidated subsidiary, Landmark Infrastructure Inc., a Delaware corporation (“REIT Subsidiary”) , which elected to be taxed as a REIT commencing with its taxable year ending December 31, 2017. References in this report to “Landmark Infrastructure Partners LP,” the “partnership,” “we,” “our,” “us,” or like terms refer to Landmark Infrastructure Partners LP.

Our operations are managed by the board of directors and executive officers of Landmark Infrastructure Partners GP LLC, our general partner (the “General Partner”). As of March 31, 2019, the Sponsor and affiliates own (a) our general partner; (b) 3,415,405 common units representing limited partnership interest in the Partnership (“Common Units”); and (c) all of our incentive distribution rights (“IDRs”).

XML

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidated Financial Statements

On an ongoing basis, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. The accompanying consolidated financial statements include the accounts of the Partnership, its wholly-owned subsidiaries and those entities in which it has a controlling interest. Investments in entities that the Partnership does not control are accounted for using the equity or cost method, depending upon the Partnership’s ability to exercise significant influence over operating and financial policies.

The unaudited interim consolidated financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (the “FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under the Accounting Standards Updates (“ASUs”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. Financial information for the three months ended March 31, 2019 and 2018 included in these Notes to the Consolidated Financial Statements is derived from our unaudited financial statements. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. All references to tenant sites are unaudited.

Use of Estimates

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

Income Taxes

The Partnership is generally not subject to federal, state or local income taxes, except for our subsidiary Landmark Infrastructure Asset OpCo LLC (“Asset OpCo”) and our foreign subsidiaries. Each limited partner is responsible for the tax liability, if any, related to its proportionate share of the Partnerships’ taxable income or loss. Asset OpCo conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes. Asset OpCo and certain foreign wholly owned subsidiaries of the Partnership conduct certain activities in international locations that generate taxable income and will be treated as taxable entities. Additionally, our consolidated REIT subsidiary, Landmark Infrastructure Inc., a Delaware corporation, files as a corporation for U.S. federal income tax purposes. The REIT Subsidiary has elected to be treated as a REIT and we believe that it has operated in a manner that has allowed the REIT Subsidiary to qualify as a REIT for federal income tax purposes, and the REIT Subsidiary intends to continue operating in such manner. If the REIT Subsidiary fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain savings provisions, all of its taxable income would be subject to federal income tax at regular corporate rates. 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, nor has the Partnership been assessed interest or penalties by any major tax jurisdictions.

Investment in Unconsolidated Joint Venture

The Partnership accounts for its investment in an unconsolidated joint venture using the equity method of accounting. Under the equity method, the investment is initially recorded at fair value and subsequently adjusted for distributions and the Partnership’s proportionate share of equity in the joint venture’s income (loss). The Partnership recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture as equity income (loss) from unconsolidated joint venture on the consolidated statements of operations. On a quarterly basis, the Partnership evaluates its investment in an unconsolidated joint venture for other-than-temporary impairments.The Partnership elected as an accounting policy to reflect unconsolidated joint venture distributions in the consolidated statements of cash flows using the nature of the distribution approach. Accordingly, the net proceeds were classified as return on investment in unconsolidated joint venture within the operating activities section of the consolidated statements of cash flows for the three months ended March 31, 2019.

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 not expected to have a material impact on its consolidated financial position and results of operations because either the ASU is not applicable, or the impact is expected to be immaterial.

In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”).  ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees and aligning it with the accounting for share-based payments to employees, with certain exceptions. Equity–classified share–based payment awards issued to nonemployees will be measured on the grant date, instead of being remeasured through the performance completion date (generally the vesting date), as required under the current guidance. ASU 2018-07 is effective for fiscal periods beginning after December 15, 2018, with early adoption permitted. The Partnership adopted the guidance as of January 1, 2019 and determined to not have a significant impact on the consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which establishes ASC 326, Financial Instruments – Credit Losses. The ASU revises the measurement of impairment for certain financial instruments measured at amortized cost from an incurred loss methodology to an expected loss methodology. The ASU affects trade receivables, debt securities, net investment in leases, and most other financial assets that represent a right to receive cash. This update is effective for annual and interim financial statement periods beginning after December 15, 2019, with early adoption permitted for financial statement periods beginning after December 15, 2018. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. This ASU clarifies that receivables from operating leases are accounted for using the lease guidance and not as financial instruments. The Partnership is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”), which establishes the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract (i.e., lessees and lessors). Subsequently, the FASB issued additional ASUs that clarified the original ASU No. 2016-02. The updated guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. This classification determines whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability on the balance sheet for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. Lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. The standard mandates the use of the modified retrospective transition method for all leases existing at, or entered into after, the date of initial application.

In March 2018, the FASB approved an optional practical expedient that would allow lessors to elect, by class of underlying asset, to not separate nonlease components from the related lease components. The practical expedient is limited to circumstances in which both (1) the timing and pattern of revenue recognition are the same for the nonlease component and related lease component and (2) the combined single lease component would be classified as an operating lease. If a lessee makes payments for taxes and insurance directly to a third party on behalf of a lessor, lessors are required to exclude them from variable payments and from recognition in the lessors’ income statements. Otherwise, tenant recoveries for taxes and insurance are classified as additional lease revenue recognized by the lessor on a gross basis in their income statements. The FASB has also clarified that the lease ASU will require an assessment of whether a land easement meets the definition of a lease under the new lease ASU. An entity with land easements that are not accounted for as leases under the current lease accounting standards, however, may elect a practical expedient to exclude those land easements from assessment under the new lease accounting standards (ASU No 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842). The new lease ASU applies to all land easement arrangements entered into or modified on and after the ASU effective date.

The Partnership adopted the guidance as of January 1, 2019. We elected to adopt the following practical expedients provided by these ASUs:

• Package of practical expedients – requires us to not reevaluate our existing or expired leases as of January 1, 2019, under the new lease accounting ASUs. The election of the package of practical expedients allowed us to not reassess whether any expired or existing contracts are or contain leases and not reassess lease classification for any expired or existing leases that commenced prior to January 1, 2019. The package of practical expedients also allowed an entity to not reassess initial direct costs for any existing leases. The Partnership has not incurred such initial direct costs for leases. Consequently, the adoption of the new lease ASUs had no effect on our accounting of initial direct cost on January 1, 2019.

• Optional transition method practical expedient – requires us to apply the new lease ASUs prospectively from the adoption date of January 1, 2019.

• Land easements practical expedient – requires us to account for land easements existing as of January 1, 2019, under the accounting standards applied to them prior to January 1, 2019. The Partnership’s land easements are primarily prepaid and included on the Consolidated Balance Sheets in real property interest, the impact of the adoption of the easement related provisions does not have a significant impact on our Consolidated Financial Statements.

• Single component practical expedient – requires us to account for lease and nonlease components associated with that lease under the new lease ASUs, if certain criteria are met. Our operating leases commencing or modified after January 1, 2019, for which we are the lessor are expected to qualify for the single component practical expedient accounting.

• Short-term leases practical expedient – for our operating leases with a term of 12 months or less in which we are the lessee, this expedient requires us to not record on our balance sheets related lease liabilities and right-of-use assets.

While most of our leases are and will continue to be classified as operating leases in which the Partnership is the lessor, the Partnership is the lessee in an insignificant population of leases that have recurring ground lease rental payments. We applied the modified retrospective transition method and practical expedients mentioned above to all leases existing at January 1, 2019. The adoption of ASC 842 resulted in the recognition of right-of-use assets and lease liabilities on the Consolidated Balance Sheets on January 1, 2019 for such operating leases of $7.6 million, based on the present value of the remaining minimum rental payments using each respective lease term and a corresponding incremental borrowing rate. We used a discount rate of approximately 4.5%, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. The ASUs did not significantly effect the calculations of our debt covenants.

The following table represents the future minimum ground lease payments at March 31, 2019 (in thousands).

2019 (nine months)	$	333
2020		452
2021		462
2022		472
2023		482
Thereafter		11,638
Total	$	13,839

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Acquisitions

3 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Acquisitions

3. Acquisitions

Drop-down Acquisitions

During the three months ended March 31, 2018, the Partnership completed one drop-down acquisition from our Sponsor and affiliates (referred to as the “Drop-down Acquisition”). Certain real property interests included in the Drop-down Acquisition completed by the Partnership were part of the right of first offer assets acquired from Landmark Dividend Growth Fund-H LLC (“Fund H”). The following table presents the Drop-down Acquisition completed by the Partnership during 2018:

		Number of Tenant Sites								Consideration (in millions)
Acquisition Date	Source	Wireless Communication		Outdoor Advertising		Renewable Power Generation		Total		Borrowings and Available Cash		Common Units		Total
January 18, 2018	Fund H		30		90		7		127	$	32.6	$	27.3	$	59.9
2018 Acquisitions			30		90		7		127	$	32.6	$	27.3	$	59.9

The Drop-down Acquisition is a transfer of net assets between entities under common control as the acquisition does not meet the definition of a business in accordance with ASU No. 2017-01. The transfer of net assets is accounted for prospectively in the period in which the transfer occurs at the net carrying value. Any differences between the cash consideration and the net carrying value of the transfer of net assets has been allocated to the General Partner. During the three months ended March 31, 2018, the difference between the total consideration of $59.9 million and the net carrying value of $39.5 million, was allocated to the General Partner.

Third Party Acquisitions

During the three months ended March 31, 2019 and the year ended December 31, 2018, the Partnership completed various direct third-party acquisitions. Third-party acquisitions include acquisitions in exchange for Common Units pursuant to our previously filed and effective registration statement on Form S-4, in which we may offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities (the “Unit Exchange Program” or “UEP”).

The following table presents direct third-party acquisitions completed by the Partnership during the three months ended March 31, 2019 and the year ended December 31, 2018:

	No. of Tenant Sites								Consideration (in millions)
Acquisition Description	Wireless Communication		Outdoor Advertising		Renewable Power Generation		Total		Borrowings and Available Cash		Common Units		Total
First Quarter
International		—		104		—		104	$	6.0	$	—	$	6.0
2019 Total		—		104		—		104	$	6.0	$	—	$	6.0
First Quarter
UEP		5		1		—		6	$	—	$	3.2	$	3.2
Domestic		15		12		—		27		21.3		—		21.3
Total		20		13		—		33	$	21.3	$	3.2	$	24.5
Second Quarter
International		—		8		—		8	$	7.3	$	—	$	7.3
UEP		7		1		—		8		0.6		1.8		2.4
Domestic		3		1		—		4		21.5		—		21.5
Total		10		10		—		20	$	29.4	$	1.8	$	31.2
Third Quarter
International		2		12		—		14	$	14.2	$	—	$	14.2
UEP		10		—		—		10		0.9		1.8		2.7
Domestic		2		11		—		13		2.0		—		2.0
Total		14		23		—		37	$	17.1	$	1.8	$	18.9
Fourth Quarter
International		—		8		—		8	$	0.2	$	—	$	0.2
UEP		4		—		—		4		—		0.9		0.9
Domestic		1		1		—		2		0.1		—		0.1
Total		5		9		—		14	$	0.3	$	0.9	$	1.2
2018 Total		49		55		—		104	$	68.1	$	7.7	$	75.8

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Real Property Interests

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Real Property Interests

4. Real Property Interests

The following table summarizes the Partnership’s real property interests (in thousands):

	March 31, 2019			December 31, 2018
Land	$	131,731		$	128,302
Real property interests – perpetual		104,518			101,343
Real property interests – finite life		404,851			416,080
Construction in progress		35,456			29,556
Total land and real property interests		676,556			675,281
Accumulated amortization of real property interests		(40,926	)		(39,069	)
Land and net real property interests	$	635,630		$	636,212

On January 4, 2019, the Partnership completed the sale of its real property interest held for sale as of December 31, 2018 for total consideration of $13.5 million. We recognized a gain on sale of real property interest of $5.9 million upon completion of the sale.

During 2017, the Partnership started developing an ecosystem of technologies that provides smart enabled infrastructure (“FlexGrid^TM”) including smart poles and digital outdoor advertising kiosks across North America. Smart poles are self-contained, neutral-host poles designed for wireless carrier and other wireless operator collocation. The smart poles are designed for macro, mini macro and small cell deployments and will support Internet of Things (IoT), carrier densification needs, private LTE networks and other wireless solutions. During the year ended December 31, 2018, the Partnership completed construction on four FlexGrid^TM infrastructure sites totaling $1.5 million. As of March 31, 2019 and December 31, 2018, the Partnership’s $35.5 million and $29.6 million, respectively, of construction in progress primarily related to the construction of the FlexGrid^TM solution and other projects.

In December 2016, the Partnership formed a joint venture to acquire real property interests that are leased to companies in the outdoor advertising industry located in the UK and Europe. Our venture partner provides acquisition opportunities and asset management services to the consolidated joint venture. As of March 31, 2019, the consolidated joint venture had 139 tenant sites and one investment in receivable with total net book value of $54.9 million. During the three months ended March 31, 2019 and 2018, the consolidated joint venture generated rental revenue of $1.2 million and $0.6 million, respectively.

The Partnership applies the asset acquisition method to all acquired investments of real property interests for transactions that meet the definition of an asset acquisition. 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 Partnership assigned discount rates ranging between 6% and 20%.

The following table summarizes final allocations for acquisitions during the three months ended March 31, 2019 and the year ended December 31, 2018 of estimated fair values of the assets acquired and liabilities assumed (in thousands).

			Investments in real		In-place lease		Above-market		Below-market
Period	Land		property interests		intangibles		lease intangibles		lease intangibles			Total
2019	$	2,330	$	3,640	$	248	$	76	$	(23	)	$	6,271
2018		16,646		91,314		7,939		1,309		(2,031	)		115,177

Future estimated aggregate amortization of finite lived real property interests for each of the five succeeding fiscal years and thereafter as of March 31, 2019, are as follows (in thousands):

2019 (nine months)	$	8,841
2020		11,068
2021		10,451
2022		10,087
2023		9,989
Thereafter		313,489
Total	$	363,925

The weighted average remaining amortization period for non‑perpetual real property interests is 42 years as of March 31, 2019. 

During the three months ended March 31, 2019, two of the Partnership’s real property interests were impaired and recognized impairment charges totaling $0.2 million. The carrying value of each real property interest was determined to have a fair value of zero. There was no impairment during the three months ended March 31, 2018.

In March 2019, the Partnership entered into a plan to sell certain real property interests and investments in receivables. The Partnership determined that the sale did not meet the criteria for discontinued operations presentation as the plan to sell did not represent a strategic shift that would have a major effect on its operations and financial results. As a result of this classification, the assets and liabilities were separately presented as AHFS and liabilities associated with AHFS in the consolidated balance sheet as of March 31, 2019.

The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are as follows (in thousands):

	March 31, 2019		December 31, 2018
Land	$	416	$	1,286
Real property interests, net		11,626		5,566
Investments in receivables, net		8,331		—
Other intangible assets, net		75		994
AHFS	$	20,448	$	7,846
Other intangible liabilities, net	$	180	$	397
Liabilities associated with AHFS	$	180	$	397

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Other Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2019

Other Intangible Assets And Liabilities [Abstract]

Other Intangible Assets and Liabilities

5. Other Intangible Assets and Liabilities

The following table summarizes our identifiable intangible assets, including above/below‑market lease intangibles (in thousands):

	March 31, 2019			December 31, 2018
Acquired in-place lease
Gross amount	$	23,369		$	23,261
Accumulated amortization		(6,597	)		(6,237	)
Net amount	$	16,772		$	17,024
Acquired above-market leases
Gross amount	$	6,619		$	6,542
Accumulated amortization		(2,906	)		(2,727	)
Net amount	$	3,713		$	3,815
Total other intangible assets, net	$	20,485		$	20,839
Acquired below-market leases
Gross amount	$	(16,784	)	$	(17,097	)
Accumulated amortization		8,051			7,806
Total other intangible liabilities, net	$	(8,733	)	$	(9,291	)

We recorded net amortization of above‑ and below‑market lease intangibles of $0.2 million and $0.3 million as an increase to rental revenue for the three months ended March 31, 2019 and 2018, respectively. We recorded amortization of in‑place lease intangibles of $0.5 million as amortization expense for the three months ended March 31, 2019 and 2018, respectively.

Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of March 31, 2019 follows (in thousands):

	Acquired in-place leases		Acquired above-marketleases		Acquired below-marketleases
2019 (nine months)	$	1,315	$	526	$	(1,157	)
2020		1,640		534		(1,499	)
2021		1,578		428		(1,372	)
2022		1,483		346		(1,249	)
2023		1,207		310		(806	)
Thereafter		9,549		1,569		(2,650	)
Total	$	16,772	$	3,713	$	(8,733	)

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Investments in Receivables

3 Months Ended

Mar. 31, 2019

Notes Receivable Net [Abstract]

Investments in Receivables

6. Investments in Receivables

Investments in receivables include financing arrangements and management agreements whereby we purchased the right to receive a portion of a rental payment under a contract but are not a party to the lease and do not have a real property interest. Additionally, certain lease arrangements of real property interests meet the definition of a financial asset and included in investments in receivables in our financial statements. Investments in receivables also include arrangements with T‑Mobile whereby we purchased the right to retain a portion of a lease payment prior to passing the remainder to the property owner. These cash flow financing arrangements are accounted for as receivables in our consolidated financial statements.

Transfer of investments in receivables from the Sponsor and affiliates to the Partnership, which met the conditions to be accounted for as a sale in accordance with ASC 860, Transfers and Servicing, were recorded at their estimated fair value. The receivables are unsecured with payments collected over periods ranging from 2 to 99 years. In connection with the Drop-down Acquisition from our Sponsor and affiliates, the Partnership acquired additional investments in receivables that were recorded at the fair value at the acquisition date, using discount rates ranging from 7% to 14%. 

Interest income recognized on the receivables totaled $0.4 million for the three months ended March 31, 2019 and 2018, respectively. In March 2019, the Partnership entered into a plan to sell certain real property interests and investments in receivables. The Partnership determined that the sale did not meet the criteria for discontinued operations presentation as the plan to sell did not represent a strategic shift that would have a major effect on its operations and financial results. As a result of this classification, the assets and liabilities were separately presented as AHFS and liabilities associated with AHFS in the consolidated balance sheet as of March 31, 2019.

The following table reflects the activity in investments in receivables (in thousands):

	March 31, 2019			December 31, 2018
Investments in receivables – beginning	$	18,348		$	20,782
Impairments		—			(785	)
Sales		—			(350	)
Transfers		(8,661	)		—
Repayments		(150	)		(1,108	)
Interest accretion		3			3
Foreign currency translation adjustment		71			(194	)
Investments in receivables – ending	$	9,611		$	18,348

Annual amounts due as of March 31, 2019, are as follows (in thousands):

2019 (nine months)	$	1,001
2020		1,297
2021		1,345
2022		1,463
2023		1,570
Thereafter		12,017
Total	$	18,693
Interest	$	9,082
Principal		9,611
Total	$	18,693

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Investment in Unconsolidated Joint Venture

3 Months Ended

Mar. 31, 2019

Equity Method Investments And Joint Ventures [Abstract]

Investment in Unconsolidated Joint Venture

7. Investment in Unconsolidated Joint Venture

On September 24, 2018, the Partnership completed the formation of the unconsolidated JV. The Partnership contributed 545 tenant site assets to the unconsolidated JV that secured the Partnership’s $125.4 million Series 2018-1 secured notes (the “2018 Securitization”), in exchange for a 50.01% membership interest in the unconsolidated JV and $65.5 million in cash (the “Transaction”). The Partnership does not control the unconsolidated JV and therefore, accounts for its investment in the unconsolidated JV using the equity method of accounting prospectively upon formation of the unconsolidated JV. 

The Partnership recognized a gain on contribution of real property interests in accordance with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets that do not meet the definition of a business. ASC 610-20 refers to the revenue recognition principles under ASU No. 2014-09.  Under ASC 610-20, the Partnership determined it does not have a controlling financial interest in the entity that holds the assets and the arrangement meets the criteria to be accounted for as a contract, as such, the Partnership derecognized the assets and recognized a gain on the contribution of the real property interests when control of the underlying assets transferred to the buyer.

In addition to the contribution of assets, the JV assumed the 2018 Securitization, which was completed by the Partnership on June 6, 2018 involving certain tenant sites and related property interests owned by certain unrestricted special purpose subsidiaries of the Partnership, through the issuance of the Class C, Class D and Class F Series 2018-1 Secured Notes (the “2018 Secured Notes”), in an aggregate principal amount of $125.4 million. The net proceeds from the 2018 Securitization were primarily used to pay down the revolving credit facility by $120.5 million. The Class F notes are subordinated in right of payment to the Class D notes and the Class D notes are subordinated in right of payment to the Class C notes. The 2018 Secured Notes were issued at a discount of less than $0.1 million, which will be accreted and recognized as interest expense over the term of the secured notes. The Class C, Class D and Class F 2018 Secured Notes bear interest at a fixed note rate per annum of 3.97%, 4.70% and 5.92%, respectively.

The following table summarizes balance sheet information for the unconsolidated JV (in thousands):

	March 31, 2019		December 31, 2018
Total assets	$	259,707	$	263,228
Total liabilities		127,997		128,448
Total equity		131,710		134,780
Total liabilities and equity	$	259,707	$	263,228

The following table summarizes financial information for the unconsolidated JV during the three months ended March 31, 2019 (in thousands):

Rental revenue	$	3,507
Net loss		(109	)
Partnership's share in losses		(55	)
Distributions received by the Partnership		1,482

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Debt

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Debt

8. Debt

The following table summarizes the Partnership’s debt (in thousands):

		Outstanding Balance
	Maturity Date	March 31, 2019			December 31, 2018
Revolving credit facility	November 15, 2023	$	165,000		$	155,000
4.38% senior secured notes	June 30, 2036	$	42,058		$	42,058
Series 2017-1 Class A 4.10%	November 15, 2022 (1)		60,503			60,900
Series 2017-1 Class B 3.81%	November 15, 2022 (1)		17,474			17,563
Series 2016-1 Class A 3.52%	June 1, 2021(2)		85,383			86,258
Series 2016-1 Class B 7.02%	June 1, 2021(2)		25,100			25,100
Secured Notes			230,518			231,879
Discount on Secured Notes			(1,361	)		(1,454	)
Deferred loan costs			(6,405	)		(6,740	)
Secured Notes, net		$	222,752		$	223,685

(1) Maturity date reflects anticipated repayment date; final legal maturity is November 15, 2047.

(2) Maturity date reflects anticipated repayment date; final legal maturity is July 15, 2046.

Revolving Credit Facility

On November 15, 2018, the Partnership completed its Third Amended and Restated Credit Facility and obtained commitments from a syndicate of banks with initial borrowing commitments of $450.0 million for five-years. Additionally, borrowings up to $75.0 million may be denominated in pound sterling, euro, Australian dollar and Canadian dollar. Substantially all of our assets, excluding equity in and assets of 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 (or secured by mortgages), as collateral under our revolving credit facility. Our revolving credit facility contains various customary covenants and restrictive provisions.

Loans under the revolving credit facility bear interest at a rate equal to LIBOR, plus a spread ranging from 1.75% to 2.25% (determined based on leverage levels). As of March 31, 2019 the applicable spread was 2.00%.

Additionally, under the revolving credit facility we will be subject to an annual commitment fee (determined based on leverage levels) associated with the available undrawn capacity subject to certain restrictions. As of March 31, 2019, the applicable annual commitment rate used was 0.175%.

The revolving credit facility requires monthly interest payments and the outstanding debt balance is due upon maturity on November 15, 2023. As of March 31, 2019, $165 million was outstanding and there was $285 million of undrawn borrowing capacity, subject to compliance with certain financial covenants. As of March 31, 2019, the Partnership was in compliance with all financial covenants required under the revolving credit facility.

Secured Notes

On April 24, 2018, the Partnership entered into a note purchase and private shelf agreement (“Note Purchase Agreement”) pursuant to which the Partnership agreed to sell an initial $43.7 million aggregate principal amount of 4.38% senior secured notes, in a private placement (the “4.38% Senior Secured Notes”) involving a segregated pool of renewable power generation sites and related property interests. The 4.38% Senior Secured Notes are fully amortized through June 30, 2036. The Partnership may from time to time issue and sell additional senior secured notes pursuant to the Note Purchase Agreement, in an aggregate principal amount when aggregated with the initial principal amount of up to $225 million. We used all the net proceeds of $41.0 million to repay a portion of the borrowings under our revolving credit facility.

On November 30, 2017, the Partnership completed a securitization transaction (the “2017 Securitization”) involving certain outdoor advertising tenant sites and related property interests owned by certain unrestricted special purpose subsidiaries of the Partnership, through the issuance of the Class A and Class B Series 2017-1 Secured Notes (the “2017 Secured Notes”), in an aggregate principal amount of $80.0 million. The net proceeds from the 2017 Securitization were primarily used to pay down the revolving credit facility by $54.0 million and $17.5 million held in a restricted reserve accounts, including $16.0 million into a site acquisition account subsequently used on January 18, 2018 to acquire additional tenant sites pursuant to the Indenture. The Class B notes are subordinated in right of payment to the Class A notes. The 2017 Secured Notes were issued at a discount of $1.8 million, which will be accreted and recognized as interest expense over the term of the secured notes. The Class A and Class B 2017 Secured Notes bear interest at a fixed note rate per annum of 4.10% and 3.81%, respectively.

On June 16, 2016, the Partnership completed a securitization transaction (the “2016 Securitization”) involving certain tenant sites and related real property interests owned by certain unrestricted special purpose subsidiaries of the Partnership, through the issuance of the Class A and Class B Series 2016-1 Secured Notes (the “2016 Secured Notes”), in an aggregate principal amount of $116.6 million. The net proceeds from the Securitization were used to pay down the revolving credit facility by $112.3 million. The Class B notes are subordinated in right of payment to the Class A notes. The 2016 Secured Notes were issued at a discount of $17,292, which will be accreted and recognized as interest expense over the term of the secured notes. The Class A and Class B 2016 Secured Notes bear interest at a fixed note rate per annum of 3.52% and 7.02%, respectively.

The secured notes described above are collectively referred to as the “Secured Notes” and the tenant site assets securing the Secured Notes are collectively referred to as the “Secured Tenant Site Assets.”

The Secured Notes are secured by (1) mortgages and deeds of trust on substantially all of the Secured Tenant Site Assets and their operating cash flows, (2) a security interest in substantially all of the personal property of the obligors (as defined in the applicable indenture), and (3) the rights of the obligors under a management agreement. Under the terms of the applicable indenture, amounts due under the Secured Notes will be paid solely from the cash flows generated from the operation of the Secured Tenant Site Assets, as applicable, which must be deposited into reserve accounts, and thereafter distributed solely pursuant to the terms of the applicable indenture. On a monthly basis, after payment of all required amounts under the applicable indenture, subject to the conditions described below, the excess cash flows generated from the operation of such assets are released to the Partnership. As of March 31, 2019, $5.0 million was held in such reserve accounts which are classified as Restricted Cash on the accompanying consolidated balance sheets.

The Partnership is subject to covenants customary for notes issued in rated securitizations. Among other things, the obligors are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets (as defined in the applicable agreement). Under the terms of the applicable indenture, the obligors will be permitted to issue additional notes under certain circumstances, including so long as the debt service coverage ratio (“DSCR”) of the issuer is at least 2.0 to 1.0 for the 2017 Secured Notes and 2016 Secured Notes, respectively and at least 1.1 to 1.0 for the 4.38% Senior Secured Notes. As of March 31, 2019, the Partnership was in compliance with all financial covenants under the Secured Notes.

The Secured Notes’ annual principal payment amounts due as of March 31, 2019, are as follows (in thousands):

2019 (nine months)	$	6,845
2020		10,313
2021 (1)		108,013
2022		72,598
2023		2,714
Thereafter (1)		30,035
Total	$	230,518

(1) Reflects anticipated repayment dates

Interest Expense

The Partnership incurred interest expense of $4.5 million and $6.3 million for the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019 and December 31, 2018, the Partnership had interest payable of $1.0 million and $0.3 million, respectively. Additionally, the Partnership recorded amortization of deferred loan costs and discount on secured notes, which is included in interest expense, of $0.8 million and $0.9 million for the three months ended March 31, 2019 and 2018, respectively.  

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Interest Rate Swap Agreements

3 Months Ended

Mar. 31, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Interest Rate Swap Agreements

9. Interest Rate Swap Agreements

The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements (in thousands, except percentages):

Date	Notional		Fixed				Effective	Maturity	Fair Value Asset (Liability) at
Entered	Value		Rate			Index	Date	Date	March 31, 2019			December 31, 2018
February 5, 2015	$	25,000		1.29	%	1-month USD LIBOR	4/13/2015	4/13/2019	$	28		$	102
August 24, 2015		50,000		1.74		1-month USD LIBOR	10/1/2015	10/1/2022		730			1,259
March 23, 2016		50,000		1.67		1-month USD LIBOR	12/24/2018	12/24/2021		687			1,117
March 31, 2016		20,000		1.56		1-month USD LIBOR	12/24/2018	12/24/2021		331			508
March 31, 2016		25,000		1.63		1-month USD LIBOR	4/13/2019	4/13/2022		385			569
June 12, 2017		50,000		2.10		1-month USD LIBOR	3/2/2018	9/2/2024		271			1,035
November 15, 2018	£	38,000		1.49		1-month GBP LIBOR	11/30/2020	11/30/2025		(1,019	)		(402	)
									$	1,413		$	4,188

During the three months ended March 31, 2019 and 2018, the Partnership recorded a loss of $2.8 million and gain of $3.1 million, respectively, resulting from the change in fair value of the interest rate swap agreements, which is reflected as an unrealized gain (loss) on derivative financial instruments on the consolidated statements of operations. Additionally, during the three months ended March 31, 2019, the Partnership recognized less than $0.1 million of foreign currency transaction loss resulting from the changes in exchange rates as of March 31, 2019 affecting mark-to-market adjustments on our foreign currency interest rate swap agreement denominated in pound sterling.

The fair values of the interest rate swap agreements are 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 agreements. 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 March 31, 2019. The following table summarizes the fair values of the interest rate swaps as a result of the analysis performed (in thousands):

		Effects of Change in Interest Rates
Date Entered	Maturity Date	+50 Basis Points		-50 Basis Points			+100 Basis Points		-100 Basis Points
February 5, 2015	4/13/2019		28		28			28		28
August 24, 2015	10/1/2022		1,532		(88	)		2,318		(924	)
March 23, 2016	12/24/2021		1,317		49			1,936		(601	)
March 31, 2016	12/24/2021		583		77			830		(183	)
March 31, 2016	4/13/2022		739		26			1,086		(339	)
June 12, 2017	9/2/2024		1,479		(1,012	)		2,671		(2,314	)
November 15, 2018	11/30/2025		92		(2,374	)		1,245		(3,691	)

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Equity

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Equity

10. Equity

The table below summarizes changes in the number of units outstanding for the three months ended March 31, 2019 and 2018 (in units):

										Mezzanine Equity -
						Series A		Series B		Series C
	Common		Subordinated			Preferred		Preferred		Preferred
Balance as of December 31, 2017		20,146,458		3,135,109			1,568,402		2,463,015		—
Issuance of units to Fund H - January 18, 2018		1,506,421		—			—		—		—
Conversion of subordinated units		3,135,109		(3,135,109	)		—		—		—
Issuance under ATM Programs		27,830		—			24,747				—
Issuance under Unit Exchange Program		185,898		—			—		—		—
Unit-based compensation		3,826		—			—		—		—
Balance as of March 31, 2018		25,005,542		—			1,593,149		2,463,015		—
Balance as of December 31, 2018		25,327,801		—			1,593,149		2,463,015		2,000,000
Unit-based compensation		10,631		—			—		—		—
Balance as of March 31, 2019		25,338,432		—			1,593,149		2,463,015		2,000,000

Common Units

On February 16, 2016, the Partnership established a Common Unit at-the-market offering program (the “Common Unit ATM Program”) pursuant to which we may sell, from time to time, Common Units having an aggregate offering price of up to $50.0 million pursuant to our previously filed and effective registration statement on Form S-3.  The net proceeds from sales under the Common Unit ATM Program will be used for general partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. No Common Units were issued under the Common Unit ATM Program during the three months ended March 31, 2019 as the program expired on December 30, 2018. During the three months ended March 31, 2018, 27,830 Common Units were issued under the Common Unit ATM Program generating proceeds of approximately $0.5 million before issuance costs.

On February 16, 2016, the Partnership filed a shelf registration statement on Form S-4 with the SEC. The shelf registration statement was declared effective on March 10, 2016 and permits us to offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities. No acquisitions were completed during the three months ended March 31, 2019 under the Unit Exchange Program. During the three months ended March 31, 2018, under the Unit Exchange Program, the Partnership completed an acquisition of six tenant sites in exchange for 185,898 Common Units, valued at approximately $3.2 million. As of March 31, 2019, we have 4,091,908, Common Units remaining available to be issued under the Unit Exchange Program.

Subordinated Units

Our Partnership Agreement provides that, during the subordination period, 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 requirements under our Partnership Agreement for the conversion of all the subordinated units into common units were satisfied upon the payment of our quarterly cash distribution on February 14, 2018. Therefore, effective February 15, 2018, all of our subordinated units which are owned by Landmark, were converted on a one-for-one basis into common units. The conversion of subordinated units does not impact the amount of cash distributions or total number of outstanding units.

Preferred Units

On June 24, 2016, the Partnership established a Series A Preferred Unit at-the-market offering program (the “Series A Preferred Unit ATM Program”) pursuant to which we may sell, from time to time, Series A Preferred Units having an aggregate offering price of up to $40.0 million pursuant to our previously filed and effective registration statement on Form S-3. The net proceeds from sales under the Series A Preferred Unit ATM Program will be used for general Partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. No Series A Preferred Units were issued under the Series A Preferred Unit ATM Program during the three months ended March 31, 2019 as the program expired on December 30, 2018. During the three months ended March 31, 2018, the Partnership issued 24,747 Series A Preferred Units under our Series A Preferred Unit ATM Program, generating proceeds of approximately $0.6 million before issuance costs, respectively.

On March 30, 2017, the Partnership established a Series B Preferred Unit at-the-market offering program (the “Series B Preferred Unit ATM Program” and together with the Series A Preferred Unit ATM Program and Common Unit ATM Program the “ATM Programs”) pursuant to which we may sell, from time to time, Series B Preferred Units having an aggregate offering price of up to $50.0 million pursuant to our previously filed and effective registration statement on Form S-3. The net proceeds from sales under the Series B Preferred Unit ATM Program will be used for general Partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. No Series B Preferred Units were issued under our Series B Preferred Unit ATM Program during the three months ended March 31, 2019 and 2018. As of March 31, 2019, we have $34.4 million remaining available to be issued under the Series B Preferred Unit ATM Program.

Mezzanine Equity

On April 2, 2018, the Partnership completed a public offering of 2,000,000 Series C Floating-to-Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units (“Series C Preferred Units” and together with the Series A Preferred Units and Series B Preferred Units the “Preferred Units”), representing limited partner interest in the Partnership, at a price of $25.00 per unit. We received net proceeds of approximately $47.5 million after deducting underwriters’ discounts and offering expenses paid by us of $2.5 million. We used substantially all net proceeds to repay a portion of the borrowings under our revolving credit facility. In connection with the closing of the Series C Preferred Units offering, the Partnership executed the Fourth Amended and Restated Agreement of Limited Partnership of Landmark Infrastructure Partners LP (the “Amended Partnership Agreement”) for the purpose of defining the preferences, rights, powers and duties of holders of the Series C Preferred Units.

Distributions on the Series C Preferred Units are cumulative from the date of original issue and will be payable quarterly in arrears on the 15th day of February, May, August and November of each year, when, as and if declared by the board of directors of our General Partner. The initial distribution on the Series C Preferred Units was paid on May 15, 2018 in an amount equal to $0.2090 per unit. Distributions accruing from, and including, the date of original issuance and to, but excluding May 15, 2025 will accrue at an annual rate equal to the greater of (i) 7.00% per annum, and (ii) the sum of (a) three-month LIBOR as calculated on each applicable date of determination and (b) 4.698% per annum, based on the $25.00 liquidation preference per Series C Preferred Unit. Distributions accruing on and after May 15, 2025 will accrue at 9.00% per annum of the stated liquidation preference.

Holders of Series C Preferred Units, at their option, may, at any time and from time to time, convert some or all of their Series C Preferred Units based on an initial conversion rate of 1.3017 common units per Series C Preferred Unit. In the event of a fundamental change, holder of the Series C Preferred Units, at their option, may convert some or all of their Series C Preferred Units into the greater of (i) a number of common units plus a make-whole premium and (ii) a number of common units equal to the lessor of (a) the liquidation preference divided by the market value of our common units on the effective date of such fundamental change and (b) 11.13 (subject to adjustments). On May 15, 2025, May 15, 2028, and each subsequent five-year anniversary date thereafter (each such date, a “designated redemption date”), each holder of Series C Preferred Units shall have the right (a “redemption right”) to require the Partnership to redeem any or all of the Series C Preferred Units held by such holder outstanding on such designated redemption date at a redemption price equal to the liquidation preference of $25.00, plus all accrued and unpaid distributions to, but not including, in each case out of funds legally available for such payment and to the extent not prohibited by law, the designated redemption date (the “put redemption price”). At our option we may pay the redemption in our common units or cash, subject to certain limitations.

At any time on or after May 20, 2025, the Partnership shall have the option to redeem the Series C Preferred Units, in whole or in part, at a redemption price of $25.00 per Series C Preferred Unit plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared.

The Partnership has classified the Series C Preferred Units as mezzanine equity in the accompanying consolidated balance sheets based upon the terms and conditions of the holder’s redemption option. Issuance costs related to the Series C Preferred Units classified as mezzanine equity are initially recorded as a reduction of the units balances and accreted up to the redemption value.

Distributions

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

					Total
			Distribution		Distribution
Quarter Ended	Declaration Date	Distribution Date	Per Unit		(in thousands)
Common and Subordinated Units and IDRs
March 31, 2018	April 19, 2018	May 15, 2018	$	0.3675	$	9,384
June 30, 2018	July 19, 2018	August 14, 2018		0.3675		9,431
September 30, 2018 (1)	October 26, 2018	November 14, 2018		0.3675		9,285
December 31, 2018 (1)	January 25, 2019	February 14, 2019		0.3675		9,312
March 31, 2019 (1)	April 19, 2019	May 15, 2019		0.3675		9,312
Series A Preferred Units
March 31, 2018	March 23, 2018	April 16, 2018	$	0.5000	$	797
June 30, 2018	June 21, 2018	July 16, 2018		0.5000		797
September 30, 2018	September 20, 2018	October 15, 2018		0.5000		797
December 31, 2018	December 20, 2018	January 15, 2019		0.5000		797
March 31, 2019	March 21, 2019	April 15, 2019		0.5000		797
Series B Preferred Units
March 31, 2018	April 19, 2018	May 15, 2018	$	0.4938	$	1,216
June 30, 2018	July 19, 2018	August 15, 2018		0.4938		1,216
September 30, 2018	October 22, 2018	November 15, 2018		0.4938		1,216
December 31, 2018	January 22, 2019	February 15, 2019		0.4938		1,216
March 31, 2019	April 19, 2019	May 15, 2019		0.4938		1,216
Series C Preferred Units
June 30, 2018 (2)	April 19, 2018	May 15, 2018	$	0.2090	$	418
June 30, 2018	July 19, 2018	August 15, 2018		0.4400		880
September 30, 2018	October 22, 2018	November 15, 2018		0.4382		876
December 31, 2018	January 22, 2019	February 15, 2019		0.4571		914
March 31, 2019	April 19, 2019	May 15, 2019		0.4614		923

(1) The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations related to the respective quarterly distribution.

(2) The first distribution declared by the Partnership for the Series C Preferred Units was prorated for the 43-day period following the closing of the issuance on April 2, 2018. The distribution was paid on May 15, 2018 to unitholders of record as of May 1, 2018.

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Net Income (Loss) Per Limited Partner Unit

3 Months Ended

Mar. 31, 2019

Earnings Per Unit [Abstract]

Net Income (Loss) Per Limited Partner Unit

11. Net Income (Loss) Per Limited Partner Unit

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 Amended Partnership Agreement. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income (loss) allocations used in the calculation of net income (loss) per unit.

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

Effective February 15, 2018, all of our subordinated units, which were owned by Landmark, were converted on a one-for-one basis into common units. The board of directors of the general partner declared a cash distribution for the quarter ended March 31, 2018, which was paid on May 15, 2018 to common unitholders of record as of May 1, 2018. The subordinated units were only allocated the excess of distributions declared over net income through the conversion date.

The calculation of the undistributed net loss attributable to common and subordinated unitholders for the three months ended March 31, 2019 and 2018 follows (in thousands):

	Three Months Ended March 31,
	2019			2018
Net income attributable to limited partners	$	7,202		$	6,737
Less:
Distributions declared on Preferred Units		(2,894	)		(1,944	)
General partner's incentive distribution rights (1)		(197	)		(195	)
Accretion of Series C preferred units		(356	)		—
Net income attributable to common and subordinated unitholders		3,755			4,598
Distributions declared on common units		(9,312	)		(9,190	)
Undistributed net loss	$	(5,557	)	$	(4,592	)

(1) The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations related to the three months ended March 31, 2019 quarterly distribution. For purposes of determining net income per common unit, the amount otherwise due to the general partner has been referenced as a deemed distribution.

The calculation of net income (loss) per common and subordinated unit for the three months ended March 31, 2019 and 2018 follows (in thousands, except per unit data):

	Three Months Ended March 31,
	2019			2018
	Common Units			Common Units			Subordinated Units
Distributions declared	$	9,312		$	9,190		$	—
Undistributed net loss		(5,557	)		(4,289	)		(303	)
Net income (loss) attributable to common and    subordinated units - basic		3,755			4,901			(303	)
Net income (loss) attributable to subordinated units		—			(303	)		—
Net income (loss) attributable to common and    subordinated units - diluted	$	3,755		$	4,598		$	(303	)
Weighted-average units outstanding:
Basic		25,338			22,996			1,568
Effect of dilutive subordinated units		—			1,568			—
Diluted		25,338			24,564			1,568
Net income per common and subordinated unit:
Basic	$	0.15		$	0.21		$	(0.19	)
Diluted (1)(2)	$	0.15		$	0.19		$	(0.19	)

(1) The Partnership Agreement provides that when the subordination period ends, each outstanding subordinated unit will convert into one Common Unit and will thereafter participate pro rata with the other Common Units in distributions of available cash.Effective February 15, 2018, all of the subordinated units, which were owned by Landmark, were converted on a one-for-one basis into Common Units.  The diluted effect of Landmark’s subordinated units is reflected using the “if-converted method” which assumes conversion of the subordinated units into Common Units and excludes the subordinated distributions from the calculation, as the “if-converted method” is more dilutive. Diluted net income (loss) per unit for the three months ended March 31, 2018, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units from the beginning of the period through the conversion date.

(2) Diluted earnings per unit takes into account the potential dilutive effect of common units that could be issued by the Partnership in conjunction with the Series C Preferred Units conversion features. Potential common unit equivalents are anti-dilutive for the three months ended March 31, 2019 and, as a result, have been excluded in the determination of diluted net income (loss) per common unit.

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

12. Fair Value of Financial Instruments

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

Cash and cash equivalents, rent receivables, net and 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. The fair value of the Partnership’s revolving credit facility is considered to approximate the carrying value because the interest payments are based on LIBOR rates that reset every month.

Secured Notes: The Partnership determines fair value of its secured notes utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information. Quotes from brokers require judgment and are based on the brokers’ interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available.

Investments in receivables: The Partnership’s investments in receivables are presented in the accompanying consolidated 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.

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

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

	March 31, 2019				December 31, 2018
	Carrying amount		Fair Value		Carrying amount		Fair Value
Investment in receivables, net	$	9,611	$	9,990	$	18,348	$	18,867
Revolving credit facility		165,000		165,000		155,000		155,000
Secured Notes, net		222,752		224,511		223,685		224,333

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

As of March 31, 2019 and December 31, 2018, the Partnership measured the following assets at fair value on a recurring basis (in thousands):

	March 31, 2019		December 31, 2018
Derivative Assets (1)	$	2,432	$	4,590
Derivative Liabilities (1)		1,019		402

(1) Fair value is calculated using level 2 inputs. Level 2 inputs are 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.

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Related-Party Transactions

3 Months Ended

Mar. 31, 2019

Related Party Transactions [Abstract]

Related-Party Transactions

13. Related‑Party Transactions

General and Administrative Reimbursement

Under the Amended Partnership Agreement, we are required to reimburse our general partner and its affiliates for all costs and expenses that they incur on our behalf for managing and controlling our business and operations. Except to the extent specified under our amended Omnibus Agreement with Landmark (“Omnibus Agreement”), which was amended on January 30, 2019, our general partner determines the amount of these expenses and such determinations must be made in good faith under the terms of the Amended Partnership Agreement. Under the amended Omnibus Agreement, we are required to reimburse Landmark for expenses related to certain general and administrative services Landmark provides to us in support of our business, subject to a quarterly cap equal to 3% of our revenue during the current calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $120 million and (ii) November 19, 2021. The full amount of general and administrative expenses incurred will be reimbursed by Landmark and 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 in our financial statements as a capital contribution 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 three months ended March 31, 2019 and 2018, Landmark reimbursed us $0.9 million and $1.2 million, respectively, for expenses related to certain general and administrative expenses 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; or (ii) $100,000. During the three months ended March 31, 2019 and 2018, we incurred $25,000, respectively, of license fees related to the AIF patent license agreement.

Right of First Offer

In accordance with the Partnership’s omnibus agreement, certain other investment funds managed by Landmark had granted us a right of first offer (“ROFO”) on real property interests that they owned or acquired before selling or transferring those assets to any third party. During the year ended December 31, 2018, the Partnership waived its ROFO on certain assets in investment funds managed by Landmark. During the three months ended March 31, 2018, the Partnership completed the following ROFO acquisitions:

										Common Units
				Total No. of		Total		Total		Issued to
	Acquired	Total No.		Investments in		Consideration		Common Units		Landmark
Acquisition Date	Fund	of Tenant Sites		Receivables		(in millions)		Issued		and Affiliates
January 18, 2018	Fund H		127		—	$	59.9		1,506,421		—

See further discussion in Note 3, Acquisitions for additional information.

Secured Tenant Site Assets’ Management Fee

In connection with the issuance of the Secured Notes, the Partnership entered into applicable management agreements with the General Partner. Pursuant to the applicable management agreements, our General Partner will perform those functions reasonably necessary to maintain, manage and administer the Secured Tenant Site Assets for a monthly management fee equal to 1.5% of the Secured Tenant Site Assets’ operating revenue, as defined by the applicable management agreements for the 2016 and 2017 secured notes and 0.5% of operating revenue for the 4.38% senior secured notes. The Secured Tenant Site Assets’ management fee to Landmark will be treated as a capital distribution to Landmark. Landmark will reimburse us for the fees paid with the reimbursement treated as a capital contribution. We incurred $0.1 million and less than $0.1 million of Secured Tenant Site Assets’ management fees during the three months ended March 31, 2019 and 2018, respectively.

In connection with the formation of the unconsolidated JV, the JV assumed the 2018 Secured Notes. Pursuant to the applicable management agreement, our General Partner will perform those functions reasonably necessary to maintain, manage and administer the 2018 Secured Tenant Site Assets for a monthly management fee equal to 1.5% of the Secured Tenant Site Assets’ operating revenue, subject to a maximum of $46 per tenant site asset. Landmark will reimburse us for the management fees paid by the unconsolidated JV with the reimbursement treated as a capital contribution. For the three months ended March 31, 2019, the unconsolidated JV incurred $0.1 million of management fees.

Acquisition of Real Property Interests

In connection with third party acquisitions, Landmark will be obligated to provide acquisition services to us, including asset identification, underwriting and due diligence, negotiation, documentation and closing, at the reasonable request of our General Partner, but we are under no obligation to utilize such services. We will pay Landmark reasonable fees, as mutually agreed to by Landmark and us, for providing these services. These fees will not be subject to the cap on general and administrative expenses described above. As of March 31, 2019 and 2018, no such fees have been incurred.

Penteon Partnership

On June 13, 2017, the Partnership and its Sponsor entered into a partnership with Penteon Corporation to deploy a nationwide Low Power Wide Area Network (LPWAN) based on the global open standard called LoRaWAN™ and utilizing the real property interests controlled by the Sponsor and the Partnership. As part of the agreement, the Sponsor owns a warrant to purchase up to approximately 25% of Penteon’s preferred stock. As of March 31, 2019 and December 31, 2018, the Partnership had zero in leasing costs related to the deployment of LPWAN on its sites.

Incentive Distribution Rights

Cash distributions will be made to our General Partner in respect of its ownership of all IDRs, which entitle our General Partner to receive increasing percentages, up to a maximum of 50%, of the available cash we distribute from operating surplus (as defined in our Amended Partnership Agreement) in excess of $0.2875 per unit per quarter. The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations related to the three months ended March 31, 2019 quarterly distribution totaling $0.2 million, which is treated as a deemed contribution in the consolidated statements of equity and mezzanine equity and as a deemed distribution for purposes of determining net income per common unit. During the three months ended March 31, 2018, we paid $0.2 million of incentive distribution rights.

Due from Affiliates

At March 31, 2019 and December 31, 2018, the General Partner and its affiliates owed $2.6 million and $1.4 million, respectively, to the Partnership primarily for the current quarter general and administrative reimbursement, unconsolidated JV management fees and for rents received on our behalf, offset by rents received on behalf of the unconsolidated JV.

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Segment Information

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Information

14. Segment Information

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

The Partnership’s wireless communication segment consists of leasing infrastructure and real property interests and providing financing to companies in the wireless communication industry in the United States, Canada, and Australia. The Partnership’s outdoor advertising segment consists of leasing real property interests to companies in the outdoor advertising industry in the United States, Canada, Australia, and the United Kingdom. The Partnership’s renewable power generation segment consists of leasing real property interests and providing financing 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 businesses require similar marketing and business strategies. Because our tenant lease arrangements are mostly effectively triple-net, we evaluate our segments based on revenue. We believe this measure provides investors relevant and useful information because it is presented on an unlevered basis.

The statements of operations for the reportable segments are as follows:

For the three months ended March 31, 2019 (in thousands):

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate			Total
Revenue
Rental revenue	$	7,236	$	5,081	$	2,076	$	—		$	14,393
Expenses
Property operating		51		260		354		—			665
General and administrative		—		—		—		1,478			1,478
Acquisition-related		—		—		—		127			127
Amortization		2,361		987		169		—			3,517
Impairments		—		204		—		—			204
Total expenses		2,412		1,451		523		1,605			5,991
Total other income and expenses		5,820		61		203		(7,154	)		(1,070	)
Income (loss) before income tax expense (benefit)		10,644		3,691		1,756		(8,759	)		7,332
Income tax expense (benefit)		—		—		—		122			122
Net income (loss)	$	10,644	$	3,691	$	1,756	$	(8,881	)	$	7,210

For the three months ended March 31, 2018 (in thousands):

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate			Total
Revenue
Rental revenue	$	9,645	$	4,210	$	1,840	$	—		$	15,695
Expenses
Property operating		34		171		81		—			286
General and administrative		—		—		—		1,699			1,699
Acquisition-related		—		—		—		185			185
Amortization		3,072		793		157		—			4,022
Total expenses		3,106		964		238		1,884			6,192
Total other income and expenses		171		64		203		(3,124	)		(2,686	)
Income (loss) before income tax expense		6,710		3,310		1,805		(5,008	)		6,817
Income tax expense		—		—		—		76			76
Net income (loss)	$	6,710	$	3,310	$	1,805	$	(5,084	)	$	6,741

The Partnership’s total assets by segment were (in thousands):

	March 31, 2019		December 31, 2018
Segments
Wireless communication	$	427,085	$	433,254
Outdoor advertising		233,387		216,326
Renewable power generation		113,068		112,338
Corporate assets		25,574		24,695
Total assets	$	799,114	$	786,613

The following table represents the Partnership’s rental revenues by country (in thousands):

	Three Months Ended March 31,
	2019		2018
Country
United States	$	12,902	$	14,914
United Kingdom		1,178		577
Australia		299		190
Canada		14		14
Total rental revenue	$	14,393	$	15,695

The following table represents the Partnership’s total assets by country (in thousands):

	March 31, 2019		December 31, 2018
Country
United States	$	719,669	$	720,331
United Kingdom		65,344		53,850
Australia		13,460		11,830
Canada		641		602
Total assets	$	799,114	$	786,613

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

15. Commitments and Contingencies

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

There has been consolidation in the wireless communication industry historically that has led to certain lease terminations. The past consolidation in the wireless industry has led to rationalization of wireless networks and reduced demand for tenant sites. We believe the impact of past consolidation is already reflected in our occupancy rates. In April 2018, T-Mobile and Sprint announced a proposed merger. Significant consolidation among our tenants in the wireless communication industry (or our tenants’ sub‑lessees) may result in the decommissioning of certain existing communications sites, because certain portions of these tenants’ (or their sub‑lessees’) networks may be redundant. The impact of any future consolidation in the wireless communication industry and 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 March 31, 2019, the Partnership had approximately $67.0 million of real property interests subject to subordination to lenders of the underlying property. To the extent a lender forecloses on a property the Partnership would take impairment charges for the book value of the asset and no longer be entitled to the revenue associated with the asset.

Substantially all of our tenant sites are subject to triple net or 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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Tenant Concentration

3 Months Ended

Mar. 31, 2019

Risks And Uncertainties [Abstract]

Tenant Concentration

16. Tenant Concentration

For the three months ended March 31, 2019 and 2018, the Partnership had the following tenant revenue concentrations:

	Three Months Ended March 31,
Tenant	2019			2018
Clear Channel		13.7	%		11.7	%
T-Mobile		8.5	%		10.8	%
AT&T Mobility		7.5	%		10.2	%
Sprint		6.0	%		8.9	%

Most tenants are subsidiaries of these companies but have been aggregated for purposes of showing revenue concentration. Financial information for these companies 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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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2019

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

17. Supplemental Cash Flow Information

Noncash activities for the three months ended March 31, 2019 and 2018 were as follows (in thousands):

	Three Months Ended March 31,
	2019		2018
Capital contribution to fund general and administrative expense reimbursement	$	994	$	1,202
Purchase price for acquisitions included in due to Landmark and affiliates		—		493
Issuance of common units for assets acquired from Fund H		—		27,342
Unit Exchange Program acquisitions		—		3,147
Distributions payable to preferred unitholders		1,685		1,244
Offering costs included in accounts payable and accrued liabilities		—		207
Deferred loan costs included in accounts payable and accrued liabilities		—		44
Accretion of Series C preferred units		356		—
Initial recognition of lease liabilities related to right of use assets		7,589		—
Purchase price for acquisitions and construction activities included in accounts payable		—		9,677

Cash flows related to interest and income taxes paid were as follows (in thousands):

	Three Months Ended March 31,
	2019		2018
Cash paid for interest	$	3,049	$	5,438
Capitalized interest		308		76
Income taxes paid		126		—

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Subsequent Event

3 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

Subsequent Event

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

3 Months Ended

Mar. 31, 2019

Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidated Financial Statements

Basis of Presentation and Principles of Consolidated Financial Statements

On an ongoing basis, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. The accompanying consolidated financial statements include the accounts of the Partnership, its wholly-owned subsidiaries and those entities in which it has a controlling interest. Investments in entities that the Partnership does not control are accounted for using the equity or cost method, depending upon the Partnership’s ability to exercise significant influence over operating and financial policies.

The unaudited interim consolidated financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (the “FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under the Accounting Standards Updates (“ASUs”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. Financial information for the three months ended March 31, 2019 and 2018 included in these Notes to the Consolidated Financial Statements is derived from our unaudited financial statements. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. All references to tenant sites are unaudited.

Use of Estimates

Use of Estimates

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

Income Taxes

Income Taxes

The Partnership is generally not subject to federal, state or local income taxes, except for our subsidiary Landmark Infrastructure Asset OpCo LLC (“Asset OpCo”) and our foreign subsidiaries. Each limited partner is responsible for the tax liability, if any, related to its proportionate share of the Partnerships’ taxable income or loss. Asset OpCo conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes. Asset OpCo and certain foreign wholly owned subsidiaries of the Partnership conduct certain activities in international locations that generate taxable income and will be treated as taxable entities. Additionally, our consolidated REIT subsidiary, Landmark Infrastructure Inc., a Delaware corporation, files as a corporation for U.S. federal income tax purposes. The REIT Subsidiary has elected to be treated as a REIT and we believe that it has operated in a manner that has allowed the REIT Subsidiary to qualify as a REIT for federal income tax purposes, and the REIT Subsidiary intends to continue operating in such manner. If the REIT Subsidiary fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain savings provisions, all of its taxable income would be subject to federal income tax at regular corporate rates. 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, nor has the Partnership been assessed interest or penalties by any major tax jurisdictions.

Investment in Unconsolidated Joint Venture

Investment in Unconsolidated Joint Venture

The Partnership accounts for its investment in an unconsolidated joint venture using the equity method of accounting. Under the equity method, the investment is initially recorded at fair value and subsequently adjusted for distributions and the Partnership’s proportionate share of equity in the joint venture’s income (loss). The Partnership recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture as equity income (loss) from unconsolidated joint venture on the consolidated statements of operations. On a quarterly basis, the Partnership evaluates its investment in an unconsolidated joint venture for other-than-temporary impairments.The Partnership elected as an accounting policy to reflect unconsolidated joint venture distributions in the consolidated statements of cash flows using the nature of the distribution approach. Accordingly, the net proceeds were classified as return on investment in unconsolidated joint venture within the operating activities section of the consolidated statements of cash flows for the three months ended March 31, 2019.

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 not expected to have a material impact on its consolidated financial position and results of operations because either the ASU is not applicable, or the impact is expected to be immaterial.

In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”).  ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees and aligning it with the accounting for share-based payments to employees, with certain exceptions. Equity–classified share–based payment awards issued to nonemployees will be measured on the grant date, instead of being remeasured through the performance completion date (generally the vesting date), as required under the current guidance. ASU 2018-07 is effective for fiscal periods beginning after December 15, 2018, with early adoption permitted. The Partnership adopted the guidance as of January 1, 2019 and determined to not have a significant impact on the consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which establishes ASC 326, Financial Instruments – Credit Losses. The ASU revises the measurement of impairment for certain financial instruments measured at amortized cost from an incurred loss methodology to an expected loss methodology. The ASU affects trade receivables, debt securities, net investment in leases, and most other financial assets that represent a right to receive cash. This update is effective for annual and interim financial statement periods beginning after December 15, 2019, with early adoption permitted for financial statement periods beginning after December 15, 2018. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. This ASU clarifies that receivables from operating leases are accounted for using the lease guidance and not as financial instruments. The Partnership is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”), which establishes the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract (i.e., lessees and lessors). Subsequently, the FASB issued additional ASUs that clarified the original ASU No. 2016-02. The updated guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. This classification determines whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability on the balance sheet for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. Lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. The standard mandates the use of the modified retrospective transition method for all leases existing at, or entered into after, the date of initial application.

In March 2018, the FASB approved an optional practical expedient that would allow lessors to elect, by class of underlying asset, to not separate nonlease components from the related lease components. The practical expedient is limited to circumstances in which both (1) the timing and pattern of revenue recognition are the same for the nonlease component and related lease component and (2) the combined single lease component would be classified as an operating lease. If a lessee makes payments for taxes and insurance directly to a third party on behalf of a lessor, lessors are required to exclude them from variable payments and from recognition in the lessors’ income statements. Otherwise, tenant recoveries for taxes and insurance are classified as additional lease revenue recognized by the lessor on a gross basis in their income statements. The FASB has also clarified that the lease ASU will require an assessment of whether a land easement meets the definition of a lease under the new lease ASU. An entity with land easements that are not accounted for as leases under the current lease accounting standards, however, may elect a practical expedient to exclude those land easements from assessment under the new lease accounting standards (ASU No 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842). The new lease ASU applies to all land easement arrangements entered into or modified on and after the ASU effective date.

The Partnership adopted the guidance as of January 1, 2019. We elected to adopt the following practical expedients provided by these ASUs:

• Package of practical expedients – requires us to not reevaluate our existing or expired leases as of January 1, 2019, under the new lease accounting ASUs. The election of the package of practical expedients allowed us to not reassess whether any expired or existing contracts are or contain leases and not reassess lease classification for any expired or existing leases that commenced prior to January 1, 2019. The package of practical expedients also allowed an entity to not reassess initial direct costs for any existing leases. The Partnership has not incurred such initial direct costs for leases. Consequently, the adoption of the new lease ASUs had no effect on our accounting of initial direct cost on January 1, 2019.

• Optional transition method practical expedient – requires us to apply the new lease ASUs prospectively from the adoption date of January 1, 2019.

• Land easements practical expedient – requires us to account for land easements existing as of January 1, 2019, under the accounting standards applied to them prior to January 1, 2019. The Partnership’s land easements are primarily prepaid and included on the Consolidated Balance Sheets in real property interest, the impact of the adoption of the easement related provisions does not have a significant impact on our Consolidated Financial Statements.

• Single component practical expedient – requires us to account for lease and nonlease components associated with that lease under the new lease ASUs, if certain criteria are met. Our operating leases commencing or modified after January 1, 2019, for which we are the lessor are expected to qualify for the single component practical expedient accounting.

• Short-term leases practical expedient – for our operating leases with a term of 12 months or less in which we are the lessee, this expedient requires us to not record on our balance sheets related lease liabilities and right-of-use assets.

While most of our leases are and will continue to be classified as operating leases in which the Partnership is the lessor, the Partnership is the lessee in an insignificant population of leases that have recurring ground lease rental payments. We applied the modified retrospective transition method and practical expedients mentioned above to all leases existing at January 1, 2019. The adoption of ASC 842 resulted in the recognition of right-of-use assets and lease liabilities on the Consolidated Balance Sheets on January 1, 2019 for such operating leases of $7.6 million, based on the present value of the remaining minimum rental payments using each respective lease term and a corresponding incremental borrowing rate. We used a discount rate of approximately 4.5%, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. The ASUs did not significantly effect the calculations of our debt covenants.

The following table represents the future minimum ground lease payments at March 31, 2019 (in thousands).

2019 (nine months)	$	333
2020		452
2021		462
2022		472
2023		482
Thereafter		11,638
Total	$	13,839

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

3 Months Ended

Mar. 31, 2019

Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract]

Schedule of Future Minimum Ground Lease Payments

The following table represents the future minimum ground lease payments at March 31, 2019 (in thousands).

2019 (nine months)	$	333
2020		452
2021		462
2022		472
2023		482
Thereafter		11,638
Total	$	13,839

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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2019

Drop-down Acquisitions

Business Acquisition [Line Items]

Schedule of Acquisitions

The following table presents the Drop-down Acquisition completed by the Partnership during 2018:

		Number of Tenant Sites								Consideration (in millions)
Acquisition Date	Source	Wireless Communication		Outdoor Advertising		Renewable Power Generation		Total		Borrowings and Available Cash		Common Units		Total
January 18, 2018	Fund H		30		90		7		127	$	32.6	$	27.3	$	59.9
2018 Acquisitions			30		90		7		127	$	32.6	$	27.3	$	59.9

Third Party Acquisitions

Business Acquisition [Line Items]

Schedule of Acquisitions

The following table presents direct third-party acquisitions completed by the Partnership during the three months ended March 31, 2019 and the year ended December 31, 2018:

	No. of Tenant Sites								Consideration (in millions)
Acquisition Description	Wireless Communication		Outdoor Advertising		Renewable Power Generation		Total		Borrowings and Available Cash		Common Units		Total
First Quarter
International		—		104		—		104	$	6.0	$	—	$	6.0
2019 Total		—		104		—		104	$	6.0	$	—	$	6.0
First Quarter
UEP		5		1		—		6	$	—	$	3.2	$	3.2
Domestic		15		12		—		27		21.3		—		21.3
Total		20		13		—		33	$	21.3	$	3.2	$	24.5
Second Quarter
International		—		8		—		8	$	7.3	$	—	$	7.3
UEP		7		1		—		8		0.6		1.8		2.4
Domestic		3		1		—		4		21.5		—		21.5
Total		10		10		—		20	$	29.4	$	1.8	$	31.2
Third Quarter
International		2		12		—		14	$	14.2	$	—	$	14.2
UEP		10		—		—		10		0.9		1.8		2.7
Domestic		2		11		—		13		2.0		—		2.0
Total		14		23		—		37	$	17.1	$	1.8	$	18.9
Fourth Quarter
International		—		8		—		8	$	0.2	$	—	$	0.2
UEP		4		—		—		4		—		0.9		0.9
Domestic		1		1		—		2		0.1		—		0.1
Total		5		9		—		14	$	0.3	$	0.9	$	1.2
2018 Total		49		55		—		104	$	68.1	$	7.7	$	75.8

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Real Property Interests (Tables)

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Summary of the Partnership's Real Property Interests

The following table summarizes the Partnership’s real property interests (in thousands):

	March 31, 2019			December 31, 2018
Land	$	131,731		$	128,302
Real property interests – perpetual		104,518			101,343
Real property interests – finite life		404,851			416,080
Construction in progress		35,456			29,556
Total land and real property interests		676,556			675,281
Accumulated amortization of real property interests		(40,926	)		(39,069	)
Land and net real property interests	$	635,630		$	636,212

Schedule of Allocation of Estimated Fair Values of the Assets Acquired and Liabilities Assumed

The following table summarizes final allocations for acquisitions during the three months ended March 31, 2019 and the year ended December 31, 2018 of estimated fair values of the assets acquired and liabilities assumed (in thousands).

			Investments in real		In-place lease		Above-market		Below-market
Period	Land		property interests		intangibles		lease intangibles		lease intangibles			Total
2019	$	2,330	$	3,640	$	248	$	76	$	(23	)	$	6,271
2018		16,646		91,314		7,939		1,309		(2,031	)		115,177

Schedule of Future Estimated Amortization of Finite Lived Real Property Interests

Future estimated aggregate amortization of finite lived real property interests for each of the five succeeding fiscal years and thereafter as of March 31, 2019, are as follows (in thousands):

2019 (nine months)	$	8,841
2020		11,068
2021		10,451
2022		10,087
2023		9,989
Thereafter		313,489
Total	$	363,925

Schedule of Carrying Amounts of Major Classes of Assets and Liabilities Held for Sale

The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are as follows (in thousands):

	March 31, 2019		December 31, 2018
Land	$	416	$	1,286
Real property interests, net		11,626		5,566
Investments in receivables, net		8,331		—
Other intangible assets, net		75		994
AHFS	$	20,448	$	7,846
Other intangible liabilities, net	$	180	$	397
Liabilities associated with AHFS	$	180	$	397

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Other Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Other Intangible Assets And Liabilities [Abstract]

Summary of Identifiable Intangible Assets, Including Above/Below Market Lease Intangibles

The following table summarizes our identifiable intangible assets, including above/below‑market lease intangibles (in thousands):

	March 31, 2019			December 31, 2018
Acquired in-place lease
Gross amount	$	23,369		$	23,261
Accumulated amortization		(6,597	)		(6,237	)
Net amount	$	16,772		$	17,024
Acquired above-market leases
Gross amount	$	6,619		$	6,542
Accumulated amortization		(2,906	)		(2,727	)
Net amount	$	3,713		$	3,815
Total other intangible assets, net	$	20,485		$	20,839
Acquired below-market leases
Gross amount	$	(16,784	)	$	(17,097	)
Accumulated amortization		8,051			7,806
Total other intangible liabilities, net	$	(8,733	)	$	(9,291	)

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 March 31, 2019 follows (in thousands):

	Acquired in-place leases		Acquired above-marketleases		Acquired below-marketleases
2019 (nine months)	$	1,315	$	526	$	(1,157	)
2020		1,640		534		(1,499	)
2021		1,578		428		(1,372	)
2022		1,483		346		(1,249	)
2023		1,207		310		(806	)
Thereafter		9,549		1,569		(2,650	)
Total	$	16,772	$	3,713	$	(8,733	)

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Investments in Receivables (Tables)

3 Months Ended

Mar. 31, 2019

Notes Receivable Net [Abstract]

Activity in investments in receivables

The following table reflects the activity in investments in receivables (in thousands):

	March 31, 2019			December 31, 2018
Investments in receivables – beginning	$	18,348		$	20,782
Impairments		—			(785	)
Sales		—			(350	)
Transfers		(8,661	)		—
Repayments		(150	)		(1,108	)
Interest accretion		3			3
Foreign currency translation adjustment		71			(194	)
Investments in receivables – ending	$	9,611		$	18,348

Annual amounts due

Annual amounts due as of March 31, 2019, are as follows (in thousands):

2019 (nine months)	$	1,001
2020		1,297
2021		1,345
2022		1,463
2023		1,570
Thereafter		12,017
Total	$	18,693
Interest	$	9,082
Principal		9,611
Total	$	18,693

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Investment in Unconsolidated Joint Venture (Tables)

3 Months Ended

Mar. 31, 2019

Equity Method Investments And Joint Ventures [Abstract]

Summary of Balance Sheet Information for Unconsolidated JV

The following table summarizes balance sheet information for the unconsolidated JV (in thousands):

	March 31, 2019		December 31, 2018
Total assets	$	259,707	$	263,228
Total liabilities		127,997		128,448
Total equity		131,710		134,780
Total liabilities and equity	$	259,707	$	263,228

Summary of Financial Information for Unconsolidated JV

The following table summarizes financial information for the unconsolidated JV during the three months ended March 31, 2019 (in thousands):

Rental revenue	$	3,507
Net loss		(109	)
Partnership's share in losses		(55	)
Distributions received by the Partnership		1,482

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Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Partnership's debt

The following table summarizes the Partnership’s debt (in thousands):

		Outstanding Balance
	Maturity Date	March 31, 2019			December 31, 2018
Revolving credit facility	November 15, 2023	$	165,000		$	155,000
4.38% senior secured notes	June 30, 2036	$	42,058		$	42,058
Series 2017-1 Class A 4.10%	November 15, 2022 (1)		60,503			60,900
Series 2017-1 Class B 3.81%	November 15, 2022 (1)		17,474			17,563
Series 2016-1 Class A 3.52%	June 1, 2021(2)		85,383			86,258
Series 2016-1 Class B 7.02%	June 1, 2021(2)		25,100			25,100
Secured Notes			230,518			231,879
Discount on Secured Notes			(1,361	)		(1,454	)
Deferred loan costs			(6,405	)		(6,740	)
Secured Notes, net		$	222,752		$	223,685

(1) Maturity date reflects anticipated repayment date; final legal maturity is November 15, 2047.

(2) Maturity date reflects anticipated repayment date; final legal maturity is July 15, 2046.

Schedule of Secured Notes Annual Principal Payment Amounts Due

The Secured Notes’ annual principal payment amounts due as of March 31, 2019, are as follows (in thousands):

2019 (nine months)	$	6,845
2020		10,313
2021 (1)		108,013
2022		72,598
2023		2,714
Thereafter (1)		30,035
Total	$	230,518

(1) Reflects anticipated repayment dates

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Interest Rate Swap Agreements (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Table Summarizing Terms and Fair Value of Interest Rate Swaps

The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements (in thousands, except percentages):

Date	Notional		Fixed				Effective	Maturity	Fair Value Asset (Liability) at
Entered	Value		Rate			Index	Date	Date	March 31, 2019			December 31, 2018
February 5, 2015	$	25,000		1.29	%	1-month USD LIBOR	4/13/2015	4/13/2019	$	28		$	102
August 24, 2015		50,000		1.74		1-month USD LIBOR	10/1/2015	10/1/2022		730			1,259
March 23, 2016		50,000		1.67		1-month USD LIBOR	12/24/2018	12/24/2021		687			1,117
March 31, 2016		20,000		1.56		1-month USD LIBOR	12/24/2018	12/24/2021		331			508
March 31, 2016		25,000		1.63		1-month USD LIBOR	4/13/2019	4/13/2022		385			569
June 12, 2017		50,000		2.10		1-month USD LIBOR	3/2/2018	9/2/2024		271			1,035
November 15, 2018	£	38,000		1.49		1-month GBP LIBOR	11/30/2020	11/30/2025		(1,019	)		(402	)
									$	1,413		$	4,188

Table Summarizing Fair Values of Sensitivity Analysis

The following table summarizes the fair values of the interest rate swaps as a result of the analysis performed (in thousands):

		Effects of Change in Interest Rates
Date Entered	Maturity Date	+50 Basis Points		-50 Basis Points			+100 Basis Points		-100 Basis Points
February 5, 2015	4/13/2019		28		28			28		28
August 24, 2015	10/1/2022		1,532		(88	)		2,318		(924	)
March 23, 2016	12/24/2021		1,317		49			1,936		(601	)
March 31, 2016	12/24/2021		583		77			830		(183	)
March 31, 2016	4/13/2022		739		26			1,086		(339	)
June 12, 2017	9/2/2024		1,479		(1,012	)		2,671		(2,314	)
November 15, 2018	11/30/2025		92		(2,374	)		1,245		(3,691	)

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Equity (Tables)

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Schedule of changes in the number of units outstanding

The table below summarizes changes in the number of units outstanding for the three months ended March 31, 2019 and 2018 (in units):

										Mezzanine Equity -
						Series A		Series B		Series C
	Common		Subordinated			Preferred		Preferred		Preferred
Balance as of December 31, 2017		20,146,458		3,135,109			1,568,402		2,463,015		—
Issuance of units to Fund H - January 18, 2018		1,506,421		—			—		—		—
Conversion of subordinated units		3,135,109		(3,135,109	)		—		—		—
Issuance under ATM Programs		27,830		—			24,747				—
Issuance under Unit Exchange Program		185,898		—			—		—		—
Unit-based compensation		3,826		—			—		—		—
Balance as of March 31, 2018		25,005,542		—			1,593,149		2,463,015		—
Balance as of December 31, 2018		25,327,801		—			1,593,149		2,463,015		2,000,000
Unit-based compensation		10,631		—			—		—		—
Balance as of March 31, 2019		25,338,432		—			1,593,149		2,463,015		2,000,000

Schedule of quarterly distributions related to quarterly financial results

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

					Total
			Distribution		Distribution
Quarter Ended	Declaration Date	Distribution Date	Per Unit		(in thousands)
Common and Subordinated Units and IDRs
March 31, 2018	April 19, 2018	May 15, 2018	$	0.3675	$	9,384
June 30, 2018	July 19, 2018	August 14, 2018		0.3675		9,431
September 30, 2018 (1)	October 26, 2018	November 14, 2018		0.3675		9,285
December 31, 2018 (1)	January 25, 2019	February 14, 2019		0.3675		9,312
March 31, 2019 (1)	April 19, 2019	May 15, 2019		0.3675		9,312
Series A Preferred Units
March 31, 2018	March 23, 2018	April 16, 2018	$	0.5000	$	797
June 30, 2018	June 21, 2018	July 16, 2018		0.5000		797
September 30, 2018	September 20, 2018	October 15, 2018		0.5000		797
December 31, 2018	December 20, 2018	January 15, 2019		0.5000		797
March 31, 2019	March 21, 2019	April 15, 2019		0.5000		797
Series B Preferred Units
March 31, 2018	April 19, 2018	May 15, 2018	$	0.4938	$	1,216
June 30, 2018	July 19, 2018	August 15, 2018		0.4938		1,216
September 30, 2018	October 22, 2018	November 15, 2018		0.4938		1,216
December 31, 2018	January 22, 2019	February 15, 2019		0.4938		1,216
March 31, 2019	April 19, 2019	May 15, 2019		0.4938		1,216
Series C Preferred Units
June 30, 2018 (2)	April 19, 2018	May 15, 2018	$	0.2090	$	418
June 30, 2018	July 19, 2018	August 15, 2018		0.4400		880
September 30, 2018	October 22, 2018	November 15, 2018		0.4382		876
December 31, 2018	January 22, 2019	February 15, 2019		0.4571		914
March 31, 2019	April 19, 2019	May 15, 2019		0.4614		923

(1) The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations related to the respective quarterly distribution.

(2) The first distribution declared by the Partnership for the Series C Preferred Units was prorated for the 43-day period following the closing of the issuance on April 2, 2018. The distribution was paid on May 15, 2018 to unitholders of record as of May 1, 2018.

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

3 Months Ended

Mar. 31, 2019

Earnings Per Unit [Abstract]

Schedule of Calculation of Undistributed Net Loss

The calculation of the undistributed net loss attributable to common and subordinated unitholders for the three months ended March 31, 2019 and 2018 follows (in thousands):

	Three Months Ended March 31,
	2019			2018
Net income attributable to limited partners	$	7,202		$	6,737
Less:
Distributions declared on Preferred Units		(2,894	)		(1,944	)
General partner's incentive distribution rights (1)		(197	)		(195	)
Accretion of Series C preferred units		(356	)		—
Net income attributable to common and subordinated unitholders		3,755			4,598
Distributions declared on common units		(9,312	)		(9,190	)
Undistributed net loss	$	(5,557	)	$	(4,592	)

Calculation of Net Income (Loss) per Unit

The calculation of net income (loss) per common and subordinated unit for the three months ended March 31, 2019 and 2018 follows (in thousands, except per unit data):

	Three Months Ended March 31,
	2019			2018
	Common Units			Common Units			Subordinated Units
Distributions declared	$	9,312		$	9,190		$	—
Undistributed net loss		(5,557	)		(4,289	)		(303	)
Net income (loss) attributable to common and    subordinated units - basic		3,755			4,901			(303	)
Net income (loss) attributable to subordinated units		—			(303	)		—
Net income (loss) attributable to common and    subordinated units - diluted	$	3,755		$	4,598		$	(303	)
Weighted-average units outstanding:
Basic		25,338			22,996			1,568
Effect of dilutive subordinated units		—			1,568			—
Diluted		25,338			24,564			1,568
Net income per common and subordinated unit:
Basic	$	0.15		$	0.21		$	(0.19	)
Diluted (1)(2)	$	0.15		$	0.19		$	(0.19	)

(1) The Partnership Agreement provides that when the subordination period ends, each outstanding subordinated unit will convert into one Common Unit and will thereafter participate pro rata with the other Common Units in distributions of available cash.Effective February 15, 2018, all of the subordinated units, which were owned by Landmark, were converted on a one-for-one basis into Common Units.  The diluted effect of Landmark’s subordinated units is reflected using the “if-converted method” which assumes conversion of the subordinated units into Common Units and excludes the subordinated distributions from the calculation, as the “if-converted method” is more dilutive. Diluted net income (loss) per unit for the three months ended March 31, 2018, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units from the beginning of the period through the conversion date.

(2) Diluted earnings per unit takes into account the potential dilutive effect of common units that could be issued by the Partnership in conjunction with the Series C Preferred Units conversion features. Potential common unit equivalents are anti-dilutive for the three months ended March 31, 2019 and, as a result, have been excluded in the determination of diluted net income (loss) per common unit.

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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Table Summarizing the Carrying Amounts and Fair Values of Financial Instruments Which are Not Carried at Fair Value

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 (in thousands):

	March 31, 2019				December 31, 2018
	Carrying amount		Fair Value		Carrying amount		Fair Value
Investment in receivables, net	$	9,611	$	9,990	$	18,348	$	18,867
Revolving credit facility		165,000		165,000		155,000		155,000
Secured Notes, net		222,752		224,511		223,685		224,333

Assets and Liabilities Measured at Fair Value on a Recurring Basis

As of March 31, 2019 and December 31, 2018, the Partnership measured the following assets at fair value on a recurring basis (in thousands):

	March 31, 2019		December 31, 2018
Derivative Assets (1)	$	2,432	$	4,590
Derivative Liabilities (1)		1,019		402

(1) Fair value is calculated using level 2 inputs. Level 2 inputs are 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.

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Related-Party Transactions (Tables)

3 Months Ended

Mar. 31, 2019

Related Party Transactions [Abstract]

Schedule of Right of First Offer acquisitions

During the three months ended March 31, 2018, the Partnership completed the following ROFO acquisitions:

										Common Units
				Total No. of		Total		Total		Issued to
	Acquired	Total No.		Investments in		Consideration		Common Units		Landmark
Acquisition Date	Fund	of Tenant Sites		Receivables		(in millions)		Issued		and Affiliates
January 18, 2018	Fund H		127		—	$	59.9		1,506,421		—

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Schedule of Statement of Operations by Reportable Segment

For the three months ended March 31, 2019 (in thousands):

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate			Total
Revenue
Rental revenue	$	7,236	$	5,081	$	2,076	$	—		$	14,393
Expenses
Property operating		51		260		354		—			665
General and administrative		—		—		—		1,478			1,478
Acquisition-related		—		—		—		127			127
Amortization		2,361		987		169		—			3,517
Impairments		—		204		—		—			204
Total expenses		2,412		1,451		523		1,605			5,991
Total other income and expenses		5,820		61		203		(7,154	)		(1,070	)
Income (loss) before income tax expense (benefit)		10,644		3,691		1,756		(8,759	)		7,332
Income tax expense (benefit)		—		—		—		122			122
Net income (loss)	$	10,644	$	3,691	$	1,756	$	(8,881	)	$	7,210

For the three months ended March 31, 2018 (in thousands):

					Renewable
	Wireless		Outdoor		Power
	Communication		Advertising		Generation		Corporate			Total
Revenue
Rental revenue	$	9,645	$	4,210	$	1,840	$	—		$	15,695
Expenses
Property operating		34		171		81		—			286
General and administrative		—		—		—		1,699			1,699
Acquisition-related		—		—		—		185			185
Amortization		3,072		793		157		—			4,022
Total expenses		3,106		964		238		1,884			6,192
Total other income and expenses		171		64		203		(3,124	)		(2,686	)
Income (loss) before income tax expense		6,710		3,310		1,805		(5,008	)		6,817
Income tax expense		—		—		—		76			76
Net income (loss)	$	6,710	$	3,310	$	1,805	$	(5,084	)	$	6,741

Schedule of Total Assets by Reportable Segment

The Partnership’s total assets by segment were (in thousands):

	March 31, 2019		December 31, 2018
Segments
Wireless communication	$	427,085	$	433,254
Outdoor advertising		233,387		216,326
Renewable power generation		113,068		112,338
Corporate assets		25,574		24,695
Total assets	$	799,114	$	786,613

Schedule of Rental Revenues by Country

The following table represents the Partnership’s rental revenues by country (in thousands):

	Three Months Ended March 31,
	2019		2018
Country
United States	$	12,902	$	14,914
United Kingdom		1,178		577
Australia		299		190
Canada		14		14
Total rental revenue	$	14,393	$	15,695

Schedule of Total Assets by Country

The following table represents the Partnership’s total assets by country (in thousands):

	March 31, 2019		December 31, 2018
Country
United States	$	719,669	$	720,331
United Kingdom		65,344		53,850
Australia		13,460		11,830
Canada		641		602
Total assets	$	799,114	$	786,613

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Tenant Concentration (Tables)

3 Months Ended

Mar. 31, 2019

Risks And Uncertainties [Abstract]

Schedule of Tenant Revenue Concentrations

For the three months ended March 31, 2019 and 2018, the Partnership had the following tenant revenue concentrations:

	Three Months Ended March 31,
Tenant	2019			2018
Clear Channel		13.7	%		11.7	%
T-Mobile		8.5	%		10.8	%
AT&T Mobility		7.5	%		10.2	%
Sprint		6.0	%		8.9	%

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Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2019

Supplemental Cash Flow Information [Abstract]

Schedule of Noncash Activities

Noncash activities for the three months ended March 31, 2019 and 2018 were as follows (in thousands):

	Three Months Ended March 31,
	2019		2018
Capital contribution to fund general and administrative expense reimbursement	$	994	$	1,202
Purchase price for acquisitions included in due to Landmark and affiliates		—		493
Issuance of common units for assets acquired from Fund H		—		27,342
Unit Exchange Program acquisitions		—		3,147
Distributions payable to preferred unitholders		1,685		1,244
Offering costs included in accounts payable and accrued liabilities		—		207
Deferred loan costs included in accounts payable and accrued liabilities		—		44
Accretion of Series C preferred units		356		—
Initial recognition of lease liabilities related to right of use assets		7,589		—
Purchase price for acquisitions and construction activities included in accounts payable		—		9,677

Schedule of Cash Flows Related to Interest Paid

Cash flows related to interest and income taxes paid were as follows (in thousands):

	Three Months Ended March 31,
	2019		2018
Cash paid for interest	$	3,049	$	5,438
Capitalized interest		308		76
Income taxes paid		126		—

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Business (Details) - Limited Partners - Common Units - shares	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Partnership Equity
Number of units held (in shares)	25,338,432	25,327,801	25,005,542	20,146,458
Landmark Dividend LLC
Partnership Equity
Number of units held (in shares)	3,415,405

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Basis of Presentation and Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Accounting Policies [Abstract]
Right-of-use assets	$ 7,495	$ 7,600
Lease liabilities	$ 7,525	$ 7,600
Discount rate		4.50%

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Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Future Minimum Ground Lease Payments (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Leases [Abstract]
2019 (nine months)	$ 333
2020	452
2021	462
2022	472
2023	482
Thereafter	11,638
Total	$ 13,839

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Acquisitions - Drop-down Acquisitions - General Information (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018 USD ($) item	Dec. 31, 2018 USD ($)
Acquisitions
Consideration		$ 75.8
Landmark, General Partner and affiliates | Acquisition from related party | 2018 Drop-down Acquisitions
Acquisitions
Number of drop-down acquisitions | item	1
Consideration	$ 59.9
Net carry value	$ 39.5

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Acquisitions - Drop-down Acquisitions - Summary of Acquisitions Completed (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 18, 2018 USD ($) site	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($) site
Acquisitions
Number of tenant sites acquired			104
Consideration
Borrowings and Available Cash | $			$ 68,100
Common Units Issued to Landmark and Affiliates | $			7,700
Total | $			$ 75,800
Wireless Communication
Acquisitions
Number of tenant sites acquired			49
Outdoor Advertising
Acquisitions
Number of tenant sites acquired			55
Landmark Dividend Growth Fund H LLC
Consideration
Common Units Issued to Landmark and Affiliates | $		$ 27,342
Landmark Dividend Growth Fund H LLC | Acquisition from related party | 127-site fund H acquisition
Acquisitions
Number of tenant sites acquired	127
Consideration
Borrowings and Available Cash | $	$ 32,600
Common Units Issued to Landmark and Affiliates | $	27,300
Total | $	$ 59,900
Landmark Dividend Growth Fund H LLC | Acquisition from related party | 2018 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired	127
Consideration
Borrowings and Available Cash | $	$ 32,600
Common Units Issued to Landmark and Affiliates | $	27,300
Total | $	$ 59,900
Landmark Dividend Growth Fund H LLC | Wireless Communication | Acquisition from related party | 127-site fund H acquisition
Acquisitions
Number of tenant sites acquired	30
Landmark Dividend Growth Fund H LLC | Wireless Communication | Acquisition from related party | 2018 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired	30
Landmark Dividend Growth Fund H LLC | Outdoor Advertising | Acquisition from related party | 127-site fund H acquisition
Acquisitions
Number of tenant sites acquired	90
Landmark Dividend Growth Fund H LLC | Outdoor Advertising | Acquisition from related party | 2018 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired	90
Landmark Dividend Growth Fund H LLC | Renewable Power Generation | Acquisition from related party | 127-site fund H acquisition
Acquisitions
Number of tenant sites acquired	7
Landmark Dividend Growth Fund H LLC | Renewable Power Generation | Acquisition from related party | 2018 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired	7

XML

Acquisitions - Third Party Acquisitions - General Information (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
UEP
Acquisitions
Number of common units in connection with acquisition (in shares)	5,000,000	5,000,000

XML

Acquisitions - Third Party Acquisitions - Summary of Acquisitions Completed (Details) $ in Millions	3 Months Ended					12 Months Ended
	Mar. 31, 2019 USD ($) site	Dec. 31, 2018 USD ($) site	Sep. 30, 2018 USD ($) site	Jun. 30, 2018 USD ($) site	Mar. 31, 2018 USD ($) site	Dec. 31, 2018 USD ($) site
Acquisitions
Number of tenant sites acquired						104
Consideration
Borrowings and Available Cash | $						$ 68.1
Common Units Issued to Landmark and Affiliates | $						7.7
Consideration | $						$ 75.8
International
Acquisitions
Number of tenant sites acquired	104	8	14	8
Consideration
Borrowings and Available Cash | $	$ 6.0	$ 0.2	$ 14.2	$ 7.3
Consideration | $	$ 6.0	$ 0.2	$ 14.2	$ 7.3
2019 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired	104
Consideration
Borrowings and Available Cash | $	$ 6.0
Consideration | $	$ 6.0
Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired		4	10	8	6
Consideration
Borrowings and Available Cash | $			$ 0.9	$ 0.6
Common Units Issued to Landmark and Affiliates | $		$ 0.9	1.8	1.8	$ 3.2
Consideration | $		$ 0.9	$ 2.7	$ 2.4	$ 3.2
Domestic
Acquisitions
Number of tenant sites acquired		2	13	4	27
Consideration
Borrowings and Available Cash | $		$ 0.1	$ 2.0	$ 21.5	$ 21.3
Consideration | $		$ 0.1	$ 2.0	$ 21.5	$ 21.3
2018 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired					33
Consideration
Borrowings and Available Cash | $					$ 21.3
Common Units Issued to Landmark and Affiliates | $					3.2
Consideration | $					$ 24.5
2018 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired				20
Consideration
Borrowings and Available Cash | $				$ 29.4
Common Units Issued to Landmark and Affiliates | $				1.8
Consideration | $				$ 31.2
2018 Direct Third Party Acquisitions, Third Quarter
Acquisitions
Number of tenant sites acquired			37
Consideration
Borrowings and Available Cash | $			$ 17.1
Common Units Issued to Landmark and Affiliates | $			1.8
Consideration | $			$ 18.9
2018 Direct Third Party Acquisitions, Fourth Quarter
Acquisitions
Number of tenant sites acquired		14
Consideration
Borrowings and Available Cash | $		$ 0.3
Common Units Issued to Landmark and Affiliates | $		0.9
Consideration | $		$ 1.2
Wireless Communication
Acquisitions
Number of tenant sites acquired						49
Wireless Communication | International
Acquisitions
Number of tenant sites acquired			2
Wireless Communication | Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired		4	10	7	5
Wireless Communication | Domestic
Acquisitions
Number of tenant sites acquired		1	2	3	15
Wireless Communication | 2018 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired					20
Wireless Communication | 2018 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired				10
Wireless Communication | 2018 Direct Third Party Acquisitions, Third Quarter
Acquisitions
Number of tenant sites acquired			14
Wireless Communication | 2018 Direct Third Party Acquisitions, Fourth Quarter
Acquisitions
Number of tenant sites acquired		5
Outdoor Advertising
Acquisitions
Number of tenant sites acquired						55
Outdoor Advertising | International
Acquisitions
Number of tenant sites acquired	104	8	12	8
Outdoor Advertising | 2019 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired	104
Outdoor Advertising | Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired				1	1
Outdoor Advertising | Domestic
Acquisitions
Number of tenant sites acquired		1	11	1	12
Outdoor Advertising | 2018 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired					13
Outdoor Advertising | 2018 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired				10
Outdoor Advertising | 2018 Direct Third Party Acquisitions, Third Quarter
Acquisitions
Number of tenant sites acquired			23
Outdoor Advertising | 2018 Direct Third Party Acquisitions, Fourth Quarter
Acquisitions
Number of tenant sites acquired		9

XML

Real Property Interests - Summary of Real Property Interests (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 131,731	$ 128,302
Real property interests – perpetual	104,518	101,343
Real property interests – finite life	404,851	416,080
Construction in progress	35,456	29,556
Total land and real property interests	676,556	675,281
Accumulated amortization of real property interests	(40,926)	(39,069)
Land and net real property interests	$ 635,630	$ 636,212

XML

Real Property Interests - Sale (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 04, 2019	Mar. 31, 2019
Real Property Interests
Cash consideration received	$ 13,500
Gain (loss) on sale of real property interests	$ 5,900	$ 5,862

XML

Real Property Interests - Acquisitions (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019 USD ($) item site	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($) site
Acquisitions
Construction in progress	$ 35,456		$ 29,556
Number of tenant sites acquired | site			104
Measurement Input, Discount Rate | Minimum
Acquisitions
Discount rate used to estimate fair values (as a percent)	6
Measurement Input, Discount Rate | Maximum
Acquisitions
Discount rate used to estimate fair values (as a percent)	20
Joint Venture
Acquisitions
Number of tenant sites acquired | site	139
Investments in Receivables | item	1
Total net book value, one investment in receivable	$ 54,900
Rental revenue generated by consolidated joint venture	1,200	$ 600
Flex Grid
Acquisitions
Construction in progress	$ 35,500		$ 29,600
Construction completed on number of infrastructure sites | site			4
Infrastructure Sites Completion Cost of Construction			$ 1,500

XML

Real Property Interests - Summary of Allocation of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Below market lease intangibles	$ (16,784)	$ (17,097)
Landmark, General Partner and affiliates | Acquisition from related party
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land	2,330	16,646
Investments in real property interests	3,640	91,314
Below market lease intangibles	(23)	(2,031)
Total	6,271	115,177
Landmark, General Partner and affiliates | Acquisition from related party | Acquired in-place leases
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	248	7,939
Landmark, General Partner and affiliates | Acquisition from related party | Acquired above-market leases
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	$ 76	$ 1,309

XML

Real Property Interests - Future Estimated Aggregate Amortization of Finite Lived Real Property Interests (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Future estimated aggregate amortization of real property interests
2019 (nine months)	$ 8,841
2020	11,068
2021	10,451
2022	10,087
2023	9,989
Thereafter	313,489
Total	$ 363,925

XML

Real Property Interests - Weighted Average Remaining Amortization Period for Non-perpetual Real Property Interests (Details)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Weighted average remaining amortization period for non-perpetual real property interests	42 years

XML

Real Property Interests - Impairment (Details)	3 Months Ended
	Mar. 31, 2019 USD ($) site
Impairment
Recognized impairment charge	$ 204,000
Impaired Real Property Interest
Impairment
Number of real property interests impaired | site	2
Recognized impairment charge	$ 200,000
Impaired real property interests	$ 0

XML

Real Property Interests - Carrying Amounts of Major Classes of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 416	$ 1,286
Real property interests, net	11,626	5,566
Investments in receivables, net	8,331
Other intangible assets, net	75	994
AHFS	20,448	7,846
Other intangible liabilities, net	180	397
Liabilities associated with AHFS	$ 180	$ 397

XML

Other Intangible Assets and Liabilities - Total Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Other Intangible Assets
Net amount	$ 20,485	$ 20,839
Acquired in-place leases
Other Intangible Assets
Gross amount	23,369	23,261
Accumulated amortization	(6,597)	(6,237)
Net amount	16,772	17,024
Acquired above-market leases
Other Intangible Assets
Gross amount	6,619	6,542
Accumulated amortization	(2,906)	(2,727)
Net amount	$ 3,713	$ 3,815

XML

Other Intangible Assets and Liabilities - Total Other Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Acquired below-market leases
Below market lease intangibles	$ (16,784)	$ (17,097)
Accumulated amortization	8,051	7,806
Net amount	$ (8,733)	$ (9,291)

XML

Other Intangible Assets and Liabilities - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other Intangible Assets And Liabilities [Abstract]
Amortization of above-and below-market leases	$ 224	$ 328
Amortization expense	$ 500	$ 500

XML

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Future amortization of lease intangibles
Net amount	$ 20,485	$ 20,839
Acquired in-place leases
Future amortization of lease intangibles
2019 (nine months)	1,315
2020	1,640
2021	1,578
2022	1,483
2023	1,207
Thereafter	9,549
Net amount	16,772	17,024
Acquired above-market leases
Future amortization of lease intangibles
2019 (nine months)	526
2020	534
2021	428
2022	346
2023	310
Thereafter	1,569
Net amount	$ 3,713	$ 3,815

XML

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Future amortization of acquired below-market leases
2019 (nine months)	$ (1,157)
2020	(1,499)
2021	(1,372)
2022	(1,249)
2023	(806)
Thereafter	(2,650)
Net amount	$ (8,733)	$ (9,291)

XML

Investments in Receivables - General Information (Details) - USD ($) $ in Millions		3 Months Ended
	Jul. 21, 2015	Mar. 31, 2019	Mar. 31, 2018
Receivables With Imputed Interest [Line Items]
Payment collection period, minimum		2 years
Payment collection period, maximum		99 years
Interest income recognized		$ 0.4	$ 0.4
Minimum
Receivables With Imputed Interest [Line Items]
Discount rate	7.00%
Maximum
Receivables With Imputed Interest [Line Items]
Discount rate	14.00%

XML

Investments in Receivables - Activity in Investments in Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Notes Receivable Net [Abstract]
Investments in receivables – beginning	$ 18,348	$ 20,782	$ 20,782
Impairments			(785)
Sales			(350)
Transfers	(8,661)
Repayments	(150)	$ (299)	(1,108)
Interest accretion	3		3
Foreign currency translation adjustment	71		(194)
Investments in receivables – ending	$ 9,611		$ 18,348

XML

Investments in Receivables - Annual Amounts Due (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Notes Receivable Net [Abstract]
2019 (nine months)	$ 1,001
2020	1,297
2021	1,345
2022	1,463
2023	1,570
Thereafter	12,017
Total	$ 18,693

XML

Investments in Receivables - Annual Amounts Due - Principal and Interest (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Notes Receivable Net [Abstract]
Interest	$ 9,082
Principal	9,611
Total	$ 18,693

XML

Investment in Unconsolidated Joint Venture - Additional Information (Details)	Sep. 24, 2018 USD ($) site	Jun. 06, 2018 USD ($)	Jun. 16, 2016 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Nov. 30, 2017 USD ($)
Secured notes
Schedule Of Equity Method Investments [Line Items]
Aggregate principal amount		$ 125,400,000	$ 116,600,000			$ 80,000,000
Debt discount			17,292	$ 1,361,000	$ 1,454,000	$ 1,800,000
Secured notes | Maximum
Schedule Of Equity Method Investments [Line Items]
Debt discount		100,000
Senior secured revolving credit facility
Schedule Of Equity Method Investments [Line Items]
Repayment of debt		$ 120,500,000	$ 112,300,000
Series 2018-1 Class C 3.97%
Schedule Of Equity Method Investments [Line Items]
Interest rate (as a percent)				3.97%
Series 2018-1 Class D 4.70%
Schedule Of Equity Method Investments [Line Items]
Interest rate (as a percent)				4.70%
Series 2018-1 Class F 5.92%
Schedule Of Equity Method Investments [Line Items]
Interest rate (as a percent)				5.92%
Unconsolidated Joint Venture
Schedule Of Equity Method Investments [Line Items]
Number of tenant site assets contributed | site	545
Aggregate principal amount	$ 125,400,000
Percentage of membership interest in unconsolidated JV	50.01%
Cash transaction in unconsolidated JV	$ 65,500,000

XML

Investment in Unconsolidated Joint Venture - Summary of Balance Sheet Information for Unconsolidated JV (Details) - Unconsolidated Joint Venture - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Total assets	$ 259,707	$ 263,228
Total liabilities	127,997	128,448
Total equity	131,710	134,780
Total liabilities and equity	$ 259,707	$ 263,228

XML

Investment in Unconsolidated Joint Venture - Summary of Financial Information for Unconsolidated JV (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Schedule Of Equity Method Investments [Line Items]
Partnership's share in losses	$ (55)
Distributions received by the Partnership	1,482
Unconsolidated Joint Venture
Schedule Of Equity Method Investments [Line Items]
Rental revenue	3,507
Net loss	(109)
Partnership's share in losses	(55)
Distributions received by the Partnership	$ 1,482

XML

Debt - Summary of Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Nov. 30, 2017	Jun. 16, 2016
Debt
Outstanding Balance, revolving credit facility	$ 165,000,000	$ 155,000,000
Deferred loan costs	(5,350,000)	(5,552,000)
Secured Notes, net	222,752,000	223,685,000
Senior secured revolving credit facility
Debt
Outstanding Balance, revolving credit facility	$ 165,000,000	155,000,000
Maturity Date	Nov. 15, 2023
4.38% senior secured notes
Debt
Outstanding Balance, secured debt	$ 42,058,000	42,058,000
Maturity Date	Jun. 30, 2036
Series 2017-1 Class A 4.10%
Debt
Outstanding Balance, secured debt	$ 60,503,000	60,900,000
Maturity Date	Nov. 15, 2022
Series 2017-1 Class B 3.81%
Debt
Outstanding Balance, secured debt	$ 17,474,000	17,563,000
Maturity Date	Nov. 15, 2022
Series 2016-1 Class A 3.52%
Debt
Outstanding Balance, secured debt	$ 85,383,000	86,258,000
Maturity Date	Jun. 01, 2021
Series 2016-1 Class B 7.02%
Debt
Outstanding Balance, secured debt	$ 25,100,000	25,100,000
Maturity Date	Jun. 01, 2021
Secured notes
Debt
Outstanding Balance, secured debt	$ 230,518,000	231,879,000
Discount on Secured Notes	(1,361,000)	(1,454,000)	$ (1,800,000)	$ (17,292)
Deferred loan costs	(6,405,000)	(6,740,000)
Secured Notes, net	$ 222,752,000	$ 223,685,000

XML

Debt - Summary of Debt (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2019
4.38% senior secured notes
Debt Instrument [Line Items]
Interest rate (as a percent)	4.38%
Debt instrument, final legal maturity date	Jun. 30, 2036
Series 2017-1 Class A 4.10%
Debt Instrument [Line Items]
Interest rate (as a percent)	4.10%
Debt instrument, final legal maturity date	Nov. 15, 2022
Series 2017-1 Class B 3.81%
Debt Instrument [Line Items]
Interest rate (as a percent)	3.81%
Debt instrument, final legal maturity date	Nov. 15, 2022
Series 2016-1 Class A 3.52%
Debt Instrument [Line Items]
Interest rate (as a percent)	3.52%
Debt instrument, final legal maturity date	Jun. 01, 2021
Series 2016-1 Class B 7.02%
Debt Instrument [Line Items]
Interest rate (as a percent)	7.02%
Debt instrument, final legal maturity date	Jun. 01, 2021
Series 2017-1 Class A 4.10% and Class B 3.81%
Debt Instrument [Line Items]
Debt instrument, final legal maturity date	Nov. 15, 2047
Series 2016-1 Class A 3.52% and Class B 7.02%
Debt Instrument [Line Items]
Debt instrument, final legal maturity date	Jul. 15, 2046

XML

Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands		3 Months Ended
	Nov. 15, 2018	Mar. 31, 2019	Dec. 31, 2018
Debt
Revolving credit facility		$ 165,000	$ 155,000
Senior secured revolving credit facility
Debt
Annual commitment rate		0.175%
Maturity Date		Nov. 15, 2023
Revolving credit facility		$ 165,000	$ 155,000
Undrawn borrowing capacity		$ 285,000
Senior secured revolving credit facility | Base rate - federal funds rate
Debt
Applicable margin (as a percent)		1.75%
Senior secured revolving credit facility | Base rate - one month LIBOR
Debt
Applicable margin (as a percent)		2.25%
Senior secured revolving credit facility | Base rate
Debt
Applicable margin (as a percent)		2.00%
Amended and Restated Senior Secured Revolving Credit Facility
Debt
Initial borrowing capacity	$ 450,000
Credit facility term	5 years
Additional borrowing capacity	$ 75,000

XML

Debt - Secured Notes (Details) - USD ($)					3 Months Ended
	Jun. 06, 2018	Apr. 24, 2018	Nov. 30, 2017	Jun. 16, 2016	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Restricted cash reserved					$ 4,994,000	$ 3,672,000
Note Purchase Agreement
Debt Instrument [Line Items]
Aggregate principal amount		$ 43,700,000
Interest rate (as a percent)		4.38%
Maturity Date		Jun. 30, 2036
Debt instrument amortized, description					The 4.38% Senior Secured Notes are fully amortized through June 30, 2036
Note Purchase Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Net proceeds from borrowings		$ 41,000,000
Note Purchase Agreement | Maximum
Debt Instrument [Line Items]
Aggregate principal amount		$ 225,000,000
Secured notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 125,400,000		$ 80,000,000	$ 116,600,000
Acquisition costs, period cost			16,000,000
Debt discount			1,800,000	17,292	$ 1,361,000	$ 1,454,000
Secured notes | Maximum
Debt Instrument [Line Items]
Debt discount	100,000
Senior secured revolving credit facility
Debt Instrument [Line Items]
Maturity Date					Nov. 15, 2023
Repayment of debt	$ 120,500,000			$ 112,300,000
Senior secured revolving credit facility | Maximum | Restricted Reserve Accounts
Debt Instrument [Line Items]
Repayment of debt			17,500,000
Senior secured revolving credit facility | Minimum | Restricted Reserve Accounts
Debt Instrument [Line Items]
Repayment of debt			$ 54,000,000
Series 2017-1 Class A 4.10%
Debt Instrument [Line Items]
Interest rate (as a percent)					4.10%
Maturity Date					Nov. 15, 2022
Series 2017-1 Class B 3.81%
Debt Instrument [Line Items]
Interest rate (as a percent)					3.81%
Maturity Date					Nov. 15, 2022
Series 2016-1 Class A 3.52%
Debt Instrument [Line Items]
Interest rate (as a percent)					3.52%
Maturity Date					Jun. 01, 2021
Series 2016-1 Class B 7.02%
Debt Instrument [Line Items]
Interest rate (as a percent)					7.02%
Maturity Date					Jun. 01, 2021
2017 Secured notes | Minimum
Debt Instrument [Line Items]
Debt service coverage ratio					200.00%
2016 Secured notes | Minimum
Debt Instrument [Line Items]
Debt service coverage ratio					200.00%
4.38% senior secured notes
Debt Instrument [Line Items]
Interest rate (as a percent)					4.38%
Maturity Date					Jun. 30, 2036
4.38% senior secured notes | Minimum
Debt Instrument [Line Items]
Debt service coverage ratio					110.00%

XML

Debt - Annual Principal Payment Amounts (Details) - Secured notes - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
2019 (nine months)	$ 6,845
2020	10,313
2021	108,013
2022	72,598
2023	2,714
Thereafter	30,035
Total	$ 230,518	$ 231,879

XML

Debt - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Interest Expense
Debt interest expense	$ 4.5	$ 6.3
Interest payable	1.0		$ 0.3
Interest expense
Interest Expense
Amortization of deferred loan costs and discount on secured notes	$ 0.8	$ 0.9

XML

Interest Rate Swap Agreements - Fair Value of Interest Rate Swap Agreements (Details)	3 Months Ended
	Mar. 31, 2019 USD ($)	Mar. 31, 2019 GBP (£)	Dec. 31, 2018 USD ($)
Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 1,413,000		$ 4,188,000
Agreement effective date April 13, 2015
Interest Rate Swap Agreements
Notional value	$ 25,000,000
Fixed Rate	1.29%	1.29%
Index	1-month USD LIBOR
Agreement effective date April 13, 2015 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 28,000		102,000
Agreement effective date October 1, 2015
Interest Rate Swap Agreements
Notional value	$ 50,000,000
Fixed Rate	1.74%	1.74%
Index	1-month USD LIBOR
Agreement effective date October 1, 2015 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 730,000		1,259,000
Agreement entered into March 23, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Notional value	$ 50,000,000
Fixed Rate	1.67%	1.67%
Index	1-month USD LIBOR
Agreement entered into March 23, 2016 effective date December 24, 2018 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 687,000		1,117,000
Agreement entered into March 31, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Notional value	$ 20,000,000
Fixed Rate	1.56%	1.56%
Index	1-month USD LIBOR
Agreement entered into March 31, 2016 effective date December 24, 2018 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 331,000		508,000
Agreement entered into March 31, 2016 effective date April 13, 2019
Interest Rate Swap Agreements
Notional value	$ 25,000,000
Fixed Rate	1.63%	1.63%
Index	1-month USD LIBOR
Agreement entered into March 31, 2016 effective date April 13, 2019 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 385,000		569,000
Agreement entered into June 12, 2017 effective date March 02, 2018
Interest Rate Swap Agreements
Notional value	$ 50,000,000
Fixed Rate	2.10%	2.10%
Index	1-month USD LIBOR
Agreement entered into June 12, 2017 effective date March 02, 2018 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 271,000		1,035,000
Agreement entered into November 15, 2018 effective date November 30, 2020
Interest Rate Swap Agreements
Notional value | £		£ 38,000,000
Fixed Rate	1.49%	1.49%
Index	1-month GBP LIBOR
Agreement entered into November 15, 2018 effective date November 30, 2020 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ (1,019,000)		$ (402,000)

XML

Interest Rate Swap Agreements - Gain (Loss) on Derivatives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest Rate Swap Agreements
Unrealized gain (loss) on derivatives	$ (2,762,000)	$ 3,148,000
Maximum
Interest Rate Swap Agreements
Realized loss on foreign currency derivatives	$ 100,000

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Interest Rate Swap Agreements - Sensitivity Analysis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Agreement effective date April 13, 2015 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	$ 28
Agreement effective date April 13, 2015 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	28
Agreement effective date April 13, 2015 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	28
Agreement effective date April 13, 2015 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	28
Agreement effective date October 1, 2015 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	1,532
Agreement effective date October 1, 2015 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(88)
Agreement effective date October 1, 2015 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	2,318
Agreement effective date October 1, 2015 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(924)
Agreement entered into March 23, 2016 effective date December 24, 2018 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	1,317
Agreement entered into March 23, 2016 effective date December 24, 2018 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	49
Agreement entered into March 23, 2016 effective date December 24, 2018 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	1,936
Agreement entered into March 23, 2016 effective date December 24, 2018 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(601)
Agreement entered into March 31, 2016 effective date December 24, 2018 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	583
Agreement entered into March 31, 2016 effective date December 24, 2018 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	77
Agreement entered into March 31, 2016 effective date December 24, 2018 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	830
Agreement entered into March 31, 2016 effective date December 24, 2018 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(183)
Agreement entered into March 31, 2016 effective date April 13, 2019 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	739
Agreement entered into March 31, 2016 effective date April 13, 2019 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	26
Agreement entered into March 31, 2016 effective date April 13, 2019 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	1,086
Agreement entered into March 31, 2016 effective date April 13, 2019 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(339)
Agreement entered into June 12, 2017 effective date March 02, 2018 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	1,479
Agreement entered into June 12, 2017 effective date March 02, 2018 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(1,012)
Agreement entered into June 12, 2017 effective date March 02, 2018 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	2,671
Agreement entered into June 12, 2017 effective date March 02, 2018 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(2,314)
Agreement entered into November 15, 2018 effective date November 30, 2020 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	92
Agreement entered into November 15, 2018 effective date November 30, 2020 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(2,374)
Agreement entered into November 15, 2018 effective date November 30, 2020 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	1,245
Agreement entered into November 15, 2018 effective date November 30, 2020 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	$ (3,691)
Interest Rate Swap Agreement | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, assumed increase (decrease) in basis points (as a percent)	0.50%
Interest Rate Swap Agreement | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, assumed increase (decrease) in basis points (as a percent)	(0.50%)
Interest Rate Swap Agreement | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, assumed increase (decrease) in basis points (as a percent)	1.00%
Interest Rate Swap Agreement | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, assumed increase (decrease) in basis points (as a percent)	(1.00%)

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Equity - Changes in Units Outstanding (Details) - Limited Partners - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Common Units
Increase (decrease) in partners' capital
Balance (in units)	25,327,801	20,146,458	20,146,458
Conversion of subordinated units (in units)		3,135,109
Unit-based compensation (in units)	10,631	3,826
Balance (in units)	25,338,432	25,005,542	25,327,801
Common Units | Landmark, General Partner and affiliates
Increase (decrease) in partners' capital
Issuance of units to Fund		1,506,421
Common Units | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)		27,830
Common Units | Unit Exchange Program
Increase (decrease) in partners' capital
Issuance of units, net (in units)		185,898
Subordinated Units
Increase (decrease) in partners' capital
Balance (in units)		3,135,109	3,135,109
Conversion of subordinated units (in units)		(3,135,109)
Preferred Units Series A
Increase (decrease) in partners' capital
Balance (in units)	1,593,149	1,568,402	1,568,402
Balance (in units)	1,593,149	1,593,149	1,593,149
Preferred Units Series A | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)		24,747
Preferred Units Series B
Increase (decrease) in partners' capital
Balance (in units)	2,463,015	2,463,015	2,463,015
Balance (in units)	2,463,015	2,463,015	2,463,015
Preferred Units Series C
Increase (decrease) in partners' capital
Balance (in units)	2,000,000
Balance (in units)	2,000,000		2,000,000

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Equity - General Information (Details) $ / shares in Units, $ in Thousands							3 Months Ended					12 Months Ended
	May 15, 2018 $ / shares	Apr. 02, 2018 USD ($) $ / shares shares	Feb. 15, 2018	Mar. 30, 2017 USD ($)	Jun. 24, 2016 USD ($)	Feb. 16, 2016 USD ($)	Mar. 31, 2019 USD ($) site $ / shares shares	Dec. 31, 2018 $ / shares	Sep. 30, 2018 $ / shares	Jun. 30, 2018 $ / shares	Mar. 31, 2018 USD ($) site $ / shares shares	Dec. 31, 2018 USD ($) site	Mar. 10, 2016 shares
Partnership Equity
Number of tenant sites acquired | site												104
Common Units Issued to Landmark and Affiliates												$ 7,700
Proceeds from the issuance of Preferred Units, net											$ 603
Quarterly distributions
Conversion ratio of subordinated units into common units			100.00%
Wireless Communication
Partnership Equity
Number of tenant sites acquired | site												49
Preferred Units Series A
Partnership Equity
Distribution date							Apr. 15, 2019	Jan. 15, 2019	Oct. 15, 2018	Jul. 16, 2018	Apr. 16, 2018
Distribution Per Unit Paid (in dollars per share) | $ / shares							$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000
Preferred Units Series B
Partnership Equity
Distribution date							May 15, 2019	Feb. 15, 2019	Nov. 15, 2018	Aug. 15, 2018	May 15, 2018
Distribution Per Unit Paid (in dollars per share) | $ / shares							$ 0.4938	$ 0.4938	$ 0.4938	$ 0.4938	$ 0.4938
Preferred Units Series C
Partnership Equity
Distribution date							May 15, 2019	Feb. 15, 2019	Nov. 15, 2018	Aug. 15, 2018
Distribution Per Unit Paid (in dollars per share) | $ / shares							$ 0.4614	$ 0.4571	$ 0.4382	$ 0.4400
Stated liquidation preference / redemption price (in dollars per share) | $ / shares							$ 25.00
Conversion rate for preferred unit | shares							1.3017
Designated redemption date one							May 15, 2025
Designated redemption date two							May 15, 2028
Designated redemption period							5 years
Liquidation preference | $ / shares							$ 11.13
Preferred units redemption date							May 20, 2025
Preferred units redemption price | $ / shares							$ 25.00
At The Market Issuance Sales Agreement | Preferred Units
Partnership Equity
Aggregate offering price					$ 40,000
Unit Exchange Program
Partnership Equity
Remaining common units available to be issued | shares							4,091,908
Unit Exchange Program | 6-site acquisition | Wireless Communication
Partnership Equity
Number of tenant sites acquired | site							0				6
Common Units Issued to Landmark and Affiliates											$ 3,200
Limited Partners | Common Units
Partnership Equity
Issuance of units, net (in shares) | shares											1,721,000
Quarterly distributions
Minimum quarterly distribution per unit (in dollars per share) | $ / shares							$ 0.2875
Limited Partners | Preferred Units Series A
Partnership Equity
Issuance of units, net (in shares) | shares											25,000
Limited Partners | Preferred Units Series C
Partnership Equity
Distribution date							May 15, 2018
Distribution Per Unit Paid (in dollars per share) | $ / shares	$ 0.2090
Limited Partners | Preferred Units Series C | Distributions Accruing After May 15, 2025
Partnership Equity
Dividend rate (as a percent)							9.00%
Limited Partners | Preferred Units Series C | Three-month LIBOR | Distributions Accruing Before May 15, 2025
Partnership Equity
Dividend rate (as a percent)							4.698%
Stated liquidation preference / redemption price (in dollars per share) | $ / shares							$ 25.00
Limited Partners | Preferred Units Series C | Minimum | Distributions Accruing Before May 15, 2025
Partnership Equity
Dividend rate (as a percent)							7.00%
Limited Partners | At The Market Issuance Sales Agreement | Common Units
Partnership Equity
Aggregate offering price						$ 50,000
Issuance of units, net (in shares) | shares							0				27,830
Proceeds from issuance of unit, before costs											$ 500
Limited Partners | At The Market Issuance Sales Agreement | Preferred Units Series A
Partnership Equity
Issuance of units, net (in shares) | shares							0				24,747
Proceeds from issuance of unit, before costs											$ 600
Limited Partners | At The Market Issuance Sales Agreement | Preferred Units Series B
Partnership Equity
Aggregate offering price				$ 50,000
Issuance of units, net (in shares) | shares							0				0
Remaining available amount to be issued							$ 34,400
Limited Partners | Unit Exchange Program | Common Units
Partnership Equity
Units authorized (in units) | shares													5,000,000
Limited Partners | Unit Exchange Program | Common Units | 6-site acquisition | Wireless Communication
Partnership Equity
Number of common units in connection with acquisition (in shares) | shares											185,898
Limited Partners | Public Offering | Preferred Units Series C
Partnership Equity
Issuance of units, net (in shares) | shares		2,000,000
Unit offering price (in dollars per share) | $ / shares		$ 25.00
Proceeds from the issuance of Preferred Units, net		$ 47,500
Offering expenses paid		$ 2,500

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Equity - Summary of Quarterly Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Common and Subordinated Units and IDRs
Quarterly distributions
Declaration Date	Apr. 19, 2019	Jan. 25, 2019	Oct. 26, 2018	Jul. 19, 2018	Apr. 19, 2018
Distribution Date	May 15, 2019	Feb. 14, 2019	Nov. 14, 2018	Aug. 14, 2018	May 15, 2018
Distribution Per Unit Paid (in dollars per share)	$ 0.3675	$ 0.3675	$ 0.3675	$ 0.3675	$ 0.3675
Total Distribution Paid	$ 9,312	$ 9,312	$ 9,285	$ 9,431	$ 9,384
Preferred Units Series A
Quarterly distributions
Declaration Date	Mar. 21, 2019	Dec. 20, 2018	Sep. 20, 2018	Jun. 21, 2018	Mar. 23, 2018
Distribution Date	Apr. 15, 2019	Jan. 15, 2019	Oct. 15, 2018	Jul. 16, 2018	Apr. 16, 2018
Distribution Per Unit Paid (in dollars per share)	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000
Total Distribution Paid	$ 797	$ 797	$ 797	$ 797	$ 797
Preferred Units Series B
Quarterly distributions
Declaration Date	Apr. 19, 2019	Jan. 22, 2019	Oct. 22, 2018	Jul. 19, 2018	Apr. 19, 2018
Distribution Date	May 15, 2019	Feb. 15, 2019	Nov. 15, 2018	Aug. 15, 2018	May 15, 2018
Distribution Per Unit Paid (in dollars per share)	$ 0.4938	$ 0.4938	$ 0.4938	$ 0.4938	$ 0.4938
Total Distribution Paid	$ 1,216	$ 1,216	$ 1,216	$ 1,216	$ 1,216
Preferred Units Series C
Quarterly distributions
Declaration Date	Apr. 19, 2019	Jan. 22, 2019	Oct. 22, 2018	Jul. 19, 2018
Distribution Date	May 15, 2019	Feb. 15, 2019	Nov. 15, 2018	Aug. 15, 2018
Distribution Per Unit Paid (in dollars per share)	$ 0.4614	$ 0.4571	$ 0.4382	$ 0.4400
Total Distribution Paid	$ 923	$ 914	$ 876	$ 880
Preferred Units Series C | Prorated Distribution ( April 2, 2018 to May 14, 2018)
Quarterly distributions
Declaration Date				Apr. 19, 2018
Distribution Date				May 15, 2018
Distribution Per Unit Paid (in dollars per share)				$ 0.2090
Total Distribution Paid				$ 418

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Equity - Summary of Quarterly Distributions (Parenthetical) (Details) - Preferred Units Series C	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018
Quarterly distributions
Distribution Date	May 15, 2019	Feb. 15, 2019	Nov. 15, 2018	Aug. 15, 2018
Prorated Distribution ( April 2, 2018 to May 14, 2018)
Quarterly distributions
Prorated period				43 days
Closing date of issuance				Apr. 02, 2018
Distribution Date				May 15, 2018
Record date				May 01, 2018

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Net Income (Loss) Per Limited Partner Unit - Additional Information (Details) - item		3 Months Ended
	Feb. 15, 2018	Mar. 31, 2019
General Partner | Common Units
Limited Partners Capital Account [Line Items]
Cash distribution declaration date		Mar. 31, 2018
Distribution date		May 15, 2018
Cash distribution record date		May 01, 2018
Landmark Dividend LLC
Limited Partners Capital Account [Line Items]
Number of common units that will convert from each outstanding subordinated unit	1

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Net Income (Loss) Per Limited Partner Unit - Undistributed Net Loss Attributable to Common and Subordinated Unitholders (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income (loss) attributable to partners:
Net income attributable to limited partners	$ 7,202	$ 6,737
Less: Distributions declared	(2,894)	(1,944)
Incentive distribution rights	(197)	(195)
Net income attributable to common and subordinated unitholders	3,755	4,598
General Partner
Net income (loss) attributable to partners:
Incentive distribution rights	(197)	(195)
Preferred Units
Net income (loss) attributable to partners:
Less: Distributions declared	(2,894)	(1,944)
Preferred Units Series C
Net income (loss) attributable to partners:
Accretion of Series C preferred units	(356)
Common Units
Net income (loss) attributable to partners:
Less: Distributions declared	(9,312)	(9,190)
Net income attributable to common and subordinated unitholders	3,755	4,901
Undistributed net loss	(5,557)	(4,289)
Common and Subordinated Units
Net income (loss) attributable to partners:
Undistributed net loss	$ (5,557)	$ (4,592)

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Net Income (Loss) Per Limited Partner Unit - Net Income (Loss) per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income (loss) attributable to partners:
Distributions declared	$ 2,894	$ 1,944
Net income attributable to common and subordinated unitholders	$ 3,755	$ 4,598
Weighted-average units outstanding:
Basic (in shares)	25,338	22,996
Units - diluted (in shares)	25,338	24,564
Net income per common and subordinated unit:
Basic (in dollars per share)	$ 0.15	$ 0.21
Diluted (in dollars per share)	$ 0.15	$ 0.19
Common Units
Net income (loss) attributable to partners:
Distributions declared	$ 9,312	$ 9,190
Undistributed net loss	(5,557)	(4,289)
Net income attributable to common and subordinated unitholders	3,755	4,901
Net income (loss) attributable to subordinated units		(303)
Net income (loss) attributable to common and subordinated units - diluted	$ 3,755	$ 4,598
Weighted-average units outstanding:
Basic (in shares)	25,338	22,996
Effect of diluted subordinated units		1,568
Units - diluted (in shares)	25,338	24,564
Net income per common and subordinated unit:
Basic (in dollars per share)	$ 0.15	$ 0.21
Diluted (in dollars per share)	$ 0.15	$ 0.19
Subordinated Units
Net income (loss) attributable to partners:
Undistributed net loss		$ (303)
Net income attributable to common and subordinated unitholders		(303)
Net income (loss) attributable to common and subordinated units - diluted		$ (303)
Weighted-average units outstanding:
Basic (in shares)		1,568
Units - diluted (in shares)		1,568
Net income per common and subordinated unit:
Basic (in dollars per share)		$ (0.19)
Diluted (in dollars per share)		$ (0.19)

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Net Income (Loss) Per Limited Partner Unit - Net Income (Loss) per Unit (Parenthetical) (Details) - Landmark Dividend LLC		3 Months Ended
	Feb. 15, 2018 item	Mar. 31, 2018 shares
Limited Partners Capital Account [Line Items]
Number of common units that will convert from each outstanding subordinated unit | item	1
Common Units
Limited Partners Capital Account [Line Items]
Number of units converted | shares		3,135,109

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Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Carrying Amount
Investment in receivables, net
Investment in receivables, net	$ 9,611	$ 18,348
Carrying Amount | Senior secured revolving credit facility
Debt
Revolving credit facility	165,000	155,000
Carrying Amount | Secured notes
Debt
Secured Notes, net	222,752	223,685
Fair Value
Investment in receivables, net
Investment in receivables, net	9,990	18,867
Fair Value | Senior secured revolving credit facility
Debt
Revolving credit facility	165,000	155,000
Fair Value | Secured notes
Debt
Secured Notes, net	$ 224,511	$ 224,333

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Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative Liabilities	$ 1,019	$ 402
Recurring | Level 2 inputs
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative Assets	2,432	4,590
Derivative Liabilities	$ 1,019	$ 402

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Related-Party Transactions (Details)			3 Months Ended		12 Months Ended
	Jun. 06, 2018	Nov. 30, 2017	Mar. 31, 2019 USD ($) item $ / shares $ / property	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)	Jun. 13, 2017
Related Party Transaction [Line Items]
Incentive distribution rights			$ 197,000
Due from Landmark and affiliates			$ 2,584,000		$ 1,390,000
4.38% Senior Secured Notes
Related Party Transaction [Line Items]
Interest rate (as a percent)			4.38%
Maximum | 2018 Secured Notes | Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Operating revenue per tenant site | $ / property			46
Incentive Distribution Rights
Related Party Transaction [Line Items]
Incentive distribution and allocations waived amount			$ 200,000
Threshold percentage per unit per quarter (in dollars per share) | $ / shares			$ 0.2875
Incentive distribution rights				$ 200,000
Incentive Distribution Rights | Maximum
Related Party Transaction [Line Items]
Percentage of available cash			50.00%
Penteon Corporation
Related Party Transaction [Line Items]
Leasing costs incurred for deployment of LPWAN					0
Penteon Corporation | Sponsor
Related Party Transaction [Line Items]
Warrant to purchase maximum number of preferred stock, in percentage						25.00%
Landmark, General Partner and affiliates
Related Party Transaction [Line Items]
Due from Landmark and affiliates			$ 2,600,000		$ 1,400,000
Landmark, General Partner and affiliates | Capped reimbursement for certain general and administrative expenses
Related Party Transaction [Line Items]
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			$ 120,000,000
Reimbursement of expenses that exceeded the cap			900,000	1,200,000
American Infrastructure Funds | Patent License Agreement Fees
Related Party Transaction [Line Items]
Fee for second year of agreement (in dollars per year)			$ 50,000
Maximum fee each year starting in third year of agreement, as a percentage of our gross revenue			0.10%
Minimum fee each year starting in third year of agreement (in dollars per year)			$ 100,000
License fees related to agreement			$ 25,000	$ 25,000
Type of Cost, Good or Service [Extensible List]			us-gaap:LicenseMember	us-gaap:LicenseMember
General Partner | 4.38% Senior Secured Notes
Related Party Transaction [Line Items]
Management fee (as a percent)			0.50%
Interest rate (as a percent)			4.38%
General Partner | Secured Notes Management Agreement
Related Party Transaction [Line Items]
Management fee (as a percent)	1.50%	1.50%
General Partner | Secured Notes Management Agreement | 2018 Secured Notes | Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Management fee (as a percent)			1.50%
General Partner | Management fees
Related Party Transaction [Line Items]
Costs incurred			$ 100,000
General Partner | Management fees | 2018 Secured Notes | Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Costs incurred			100,000
General Partner | Management fees | Maximum
Related Party Transaction [Line Items]
Costs incurred				$ 100,000
Landmark Dividend LLC | Management fees
Related Party Transaction [Line Items]
Costs incurred			$ 0	$ 0

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Related-Party Transactions - Summary of Completed Right of First Offer ("ROFO") Acquisitions (Details) $ in Millions		12 Months Ended
	Jan. 18, 2018 USD ($) site shares	Dec. 31, 2018 USD ($) site
Related Party Transaction [Line Items]
Total No. of Tenant Sites | site		104
Total Consideration | $		$ 75.8
Landmark Dividend Growth Fund H LLC | Acquisition from related party | 127-site fund H acquisition
Related Party Transaction [Line Items]
Total No. of Tenant Sites | site	127
Total Consideration | $	$ 59.9
Total Common Units Issued | shares	1,506,421

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Segment Information - General Information (Details) - segment	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting [Abstract]
Number of reportable segments	3	3

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Segment Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue
Rental revenue	$ 14,393	$ 15,695
Expenses
Property operating	665	286
General and administrative	1,478	1,699
Acquisition-related	127	185
Amortization	3,517	4,022
Impairments	204
Total expenses	5,991	6,192
Total other income and expenses	(1,070)	(2,686)
Income before income tax expense	7,332	6,817
Income tax expense (benefit)	122	76
Net income	7,210	6,741
Operating Segments | Wireless Communication
Revenue
Rental revenue	7,236	9,645
Expenses
Property operating	51	34
Amortization	2,361	3,072
Total expenses	2,412	3,106
Total other income and expenses	5,820	171
Income before income tax expense	10,644	6,710
Net income	10,644	6,710
Operating Segments | Outdoor Advertising
Revenue
Rental revenue	5,081	4,210
Expenses
Property operating	260	171
Amortization	987	793
Impairments	204
Total expenses	1,451	964
Total other income and expenses	61	64
Income before income tax expense	3,691	3,310
Net income	3,691	3,310
Operating Segments | Renewable Power Generation
Revenue
Rental revenue	2,076	1,840
Expenses
Property operating	354	81
Amortization	169	157
Total expenses	523	238
Total other income and expenses	203	203
Income before income tax expense	1,756	1,805
Net income	1,756	1,805
Corporate
Expenses
General and administrative	1,478	1,699
Acquisition-related	127	185
Total expenses	1,605	1,884
Total other income and expenses	(7,154)	(3,124)
Income before income tax expense	(8,759)	(5,008)
Income tax expense (benefit)	122	76
Net income	$ (8,881)	$ (5,084)

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Segment Information - Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 799,114	$ 786,613
Corporate
Segment Reporting Asset Reconciling Item [Line Items]
Assets	25,574	24,695
Wireless Communication | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	427,085	433,254
Outdoor Advertising | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	233,387	216,326
Renewable Power Generation | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 113,068	$ 112,338

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Segment Information - Schedule of Rental Revenues by Country (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	$ 14,393	$ 15,695
United States
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	12,902	14,914
United Kingdom
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	1,178	577
Australia
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	299	190
Canada
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	$ 14	$ 14

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Segment Information - Schedule of Total Assets by Country (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 799,114	$ 786,613
United States
Segment Reporting Asset Reconciling Item [Line Items]
Assets	719,669	720,331
United Kingdom
Segment Reporting Asset Reconciling Item [Line Items]
Assets	65,344	53,850
Australia
Segment Reporting Asset Reconciling Item [Line Items]
Assets	13,460	11,830
Canada
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 641	$ 602

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Commitments and Contingencies - Real Property Interest Subject to Subordination (Details) $ in Millions	Mar. 31, 2019 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Real property interest subject to subordination	$ 67.0

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Tenant Concentration (Details) - Concentration - Tenant Revenue	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Clear Channel
Concentration Risk [Line Items]
Percentage of revenue	13.70%	11.70%
T-Mobile
Concentration Risk [Line Items]
Percentage of revenue	8.50%	10.80%
AT&T Mobility
Concentration Risk [Line Items]
Percentage of revenue	7.50%	10.20%
Sprint
Concentration Risk [Line Items]
Percentage of revenue	6.00%	8.90%

XML

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018
Noncash activities
Capital contribution to fund general and administrative expense reimbursement	$ 994				$ 1,202
Issuance of common units for assets acquired from Fund H						$ 7,700
Distributions payable to preferred unitholders	1,685				1,244
Offering costs included in accounts payable and accrued liabilities					207
Deferred loan costs included in accounts payable and accrued liabilities					44
Initial recognition of lease liabilities related to right of use assets	7,589
Purchase price for acquisitions and construction activities included in accounts payable					9,677
Cash flows related to interest paid
Cash paid for interest	3,049				5,438
Capitalized interest	308				76
Income taxes paid	126
Preferred Units Series C
Noncash activities
Accretion of Series C preferred units	$ 356
Unit Exchange Acquisitions
Noncash activities
Issuance of common units for assets acquired from Fund H		$ 900	$ 1,800	$ 1,800	3,200
Unit Exchange Program acquisitions					3,147
Landmark, General Partner and affiliates
Noncash activities
Purchase price for acquisitions included in due to Landmark and affiliates					493
Landmark Dividend Growth Fund H LLC
Noncash activities
Issuance of common units for assets acquired from Fund H					$ 27,342