Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Entity Registrant Name | Landmark Infrastructure Partners LP | |
Entity Central Index Key | 1,615,346 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Common Units | ||
Limited Partners Units | 19,749,563 | |
Subordinated Units | ||
Limited Partners Units | 3,135,109 |
CONSOLIDATED AND COMBINED BALAN
CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Land | $ 98,532 | $ 88,845 |
Real property interests | 525,148 | 490,030 |
Total land and real property interests | 623,680 | 578,875 |
Accumulated amortization of real property interests | (31,510) | (25,967) |
Land and net real property interests | 592,170 | 552,908 |
Investments in receivables, net | 20,151 | 17,440 |
Cash and cash equivalents | 7,462 | 2,711 |
Restricted cash | 1,202 | 2,851 |
Rent receivables, net | 3,899 | 2,372 |
Due from Landmark and affiliates | 722 | 566 |
Deferred loan costs, net | 3,524 | 2,797 |
Deferred rent receivable | 2,298 | 1,379 |
Derivative assets | 1,518 | 1,860 |
Other intangible assets, net | 16,425 | 15,730 |
Other assets | 1,476 | 2,446 |
Total assets | 650,847 | 603,060 |
Liabilities and equity | ||
Revolving credit facility | 279,000 | 224,500 |
Secured notes, net | 112,251 | 112,435 |
Accounts payable and accrued liabilities | 3,876 | 4,374 |
Other intangible liabilities, net | 12,296 | 13,061 |
Prepaid rent | 4,822 | 3,984 |
Derivative liabilities | 84 | 376 |
Total liabilities | 412,329 | 358,730 |
Commitments and contingencies (Note 14) | ||
Accumulated other comprehensive income (loss) | 11 | (509) |
Total partners' equity | 238,415 | 244,330 |
Noncontrolling interests | 103 | |
Total equity | 238,518 | 244,330 |
Total liabilities and equity | 650,847 | 603,060 |
Limited Partners | Preferred Units Series A | ||
Liabilities and equity | ||
Limited partners | 24,557 | 19,393 |
Total equity | 24,557 | 19,393 |
Limited Partners | Preferred Units Series B | ||
Liabilities and equity | ||
Limited partners | 47,790 | 44,256 |
Total equity | 47,790 | 44,256 |
Limited Partners | Common Units | ||
Liabilities and equity | ||
Limited partners | 287,972 | 294,296 |
Total equity | 287,972 | 294,296 |
Limited Partners | Subordinated Units | ||
Liabilities and equity | ||
Limited partners | 20,750 | 22,524 |
Total equity | 20,750 | 22,524 |
General Partner | ||
Liabilities and equity | ||
General Partner | (142,665) | (135,630) |
Total equity | $ (142,665) | $ (135,630) |
CONSOLIDATED AND COMBINED BALA3
CONSOLIDATED AND COMBINED BALANCE SHEETS (Parenthetical) - Limited Partners - shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred Units Series A | ||
Preferred units | ||
Preferred units issued (in shares) | 1,074,602 | 863,957 |
Preferred units outstanding (in shares) | 1,074,602 | 863,957 |
Preferred Units Series B | ||
Preferred units | ||
Preferred units issued (in shares) | 2,004,060 | 1,840,000 |
Preferred units outstanding (in shares) | 2,004,060 | 1,840,000 |
Common Units | ||
Common and subordinated units | ||
Units issued (in shares) | 19,749,563 | 19,450,555 |
Units outstanding (in shares) | 19,749,563 | 19,450,555 |
Subordinated Units | ||
Common and subordinated units | ||
Units issued (in shares) | 3,135,109 | 3,135,109 |
Units outstanding (in shares) | 3,135,109 | 3,135,109 |
CONSOLIDATED AND COMBINED STATE
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Revenue | |||||||
Rental revenue | $ 12,803 | $ 9,768 | [1] | $ 24,644 | $ 19,508 | [1] | |
Expenses | |||||||
Management fees to affiliate | [1] | 73 | 146 | ||||
Property operating | 74 | 69 | [1] | 161 | 74 | [1] | |
General and administrative | 1,437 | 1,041 | [1] | 2,845 | 2,145 | [1] | |
Acquisition-related | 285 | 355 | [1] | 752 | 427 | [1] | |
Amortization | 3,239 | 2,785 | [1] | 6,368 | 5,307 | [1] | |
Impairments | 692 | 848 | |||||
Total expenses | 5,727 | 4,323 | [1] | 10,974 | 8,099 | [1] | |
Other income and expenses | |||||||
Interest and other income | 379 | 275 | [1] | 738 | 559 | [1] | |
Interest expense | (4,234) | (3,315) | [1] | (8,154) | (6,620) | [1] | |
Unrealized loss on derivatives | (544) | (1,797) | [1] | (50) | (4,967) | [1] | |
Gain on sale of real property interests | [1] | 374 | |||||
Total other income and expenses | (4,399) | (4,837) | [1] | (7,466) | (10,654) | [1] | |
Net income | 2,677 | 608 | [1] | 6,204 | 755 | [1] | |
Less: Pre-acquisition net income from Drop-down Assets | [1] | 580 | 1,155 | ||||
Less: Net income attributable to noncontrolling interest | 4 | 7 | |||||
Net income (loss) attributable to limited partners | 2,673 | 28 | [1] | 6,197 | (400) | [1] | |
Less: Distributions declared to preferred unitholders | (1,510) | (382) | [1] | (2,854) | (382) | [1] | |
Less: General partner's incentive distribution rights | (98) | (5) | [1] | (187) | (5) | [1] | |
Net income (loss) attributable to common and subordinated unitholders | $ 1,065 | $ (359) | [1] | $ 3,156 | $ (787) | [1] | |
Net income (loss) per common and subordinated unit | |||||||
Common units – basic and diluted | $ 0.05 | $ (0.02) | [1] | $ 0.14 | $ (0.05) | [1] | |
Subordinated units – basic and diluted | $ 0.05 | $ (0.03) | [1] | $ 0.14 | $ (0.06) | [1] | |
Weighted average common and subordinated units outstanding | |||||||
Common units – basic | 19,650 | 11,915 | [1] | 19,554 | 11,872 | [1] | |
Common units – diluted | 22,785 | 15,050 | [1] | 22,689 | 15,007 | [1] | |
Subordinated units – basic and diluted | 3,135 | 3,135 | [1] | 3,135 | 3,135 | [1] | |
Cash distributions declared per common and subordinated unit | $ 0.3550 | $ 0.3325 | [1] | $ 0.7075 | $ 0.6625 | [1] | |
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
CONSOLIDATED AND COMBINED STAT5
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Statement Of Income And Comprehensive Income [Abstract] | |||||||
Net income | $ 2,677 | $ 608 | [1] | $ 6,204 | $ 755 | [1] | |
Other comprehensive income: | |||||||
Foreign currency translation adjustment | 312 | (3) | [1] | 520 | (2) | [1] | |
Other comprehensive income (loss) | 312 | (3) | [1] | 520 | (2) | [1] | |
Comprehensive income | 2,989 | 605 | [1] | 6,724 | 753 | [1] | |
Less: Comprehensive income attributable to Drop-down Assets | [1] | 577 | 1,153 | ||||
Less: Comprehensive income attributable to noncontrolling interest | 4 | 7 | |||||
Comprehensive income (loss) attributable to limited partners | $ 2,985 | $ 28 | [1] | $ 6,717 | $ (400) | [1] | |
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
CONSOLIDATED AND COMBINED STAT6
CONSOLIDATED AND COMBINED STATEMENTS OF PARTNERS' CAPITAL - USD ($) $ in Thousands | Total | Limited PartnersCommon Units | Limited PartnersSubordinated Units | Limited PartnersPreferred Units Series A | Limited PartnersPreferred Units Series B | General Partner | Accumulated Other Comprehensive Income | Noncontrolling Interest | ||
Balance at Dec. 31, 2015 | $ 157,362 | $ 179,045 | $ 25,942 | $ (47,633) | $ 8 | |||||
Balance (in units) at Dec. 31, 2015 | 11,820,144 | 3,135,109 | ||||||||
Increase (decrease) in partners' capital | ||||||||||
Pre-acquisition net income from Drop-down Assets | 1,155 | [1] | 1,155 | |||||||
Net investment of Drop-down Assets | 15,749 | 15,749 | ||||||||
Foreign currency translation adjustment | (2) | [1] | (2) | |||||||
Distributions | (10,199) | $ (7,764) | $ (2,053) | $ (382) | ||||||
Capital contribution to fund general and administrative expense reimbursement | 1,619 | 1,619 | ||||||||
Issuance of Preferred Units, net | 17,832 | $ 17,832 | ||||||||
Issuance of Units, net (in units) | 236,000 | 800,000 | ||||||||
Issuance of Common Units, net | 3,474 | $ 3,474 | ||||||||
Unit-based compensation | 105 | $ 105 | ||||||||
Unit-based compensation (in units) | 9,840 | |||||||||
Net loss attributable to partners | (400) | [1] | $ (600) | (187) | $ 382 | 5 | ||||
Net income | [1] | 755 | ||||||||
Balance at Jun. 30, 2016 | 186,695 | $ 174,260 | $ 23,702 | $ 17,832 | (29,105) | 6 | ||||
Balance (in units) at Jun. 30, 2016 | 12,066,101 | 3,135,109 | 800,000 | |||||||
Balance at Dec. 31, 2016 | 244,330 | $ 294,296 | $ 22,524 | $ 19,393 | $ 44,256 | (135,630) | (509) | |||
Balance (in units) at Dec. 31, 2016 | 19,450,555 | 3,135,109 | 863,957 | 1,840,000 | ||||||
Increase (decrease) in partners' capital | ||||||||||
Net investment of Drop-down Assets | (9,086) | (9,086) | ||||||||
Foreign currency translation adjustment | 520 | 520 | ||||||||
Distributions | (18,976) | $ (13,749) | $ (2,201) | $ (948) | $ (1,906) | (165) | $ (7) | |||
Capital contribution to fund general and administrative expense reimbursement | 2,029 | 2,029 | ||||||||
Issuance of Preferred Units, net | 8,698 | $ 5,164 | $ 3,534 | |||||||
Issuance of Units, net (in units) | 292,000 | 211,000 | 164,000 | |||||||
Issuance of Common Units, net | 4,591 | $ 4,591 | ||||||||
Issuance of non-controlling interests, net | 103 | 103 | ||||||||
Unit-based compensation | 105 | $ 105 | ||||||||
Unit-based compensation (in units) | 6,798 | |||||||||
Net loss attributable to partners | 6,197 | |||||||||
Net income | 6,204 | $ 2,729 | 427 | $ 948 | $ 1,906 | 187 | 7 | |||
Balance at Jun. 30, 2017 | $ 238,518 | $ 287,972 | $ 20,750 | $ 24,557 | $ 47,790 | $ (142,665) | $ 11 | $ 103 | ||
Balance (in units) at Jun. 30, 2017 | 19,749,563 | 3,135,109 | 1,074,602 | 2,004,060 | ||||||
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
CONSOLIDATED AND COMBINED STAT7
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | |||
Operating activities | ||||
Net income | $ 6,204 | $ 755 | [1] | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Unit-based compensation | 105 | 105 | [1] | |
Unrealized loss on derivatives | 50 | 4,967 | [1] | |
Amortization expense | 6,368 | 5,307 | [1] | |
Amortization of above- and below- market lease | (652) | (737) | [1] | |
Amortization of deferred loan costs | 909 | 783 | [1] | |
Amortization of discount on secured notes | 2 | |||
Receivables interest accretion | (7) | (23) | [1] | |
Impairments | 848 | |||
Gain on sale of real property interests | [1] | (374) | ||
Allowance for doubtful accounts | 26 | |||
Changes in operating assets and liabilities: | ||||
Rent receivables, net | (1,556) | (94) | [1] | |
Accounts payable and accrued liabilities | (560) | (202) | [1] | |
Deferred rent receivables | (220) | (173) | [1] | |
Prepaid rent | 832 | (124) | [1] | |
Due from Landmark and affiliates | 563 | 1,716 | [1] | |
Other assets | 1,078 | 974 | [1] | |
Net cash provided by operating activities | 13,990 | 12,880 | [1] | |
Investing activities | ||||
Acquisition of land | (9,476) | (1,229) | [1] | |
Acquisition of real property interests | (33,759) | (467) | [1] | |
Proceeds from sales of real property interests | [1] | 1,790 | ||
Acquisition of receivables | (3,240) | (4,211) | [1] | |
Repayments of receivables | 525 | 406 | [1] | |
Net cash used in investing activities | (45,950) | (3,711) | [1] | |
Financing activities | ||||
Proceeds from the issuance of Common Units, net | [1] | 2,002 | ||
Proceeds from the issuance of non-controlling interests, net | 103 | |||
Proceeds from revolving credit facility | 54,500 | 12,300 | [1] | |
Proceeds from the issuance of secured notes | [1] | 116,583 | ||
Principal payments on revolving credit facility | [1] | (139,300) | ||
Principal payments on secured debt facilities | [1] | (1,201) | ||
Principal payments on secured notes | (583) | |||
Deferred loan costs | (1,239) | (3,304) | [1] | |
Changes in restricted cash | 1,649 | (955) | [1] | |
Capital contribution to fund general and administrative expense reimbursement | 1,499 | 800 | [1] | |
Distributions to non-controlling interests | 7 | |||
Consideration paid to General Partner associated with Drop-down Acquisitions | (9,086) | (899) | [1] | |
Net cash provided by (used in) financing activities | 36,713 | (5,423) | [1] | |
Effect of changes in foreign currency exchange rates on cash and cash equivalents | (2) | |||
Net increase (decrease) in cash and cash equivalents | 4,751 | 3,746 | [1] | |
Cash and cash equivalents at beginning of the period | 2,711 | 1,984 | [1] | |
Cash and cash equivalents at end of the period | 7,462 | 5,730 | [1] | |
Preferred Units Series A | ||||
Financing activities | ||||
Proceeds from the issuance of Preferred Units, net | 5,164 | 18,368 | [1] | |
Preferred Units Series B | ||||
Financing activities | ||||
Proceeds from the issuance of Preferred Units, net | 3,534 | |||
Limited Partners | Preferred Units Series A | ||||
Operating activities | ||||
Net income | 948 | |||
Limited Partners | Preferred Units Series B | ||||
Operating activities | ||||
Net income | 1,906 | |||
Limited Partners | Preferred Units | ||||
Financing activities | ||||
Distributions to limited partners | (2,706) | |||
Limited Partners | Common Units | ||||
Operating activities | ||||
Net income | 2,729 | |||
Financing activities | ||||
Distributions to limited partners | $ (16,115) | $ (9,817) | [1] | |
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Business
Business | 6 Months Ended |
Jun. 30, 2017 | |
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 also 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”). References in this report to “Landmark Infrastructure Partners LP,” the “partnership,” “we,” “our,” “us,” or like terms for time periods prior to our IPO, refer to our predecessor for accounting purposes (our “Predecessor”) and for time periods subsequent to the IPO, 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 June 30, 2017, the Sponsor and affiliates own (a) our general partner; (b) 318,053 common units representing limited partnership interest in the Partnership (“Common Units”) and 3,135,109 subordinated units in us; and (c) all of our incentive distribution rights (“IDRs”). |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
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 and Combined Financial Statements During the year ended December 31, 2016, the Partnership completed five drop-down acquisitions, respectively, from our Sponsor and affiliates (collectively the “2016 Drop-down Acquisitions” or “2016 Drop-down Assets”). The 2016 Drop-down Acquisitions are deemed to be transactions between entities under common control, which prior to the adoption of ASU No. 2017-01, on April 1, 2017, as described below, requires assets and liabilities transferred be reflected at the historical cost of the parent of the entities, with prior periods retroactively adjusted to furnish comparative information. Accordingly, the accompanying financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the 2016 Drop-down Assets prior to the acquisition dates during the periods the assets were under common control. The differences between the cash consideration of each acquisition and the historical cost basis were allocated to the General Partner. All intercompany transactions and account balances have been eliminated. Our results of operations, cash flows, assets and liabilities consist of the consolidated Landmark Infrastructure Partners LP activities and balances with retroactive adjustments of the combined results of operations, cash flows, assets and liabilities of the Drop-down Assets as if the Drop-down Acquisitions occurred on the earliest date during which the Drop-down Assets were under common control. See further discussion in Note 3, Acquisitions The unaudited interim consolidated and combined 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 and six months ended June 30, 2017 and 2016 included in these Notes to the Consolidated and Combined 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 six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. All references to tenant sites are unaudited. Use of Estimates The preparation of the consolidated and combined financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated and combined financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. 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 any material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash (Topic 230) In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions Drop-down Acquisitions During the six months ended June 30, 2017 and for the year ended December 31, 2016, the Partnership completed one and five drop-down acquisitions, respectively, from our Sponsor and affiliates (collectively referred to as the “Drop-down Acquisitions”). Certain real property interests and financing assets included in the 2016 Drop-down Acquisitions completed by the Partnership during 2016 were part of the right of first offer assets acquired from Landmark Dividend Growth Fund-G LLC (“Fund G”). All other Drop-down Acquisitions have been made directly from our Sponsor or from a wholly-owned subsidiary of our Sponsor. The following table presents the Drop-down Acquisitions completed by the Partnership during 2017 and 2016: Number of Tenant Sites Consideration (in millions) Acquisition Date Source Wireless Communication Outdoor Advertising Renewable Power Generation Total Investments in Receivables Borrowings and Available Cash Common Units Total June 8, 2017 Sponsor (1) 30 9 2 41 — $ 24.7 $ — $ 24.7 April 28, 2017 Sponsor (2) — 1 — 1 — 4.3 — 4.3 April 28, 2017 Fund G (2) — 1 — 1 — 3.8 3.5 7.3 March 31, 2017 Fund G (2) — 1 — 1 — 7.5 — 7.5 2017 Acquisitions 30 12 2 44 — $ 40.3 $ 3.5 $ 43.8 December 22, 2016 Sponsor 28 5 2 35 2 $ 13.6 $ — $ 13.6 August 30, 2016 Sponsor 28 5 30 63 — 21.1 — 21.1 August 30, 2016 Fund G 214 171 1 386 5 75.6 64.7 140.3 August 1, 2016 Sponsor 37 4 12 53 6 24.4 — 24.4 April 20, 2016 Sponsor 1 — 1 2 1 6.3 — 6.3 2016 Acquisitions 308 185 46 539 14 $ 141.0 $ 64.7 $ 205.7 (1) In connection with the June 8, 2017 Drop-down acquisition from our Sponsor, the Partnership entered into a contractual obligation to acquire one tenant site and related real property interest for cash consideration of $1.6 million which has not closed as of June 30, 2017. (2) In connection with the August 30, 2016 Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. The Partnership acquired one of these tenant sites and related real property interests on March 31, 2017 for cash consideration of $7.5 million and the remaining tenant site for $3.8 million on April 28, 2017. Upon completion of the full $11.3 million acquisition, the Partnership issued 221,729 Common Units to Fund G on April 28, 2017. The assets and liabilities acquired from our Sponsor and affiliates are recorded at the historical cost of Landmark, as the Drop-down Acquisitions are deemed to be transactions between entities under common control with the statements of operations, prior to the adoption of ASU No. 2017-01 on April 1, 2017, of the Partnership adjusted retroactively as if the Drop-down Acquisitions completed prior to April 1, 2017 occurred on the earliest date during which the Drop-down Assets were under common control. Our historical financial statements have been retroactively adjusted to reflect the results of operations, financial position, and cash flows of the Drop-down Assets prior to April 1, 2017 as if we owned the assets as of the date acquired by Landmark for all periods presented. The following tables present our results of operations and financial position reflecting the effect of the Drop-down Acquisitions prior to April 1, 2017 on pre-acquisition periods. Consolidated statement of operations for the three months ended June 30, 2016 (in thousands): Landmark Infrastructure Partners LP PreAcquisition results of the Acquisitions Prior to June Landmark Infrastructure Partners LP (As Previously Reported August PreAcquisition results of the Acquisitions Post June Landmark Infrastructure Partners LP (As Currently Reported) Revenue Rental revenue $ 7,588 $ 10 $ 7,598 $ 2,170 $ 9,768 Expenses Management fees to affiliate — — — 73 73 Property operating 67 — 67 2 69 General and administrative 1,041 — 1,041 — 1,041 Acquisition-related 263 — 263 92 355 Amortization 2,239 2 2,241 544 2,785 Total expenses 3,610 2 3,612 711 4,323 Other income and expenses (3,950 ) 29 (3,921 ) (916 ) (4,837 ) Net income 28 37 65 543 608 Other comprehensive loss — — — (3 ) (3 ) Comprehensive income $ 28 $ 37 $ 65 $ 540 $ 605 Consolidated statement of operations for the six months ended June 30, 2016 (in thousands): Landmark Infrastructure Partners LP Pre¬Acquisition results of the Acquisitions Prior to June Landmark Infrastructure Partners LP (As Previously Reported August PreAcquisition results of the Acquisitions Post June Landmark Infrastructure Partners LP (As Currently Reported) Revenue Rental revenue $ 15,160 $ 38 $ 15,198 $ 4,310 $ 19,508 Expenses Management fees to affiliate — — — 146 146 Property operating 72 — 72 2 74 General and administrative 2,145 — 2,145 — 2,145 Acquisition-related 335 — 335 92 427 Amortization 4,241 3 4,244 1,063 5,307 Total expenses 6,793 3 6,796 1,303 8,099 Other income and expenses (8,767 ) 107 (8,660 ) (1,994 ) (10,654 ) Net income (loss) (400 ) 142 (258 ) 1,013 755 Other comprehensive loss — — — (2 ) (2 ) Comprehensive income (loss) $ (400 ) $ 142 $ (258 ) $ 1,011 $ 753 Consolidated summarized cash flows for the six months ended June 30, 2016 (in thousands): Landmark Infrastructure Partners LP PreAcquisition results of the Acquisitions Prior to June 30, 2016 Landmark Infrastructure Partners LP (As Previously Reported August 2, 2016) PreAcquisition results of the Acquisitions Post June 30, 2016 Landmark Infrastructure Partners LP (As Currently Reported) Net cash provided by operating activities $ 10,243 $ 125 $ 10,368 $ 2,512 $ 12,880 Net cash used in investing activities (3,717 ) — (3,717 ) 6 (3,711 ) Net cash used in financing activities (2,780 ) (125 ) (2,905 ) (2,518 ) (5,423 ) The Pre-Acquisition results of the Acquisitions Prior to June 30, 2016 include the retroactive adjustments to reflect the results of operations and cash flows of the Drop-down Acquisitions made during 2016 prior to June 30, 2016 for the periods under common control. The Landmark Infrastructure Partners LP (As Previously Reported August 2, 2016) column refers to periods previously filed within the Partnership’s Form 10-Q as filed on August 2, 2016. The Pre-Acquisition results of the Acquisitions Post June 30, 2016 include the retroactive adjustments to reflect the results of operations and cash flows of the Drop-down Acquisitions made during 2016 post June 30, 2016 for the periods under common control. The June 8, 2017 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, and prior periods will not be retroactively adjusted. Any differences between the cash consideration and the net carrying value of the transfer of net assets will be allocated to the General Partner. Third Party Acquisitions During the six months ended June 30, 2017 and the year ended December 31, 2016, the Partnership completed several 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 six months ended June 30, 2017 and the year ended December 31, 2016: No. of Tenant Sites Consideration (in millions) Acquisition Description Wireless Communication Outdoor Advertising Renewable Power Generation Total Investments in Receivables Borrowings and Available Cash Common Units Total First Quarter International 3 4 — 7 — $ 3.6 $ — $ 3.6 UEP 1 — — 1 — — 0.1 0.1 Domestic 5 3 — 8 — 1.2 — 1.2 Total 9 7 — 16 — $ 4.8 $ 0.1 $ 4.9 Second Quarter International 2 4 — 6 1 $ 9.0 $ — $ 9.0 UEP 3 1 — 4 — — 1.0 1.0 Domestic 1 — — 1 — 0.5 — 0.5 Total 6 5 — 11 1 $ 9.5 $ 1.0 $ 10.5 2017 Total 15 12 — 27 1 $ 14.3 $ 1.1 $ 15.4 Second Quarter International 2 — — 2 — $ 0.1 $ — $ 0.1 UEP 3 — — 3 — — 1.6 1.6 Total 5 — — 5 — $ 0.1 $ 1.6 $ 1.7 Third Quarter International 4 1 — 5 — $ 4.4 $ — $ 4.4 UEP 1 — — 1 — — 0.1 0.1 Total 5 1 — 6 — $ 4.4 $ 0.1 $ 4.5 Fourth Quarter International 6 5 — 11 — $ 2.0 $ — $ 2.0 UEP 1 1 — 2 — — 0.9 0.9 Domestic 8 2 6 16 — 76.6 — 76.6 Total 15 8 6 29 — $ 78.6 $ 0.9 $ 79.5 2016 Total 25 9 6 40 — $ 83.1 $ 2.6 $ 85.7 |
Real Property Interests
Real Property Interests | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate [Abstract] | |
Real Property Interests | 4. Real Property Interests The following table summarizes the Partnership’s real property interests: June 30, 2017 December 31, 2016 Land $ 98,532 $ 88,845 Real property interests – perpetual 102,493 99,911 Real property interests – finite life 422,655 390,119 Total land and real property interests 623,680 578,875 Accumulated amortization of real property interests (31,510 ) (25,967 ) Land and net real property interests $ 592,170 $ 552,908 On March 22, 2016, the Partnership completed a sale of one wireless communication site to a third party in exchange for cash consideration of $0.8 million. We recognized a gain on sale of real property interest of $0.4 million upon completion of the sale. On March 30, 2016, the Partnership completed a sale of 12 wireless communication sites to Landmark, in exchange for cash consideration of $2.0 million. The assets were originally acquired by Landmark and sold to the Partnership during the July 21, 2015 and September 21, 2015 acquisitions. Landmark repurchased the pool of assets at the same purchase price sold to the Partnership. As the transaction is between entities under common control, the difference between the cash consideration and the net book value of the assets is allocated to the General Partner and no gain or loss is recognized. During the six months ended June 30, 2017 and the year ended December 31, 2016, the Partnership paid total consideration of $43.8 million and $205.7 million, respectively, for Drop-down Acquisitions. The Drop-down Acquisitions are deemed to be transactions between entities under common control. Drop-down Acquisitions prior to the adoption of ASU No. 2017-01 on April 1, 2017 required the assets and liabilities to be transferred at the historical cost of the parent of the entities and historical periods retroactively adjusted. During the year ended December 31, 2016 the difference between the total consideration of $205.7 million, respectively, and the historical cost basis of $141.1 million, respectively, was allocated to the General Partner. For Drop-down Acquisitions after April 1, 2017, t he transfer of net assets is accounted for prospectively in the period in which the transfer occurs at the net carrying value, and prior periods will not be retroactively adjusted. The Partnership applies the business combination method to all acquired investments of real property interests for transactions that meet the definition of a business combination. The 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 six months ended June 30, 2017 and the year ended December 31, 2016 of estimated fair values of the assets acquired and liabilities assumed (in thousands). Prior-period financial information, has been retroactively adjusted for transactions between entities under common control prior to April 1, 2017. Investments in real In-place lease Above-market Below-market Period Land property interests intangibles lease intangibles lease intangibles Total 2017 $ 9,448 $ 35,818 $ 1,458 $ 434 $ (290 ) $ 46,868 2016 76,197 39,726 4,009 976 (865 ) 120,043 Future estimated aggregate amortization of real property interests for each of the five succeeding fiscal years and thereafter as of June 30, 2017, are as follows (in thousands): 2017 (six months) $ 5,847 2018 11,417 2019 11,061 2020 10,499 2021 9,911 Thereafter 342,410 Total $ 391,145 The weighted average remaining amortization period for non‑perpetual real property interests is 50 years as of June 30, 2017. During the three and six months ended June 30, 2017, four and six, respectively, of the Partnership’s real property interests were impaired as a result of termination notices received. There was no impairment during the three and six months ended June 30, 2016. During the three and six months ended June 30, 2017, we recognized impairment charges totaling $0.7 million and $0.8 million, respectively. The carrying value of each real property interest was determined to have a fair value of zero. |
Other Intangible Assets and Lia
Other Intangible Assets and Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 December 31, 2016 Acquired in-place lease Gross amount $ 18,169 $ 16,729 Accumulated amortization (5,269 ) (4,491 ) Net amount $ 12,900 $ 12,238 Acquired above-market leases Gross amount $ 5,962 $ 5,523 Accumulated amortization (2,437 ) (2,031 ) Net amount $ 3,525 $ 3,492 Total other intangible assets, net $ 16,425 $ 15,730 Acquired below-market leases Gross amount $ (19,658 ) $ (19,366 ) Accumulated amortization 7,362 6,305 Total other intangible liabilities, net $ (12,296 ) $ (13,061 ) We recorded net amortization of above ‑ Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of June 30, 2017 follows (in thousands): Acquired in-place leases Acquired above-market Acquired below-market 2017 (six months) $ 790 $ 350 $ (977 ) 2018 1,518 526 (1,923 ) 2019 1,442 452 (1,867 ) 2020 1,369 380 (1,804 ) 2021 1,303 322 (1,662 ) Thereafter 6,478 1,495 (4,063 ) Total $ 12,900 $ 3,525 $ (12,296 ) |
Investments in Receivables
Investments in Receivables | 6 Months Ended |
Jun. 30, 2017 | |
Notes Receivable Net [Abstract] | |
Investments in Receivables | 6. Investments in Receivables As a result of the transfer of investments in receivables from the Predecessor to the Partnership, which met the conditions to be accounted for as a sale in accordance with ASC 860, Transfers and Servicing Interest income recognized on the receivables totaled $0.4 million and $0.7 million for the three and six months ended June 30, 2017, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 2016, respectively. The following table reflects the activity in investments in receivables (in thousands): June 30, 2017 December 31, 2016 Investments in receivables – beginning $ 17,440 $ 12,136 Acquisitions 3,240 5,934 Fair value adjustment — 239 Repayments (525 ) (905 ) Interest accretion 7 36 Foreign currency translation adjustment (11 ) — Investments in receivables – ending $ 20,151 $ 17,440 Annual amounts due as of June 30, 2017, are as follows (in thousands): 2017 (six months) $ 1,465 2018 2,663 2019 2,192 2020 2,185 2021 2,248 Thereafter 28,804 Total $ 39,557 Interest $ 19,406 Principal 20,151 Total $ 39,557 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date June 30, 2017 December 31, Revolving credit facility November 19, 2019 $ 279,000 $ 224,500 Series 2016-1 Class A 3.52% June 1, 2021 (1) $ 90,335 $ 90,917 Series 2016-1 Class B 7.02% June 1, 2021 (1) 25,100 25,100 Secured notes 115,435 116,017 Discount on secured notes (14 ) (15 ) Deferred loan costs (3,170 ) (3,567 ) Secured notes, net $ 112,251 $ 112,435 (1) Maturity date reflects anticipated repayment date; final legal maturity is July 15, 2046. Revolving Credit Facility Substantially all of our assets, excluding equity in and assets of unrestricted subsidiaries, are pledged (or secured by mortgages), as collateral under our revolving credit facility. Our revolving credit facility contains various customary covenants and restrictive provisions. Borrowings under the revolving credit facility bear interest at our option at a variable rate per annum equal to either: • a base rate, which will be the highest of (i) the administrative agent’s prime rate in effect on such day, (ii) the federal funds rate in effect on such day plus 0.50%, and (iii) an adjusted one month LIBOR plus 1.0%, in each case, plus an applicable margin of 1.50%; or • an adjusted one-month LIBOR plus an applicable margin of 2.50%. The revolving credit facility requires monthly interest payments and the outstanding debt balance is due upon maturity. On June 1, 2017, we exercised our option to increase the available commitments under our revolving credit facility for an additional $85 million, resulting in aggregate commitments of $367 million under the revolving credit facility. As of June 30, 2017, there was $88 million of undrawn borrowing capacity, subject to compliance with certain financial covenants. As of June 30, 2017, the Partnership was in compliance with all financial covenants required under the revolving credit facility. Secured Notes On June 16, 2016, the Partnership completed a securitization transaction involving certain tenant sites and related real property interests owned by certain unrestricted special purpose subsidiaries of the Partnership (the “Obligors”), through the issuance of the Series 2016-1 Secured Tenant Site Contract Revenue Notes, Class A and Class B, 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 secured notes were issued at a discount of $17,292, which will be accreted and recognized to interest expense over the term of the secured notes. The Class A and Class B secured notes bear interest at a fixed note rate per annum of 3.52% and 7.02%, respectively. The secured notes are secured by (1) mortgages and deeds of trust on certain tenant sites and their operating cash flows, (2) a security interest in substantially all of the personal property of the Obligors, and (3) the rights of the Obligors under a management agreement. The Partnership is required to make monthly payments of principal and interest on Class A Notes based on a 30-year amortization period and monthly payments of interest only on Class B Notes, commencing in July 2016. On each payment date, commencing with the payment date occurring in July 2016, available funds will be used to repay the Class A Notes in an amount sufficient to pay the Class A monthly amortization amount. No other payments of principal will be required to be made prior to the anticipated repayment date in June 2021. 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 of June 30, 2017, the Partnership was in compliance with all financial covenants under the secured notes. The secured notes’ annual principal payment amounts due as of June 30, 2017, are as follows (in thousands): 2017 (six months) $ 1,164 2018 2,913 2019 4,083 2020 5,250 2021 102,025 Total $ 115,435 Interest Expense The Partnership incurred interest expense of $4.2 million and $8.2 million for the three and six months ended June 30, 2017, respectively, and $3.3 million and $6.6 million for the three and six months ended June 30, 2016, respectively. At June 30, 2017 and December 31, 2016 we had interest payable of $0.4 million and $0.4 million, respectively. Additionally, the Partnership recorded deferred loan costs amortization, which is included in interest expense, of $0.5 million and $0.9 million for three and six months ended June 30, 2017, respectively, and $0.4 million and $0.8 million for the three and six months ended June 30, 2016, respectively. Drop-down Acquisitions Interest expense for the three and six months ended June 30, 2016 includes retroactive adjustments of $0.9 million and $1.9 million, respectively, associated with the Fund G secured debt facility. Additionally, deferred loan costs amortization, which is included in interest expense, has been retroactively adjusted to include $0.2 million and $0.4 million for the three and six months ended June 30, 2016, respectively. |
Interest Rate Swap Agreements
Interest Rate Swap Agreements | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Interest Rate Swap Agreements | 8. 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 Date Date June 30, 2017 December 31, December 24, 2014 $ 70,000 4.02 % 12/24/2014 12/24/2018 $ (84 ) $ (376 ) February 5, 2015 25,000 3.79 4/13/2015 4/13/2019 85 13 August 24, 2015 50,000 4.24 10/1/2015 10/1/2022 310 354 March 23, 2016 50,000 4.17 12/24/2018 12/24/2021 468 720 March 31, 2016 20,000 4.06 12/24/2018 12/24/2021 246 347 March 31, 2016 25,000 4.13 4/13/2019 4/13/2022 295 426 June 12, 2017 50,000 4.56 3/2/2018 9/2/2024 114 — $ 1,434 $ 1,484 During the three and six months ended June 30, 2017, the Partnership recorded a loss of $0.5 million and a loss of less than $0.1 million, respectively, and for the three and six months ended June 30, 2016, the Partnership recorded a loss of $1.8 million and $5.0 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 and combined statements of operations. Prior-period information has been retroactively adjusted to include an unrealized loss on derivative financial instruments related to Fund G’s interest rate swap agreement of $0.1 million for the six months ended June 30, 2016. Fund G’s interest rate swap agreement was terminated in connection with the repayment of Fund G’s secured indebtedness. The fair value 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 June 30, 2017. 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 December 24, 2014 12/24/2018 $ 409 $ (585 ) $ 899 $ (1,089 ) February 5, 2015 4/13/2019 300 (133 ) 513 (353 ) August 24, 2015 10/1/2022 1,519 (930 ) 2,691 (2,208 ) March 23, 2016 12/24/2021 1,158 (240 ) 1,823 (974 ) March 31, 2016 12/24/2021 523 (34 ) 788 (327 ) March 31, 2016 4/13/2022 641 (55 ) 970 (422 ) June 12, 2017 9/2/2024 1,569 (1,448 ) 2,986 (3,052 ) |
Equity
Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Equity | 9. Equity The table below summarizes changes in the number of units outstanding for the six months ended June 30, 2017 and 2016 (in units): Series A Series B Common Subordinated Preferred Preferred Balance as of December 31, 2015 11,820,144 3,135,109 — — ATM Programs 131,149 — — — Unit Exchange Program 104,968 — — — Issuance of Preferred Units — — 800,000 — Unit-based compensation 9,840 — — — Balance as of June 30, 2016 12,066,101 3,135,109 800,000 — Balance as of December 31, 2016 19,450,555 3,135,109 863,957 1,840,000 Issuance of units to Fund G - April 28, 2017 221,729 — — — ATM Programs — — 210,645 164,060 Unit Exchange Program 70,481 — — — Unit-based compensation 6,798 — — — Balance as of June 30, 2017 19,749,563 3,135,109 1,074,602 2,004,060 On December 3, 2015, 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 December 30, 2015 and permits us to issue and sell Common and Preferred units, from time to time, representing limited partner interests in us and debt securities up to an aggregate amount of $250.0 million. Additionally, 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 Common and Preferred units, from time to time, representing limited partner interests in us and debt securities up to an aggregate amount of $750.0 million. 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 six months ended June 30, 2017. During the six months ended June 30, 2016, the Partnership issued 131,149 common units under the Common Unit ATM Program generating proceeds of approximately $2.1 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. During the six months ended June 30, 2017 and 2016, under the Unit Exchange Program, we completed an acquisition of five and three tenant sites in exchange for 70,481 and 104,968 Common Units, valued at approximately $1.1 million and $1.6 million, respectively. On October 19, 2016, the Partnership completed a public offering of 3,450,000 Common Units, which includes the full exercise of the underwriters’ option to purchase 450,000 Common Units, at a price to the public of $16.30 per Common Unit, or $15.53 per Common Unit net of the underwriters’ discount. We received net proceeds of $53.3 million after deducting the underwriters’ discount and offering expenses paid by us of $2.9 million. The net proceeds from the offering were used to repay a portion of the borrowings under our revolving credit facility. In connection with the Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. Upon completion of the acquisitions, the Partnership issued 221,729 common units to Fund G on April 28, 2017, as described in Note 3, Acquisitions 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. Preferred Units On April 4, 2016, the Partnership completed a public offering of $20.0 million of 8.0% Series A Cumulative Redeemable Perpetual Preferred Units (“Series A Preferred Units”), representing limited partner interests in the Partnership, at a price of $25.00 per unit. We received net proceeds of approximately $18.4 million after deducting underwriters’ discounts and offering expenses paid by us of $1.6 million. We used all net proceeds to repay a portion of the borrowings under our revolving credit facility. Distributions on the Series A Preferred Units are cumulative from the date of original issuance and will be payable quarterly in arrears on the 15th day of January, April, July and October of each year, when, as and if declared by the board of directors of our General Partner. Distributions on the Series A Preferred Units will accumulate at a rate of 8.0% per annum per $25.00 stated liquidation preference per Series A Preferred Unit. In connection with the closing of the Series A Preferred Unit offering, on April 4, 2016, the Partnership executed the Second Amended and Restated Agreement of Limited Partnership of Landmark Infrastructure Partners LP for the purpose of updating the form of Partnership Agreement and defining the preferences, rights, powers and duties of holders of Series A 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. During the six months ended June 30, 2017, the Partnership issued 210,645 Series A Preferred Units under our Series A Preferred Unit ATM Program, generating proceeds of approximately $5.3 million before issuance costs. No Series A Preferred Units were issued under our Series A Preferred Unit ATM Program during the six months ended June 30, 2016. On August 8, 2016, the Partnership completed a public offering of $46.0 million of 7.9% Series B Cumulative Redeemable Perpetual Preferred Units, at a price of $25.00 per unit, representing limited partner interests in the Partnership (“Series B Preferred Units” and together with the Series A Preferred Units “Preferred Units”). The Partnership issued 1,840,000 Series B Preferred Units, which included the full exercise of the underwriters’ option to purchase an additional 240,000 Series B Preferred Units. We received net proceeds of approximately $44.3 million after deducting underwriters’ discounts and offering expenses paid by us of $1.5 million. We used all net proceeds to repay a portion of the borrowings under our revolving credit facility. Distributions on the Series B Preferred Units are cumulative from the date of the original issuance 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. Distributions on the Series B Preferred Units will accumulate at a rate of 7.9% per annum per $25.00 stated liquidation preference per Series B Preferred Unit. The Series B Preferred Units will rank on parity to our Series A Preferred Units with respect to distributions and distributions upon a liquidation event. In connection with the closing of the Series B Preferred Unit offering, on August 8, 2016, the Partnership executed the Third Amended and Restated Agreement of Limited Partnership of Landmark Infrastructure Partners LP (the “Partnership Agreement”) for the purpose of updating the form of Partnership Agreement and defining the preferences, rights, powers and duties of holders of Series B Preferred Units. The Preferred Units represent perpetual equity interests in us, and they have no maturity or mandatory redemption date and will remain outstanding indefinitely unless redeemed by the Partnership or converted into Common Units in connection with a change in control, as described in the Partnership Agreement. 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. During the six months ended June 30, 2017, the Partnership issued 164,060 Series B Preferred Units under our Series B Preferred Unit ATM Program, generating proceeds of approximately $4.1 million before issuance costs. No Series B Preferred Units were issued under our Series B Preferred Unit ATM Program during the six months ended June 30, 2016. 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 March 31, 2016 April 20, 2016 May 13, 2016 $ 0.3300 $ 4,954 June 30, 2016 July 27, 2016 August 15, 2016 0.3325 5,089 September 30, 2016 October 26, 2016 November 15, 2016 0.3375 7,628 December 31, 2016 January 25, 2017 February 15, 2017 0.3500 7,985 March 31, 2017 April 20, 2017 May 15, 2017 0.3525 8,133 June 30, 2017 July 19, 2017 August 14, 2017 0.3550 8,222 Series A Preferred Units June 30, 2016 June 16, 2016 July 15, 2016 $ 0.5611 $ 449 September 30, 2016 September 22, 2016 October 17, 2016 0.5000 432 December 31, 2016 December 16, 2016 January 17, 2017 0.5000 432 March 31, 2017 March 16, 2017 April 17, 2017 0.5000 432 June 30, 2017 June 22, 2017 July 17, 2017 0.5000 555 Series B Preferred Units September 30, 2016 October 20, 2016 November 15, 2016 $ 0.5322 $ 979 December 31, 2016 January 20, 2017 February 15, 2017 0.4938 909 March 31, 2017 April 20, 2017 May 15, 2017 0.4938 934 June 30, 2017 July 19, 2017 August 15, 2017 0.4938 990 |
Net Income (Loss) Per Limited P
Net Income (Loss) Per Limited Partner Unit | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Unit [Abstract] | |
Net Income (Loss) Per Limited Partner Unit | 10. 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 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. Net income (loss) related to the Drop-down Assets prior to the Partnership’s acquisition dates of each transaction is allocated to the General Partner. The calculation of the undistributed net loss attributable to common and subordinated unitholders for the three and six months ended June 30, 2017 and 2016 follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income (loss) attributable to limited partners $ 2,673 $ 28 $ 6,197 $ (400 ) Less: Distributions declared on Preferred Units (1,510 ) (382 ) (2,854 ) (382 ) General partner's incentive distribution rights (98 ) (5 ) (187 ) (5 ) Net income (loss) attributable to common and subordinated unitholders 1,065 (359 ) 3,156 (787 ) Distributions declared on common units (7,011 ) (4,042 ) (13,951 ) (7,961 ) Distributions declared on subordinated units (1,113 ) (1,042 ) (2,218 ) (2,077 ) Undistributed net loss $ (7,059 ) $ (5,443 ) $ (13,013 ) $ (10,825 ) The calculation of net income (loss) per common and subordinated unit for the three months ended June 30, 2017 and 2016 follows (in thousands, except per unit data): Three Months Ended June 30, 2017 2016 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ 7,011 $ 1,113 $ 4,042 $ 1,042 Undistributed net loss (6,088 ) (971 ) (4,307 ) (1,136 ) Net income (loss) attributable to common and subordinated units - basic 923 142 (265 ) (94 ) Net income (loss) attributable to subordinated units 142 — (94 ) — Net income (loss) attributable to common and subordinated units - diluted $ 1,065 $ 142 $ (359 ) $ (94 ) Weighted-average units outstanding: Basic 19,650 3,135 11,915 3,135 Effect of diluted subordinated units 3,135 — 3,135 — Diluted 22,785 3,135 15,050 3,135 Net income (loss) per common and subordinated unit: Basic $ 0.05 $ 0.05 $ (0.02 ) $ (0.03 ) Diluted (1) $ 0.05 $ 0.05 $ (0.02 ) $ (0.03 ) (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. The dilutive 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 loss per unit for the three months ended June 30, 2017 and 2016, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period. The calculation of net income (loss) per common and subordinated unit for the six months ended June 30, 2017 and 2016 follows (in thousands, except per unit data): Six Months Ended June 30, 2017 2016 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ 13,951 $ 2,218 $ 7,961 $ 2,077 Undistributed net loss (11,222 ) (1,791 ) (8,561 ) (2,264 ) Net income (loss) attributable to common and subordinated units - basic 2,729 427 (600 ) (187 ) Net income (loss) attributable to subordinated units 427 — (187 ) — Net income (loss) attributable to common and subordinated units - diluted $ 3,156 $ 427 $ (787 ) $ (187 ) Weighted-average units outstanding: Basic 19,554 3,135 11,872 3,135 Effect of diluted subordinated units 3,135 — 3,135 — Diluted 22,689 3,135 15,007 3,135 Net income (loss) per common and subordinated unit: Basic $ 0.14 $ 0.14 $ (0.05 ) $ (0.06 ) Diluted (1) $ 0.14 $ 0.14 $ (0.05 ) $ (0.06 ) (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. The dilutive 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 loss per unit for the six months ended June 30, 2017 and 2016, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 11. 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. The Partnership does not believe its credit risk has changed materially from the date the applicable LIBOR plus 2.50% was set for the revolving credit facility. 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 and combined balance sheets at their amortized cost net of recorded reserves and not at fair value. The fair values of the receivables were estimated using an internal valuation model that considered the expected cash flow of the receivables and estimated yield requirements by market participants with similar characteristics, including remaining loan term, and credit enhancements. The Partnership classifies these inputs as Level 3 inputs. Interest rate swap agreements : The Partnership’s interest rate swap agreements are presented at fair value on the accompanying consolidated and combined balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable and unobservable inputs. A majority of the inputs are observable with the only unobservable inputs relating to the lack of performance risk on the part of the Partnership or the counter party to the instrument. As such, the Partnership classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market‑based inputs, including the interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risk to the contracts, are incorporated in the fair values to account for potential nonperformance risk. The table below summarizes the carrying amounts and fair values of financial instruments which are not carried at fair value on the face of the financial statements (in thousands): June 30, 2017 December 31, 2016 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 20,151 $ 20,191 $ 17,440 $ 17,550 Revolving credit facility 279,000 279,000 224,500 224,500 Secured notes, net 112,251 113,261 112,435 112,608 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 June 30, 2017 and December 31, 2016, the Partnership measured the following assets and liabilities at fair value on a recurring basis (in thousands): June 30, 2017 December 31, 2016 Derivative Assets (1) $ 1,518 $ 1,860 Derivative Liabilities (1) 84 376 (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. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 12. Related‑Party Transactions General and Administrative Reimbursement 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. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $80.0 million and (ii) November 19, 2019. The full amount of general and administrative expenses incurred will be reflected on our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected on our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in the amount of general and administrative expenses. 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 and six months ended June 30, 2017, Landmark reimbursed us $1.1 million and $2.0 million, respectively, for expenses related to certain general and administrative expenses that exceeded the cap, and $0.8 million and $1.6 million during the three and six months ended June 30, 2016, respectively. 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 ‑ Right of First Offer Certain other investment funds managed by Landmark have granted us a right of first offer (“ROFO”) on real property interests that they currently own or acquire in the future before selling or transferring those assets to any third party. During the year ended December 31, 2016, the Partnership completed the following ROFO acquisitions: Common Units Total No. Total No. of Total Total Issued to Acquired of Tenant Investments in Consideration Common Units Landmark Acquisition Date Fund Sites Receivables (in millions) Issued and Affiliates August 30, 2016 Fund G 386 5 $ 140.3 3,592,430 25,220 Various (1) Fund G 2 — 11.3 221,729 221,729 (1) In connection with the Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. The Partnership acquired one of these tenant sites and related real property interests on March 31, 2017 for cash consideration of $7.5 million and the remaining additional tenant site for $3.8 million on April 28, 2017. Upon completion of the full acquisition, the Partnership issued to Fund G on April 28, 2017. See further discussion in Note 3, Acquisitions Management Fee In accordance with the limited liability company agreements for each of the funds, Landmark or its affiliates were paid a management fee ranging from $45 to $75 per asset per month for providing various services to the funds. Upon execution of the omnibus agreement and completion of the closing of the IPO, Landmark’s right to receive this management fee has been terminated and we will instead reimburse Landmark for certain general and administrative expenses incurred by Landmark pursuant to the omnibus agreement, subject to a cap, as described above. For the three and six months ended June 30, 2016, financial information has been retroactively adjusted to include management fees of $0.1 million, incurred by Fund G during the period prior to the acquisition by the Partnership. Secured Tenant Site Assets’ Management Fee In connection with the issuance of the secured notes, the Partnership entered into a management agreement, dated as of June 16, 2016 (the “Secured Notes Management Agreement”), with the General Partner. Pursuant to the Secured Notes Management Agreement, 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 Secured Notes Management Agreement. 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 $4,611 and $9,248 of secured tenant site assets’ management fees during the three and six months ended June 30, 2017, respectively. No secured tenant site assets’ management fees were incurred during the three and six months ended June 30, 2016, respectively. Acquisition of Real Property Interests In connection with third party acquisitions, Landmark will be obligated to provide acquisition services to us, including asset identification, underwriting and due diligence, negotiation, documentation and closing, at the reasonable request of our General Partner, but we are under no obligation to utilize such services. We will pay Landmark reasonable fees, as mutually agreed to by Landmark and us, for providing these services. These fees will not be subject to the cap on general and administrative expenses described above. As of June 30, 2017, no such fees have been incurred. 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 Partnership Agreement) in excess of $0.2875 per unit per quarter. Accordingly, based on the cash distribution declared, our General Partner will receive 15% of the cash distribution in excess of our second target distribution as defined in our Partnership agreement for the quarter ended June 30, 2017. Due from Affiliates At June 30, 2017 and December 31, 2016, the General Partner and its affiliates owed $0.7 million and $0.6 million, respectively, to the Partnership primarily for the current quarter general and administrative reimbursement and for rents received on our behalf. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | 13. 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 June 30, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 8,240 $ 2,454 $ 2,109 $ — $ 12,803 Expenses Property operating 18 36 20 — 74 General and administrative — — — 1,437 1,437 Acquisition-related — — — 285 285 Amortization 2,659 443 137 — 3,239 Impairments 535 157 — — 692 Total expenses 3,212 636 157 1,722 5,727 Total other income and expenses 191 15 174 (4,779 ) (4,399 ) Net income (loss) $ 5,219 $ 1,833 $ 2,126 $ (6,501 ) $ 2,677 For the three months ended June 30, 2016 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 7,458 $ 2,038 $ 272 $ — $ 9,768 Expenses Management fees to affiliate 42 31 — — 73 Property operating 54 9 6 — 69 General and administrative — — — 1,041 1,041 Acquisition-related 87 — 8 260 355 Amortization 2,427 309 49 — 2,785 Total expenses 2,610 349 63 1,301 4,323 Total other income and expenses 165 — 110 (5,112 ) (4,837 ) Net income (loss) $ 5,013 $ 1,689 $ 319 $ (6,413 ) $ 608 For the six months ended June 30, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 16,204 $ 4,559 $ 3,881 $ — $ 24,644 Expenses Management fees to affiliate — — — — — Property operating 19 45 97 — 161 General and administrative — — — 2,845 2,845 Acquisition-related 14 174 — 564 752 Amortization 5,313 781 274 — 6,368 Impairments 646 202 — — 848 Total expenses 5,992 1,202 371 3,409 10,974 Total other income and expenses 370 15 353 (8,204 ) (7,466 ) Net income (loss) $ 10,582 $ 3,372 $ 3,863 $ (11,613 ) $ 6,204 For the six months ended June 30, 2016 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 14,919 $ 4,050 $ 539 $ — $ 19,508 Expenses Management fees to affiliate 84 62 — — 146 Property operating 59 9 6 — 74 General and administrative — — — 2,145 2,145 Acquisition-related 87 — 8 332 427 Amortization 4,598 620 89 — 5,307 Total expenses 4,828 691 103 2,477 8,099 Total other income and expenses 744 — 189 (11,587 ) (10,654 ) Net income (loss) $ 10,835 $ 3,359 $ 625 $ (14,064 ) $ 755 The Partnership’s total assets by segment were (in thousands): June 30, 2017 December 31, 2016 Segments Wireless communication $ 401,332 $ 394,991 Outdoor advertising 127,359 92,660 Renewable power generation 105,548 103,052 Corporate assets 16,608 12,357 Total assets $ 650,847 $ 603,060 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies The Partnership’s commitments and contingencies include customary claims and obligations incurred in the normal course of business. In the opinion of management, these matters will not have a material effect on the Partnership’s combined financial position. 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. 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. In connection with the June 8, 2017 drop-down acquisition from our Sponsor, the Partnership entered into a contractual obligation to acquire one tenant site and related real property interest for cash consideration of $1.6 million. As of June 30, 2017, the Partnership had a $6.6 million commitment to acquire and deploy the Zero Site microgrid solution across North America, a self-contained neutral-host smart pole designed for wireless carrier and other wireless operator colocation. As of June 30, 2017, the Partnership had approximately $63.5 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. |
Tenant Concentration
Tenant Concentration | 6 Months Ended |
Jun. 30, 2017 | |
Risks And Uncertainties [Abstract] | |
Tenant Concentration | 15. Tenant Concentration For the three and six months ended June 30, 2017 and 2016, the Partnership had the following tenant revenue concentrations: Three Months Ended June 30, Six Months Ended June 30, Tenant 2017 2016 2017 2016 T-Mobile 11.8 % 14.1 % 12.2 % 14.1 % AT&T Mobility 11.2 % 13.0 % 11.4 % 13.1 % Sprint 10.1 % 12.0 % 10.1 % 12.0 % Crown Castle 9.2 % 11.0 % 9.4 % 10.8 % 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. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 16. Supplemental Cash Flow Information Noncash activities for the six months ended June 30, 2017 and 2016 were as follows (in thousands): Six Months Ended June 30, 2017 2016 Capital contribution to fund general and administrative expense reimbursement $ 1,074 $ 819 Purchase price for acquisitions included in due to Landmark and affiliates — 110 Unit Exchange Program acquisitions 1,099 1,604 Fair value adjustment of investments in receivables — 212 Distributions payable to preferred unitholders 948 382 Offering costs included in accounts payable and accrued liabilities — 668 Deferred loan costs included in accounts payable and accrued liabilities — 708 Purchase price for acquisitions included in accounts payable 285 — Cash flows related to interest paid was as follows (in thousands): Six Months Ended June 30, 2017 2016 Cash paid for interest $ 7,253 $ 6,134 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events On July 20, 2017, common and subordinated unitholders approved an amendment to the partnership agreement that imposes ownership limits on the holding of units in the Partnership. On July 31, 2017, the Partnership amended the partnership agreement to impose ownership limits and completed changes to its’ organizational structure by moving the Partnership’s assets under a subsidiary intended to be taxed as a real estate investment trust. 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. Additionally, as part of the Partnership’s organization structure change on July 31, 2017, the Partnership entered into a Second Amended and Restated Credit Agreement new subsidiaries as borrowers and added certain subsidiaries as guarantors On July 28, 2017, the Partnership completed an acquisition of 34 tenant sites and related real property interests, consisting of 30 wireless communication, 1 outdoor advertising, and 3 renewable power generation sites, from our Sponsor, in exchange from cash consideration of $22 million. The purchase price was funded with $20 million of borrowings under the Partnership’s existing credit facility and available cash. Subsequent to June 30, 2017, the Partnership issued 100,199 Series A and 28,289 Series B Preferred Units under our existing ATM Programs, generating proceeds of $2.5 million and $0.7 million before issuance costs. |
Basis of Presentation and Sum25
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidated and Combined Financial Statements | Basis of Presentation and Principles of Consolidated and Combined Financial Statements During the year ended December 31, 2016, the Partnership completed five drop-down acquisitions, respectively, from our Sponsor and affiliates (collectively the “2016 Drop-down Acquisitions” or “2016 Drop-down Assets”). The 2016 Drop-down Acquisitions are deemed to be transactions between entities under common control, which prior to the adoption of ASU No. 2017-01, on April 1, 2017, as described below, requires assets and liabilities transferred be reflected at the historical cost of the parent of the entities, with prior periods retroactively adjusted to furnish comparative information. Accordingly, the accompanying financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the 2016 Drop-down Assets prior to the acquisition dates during the periods the assets were under common control. The differences between the cash consideration of each acquisition and the historical cost basis were allocated to the General Partner. All intercompany transactions and account balances have been eliminated. Our results of operations, cash flows, assets and liabilities consist of the consolidated Landmark Infrastructure Partners LP activities and balances with retroactive adjustments of the combined results of operations, cash flows, assets and liabilities of the Drop-down Assets as if the Drop-down Acquisitions occurred on the earliest date during which the Drop-down Assets were under common control. See further discussion in Note 3, Acquisitions The unaudited interim consolidated and combined 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 and six months ended June 30, 2017 and 2016 included in these Notes to the Consolidated and Combined 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 six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. All references to tenant sites are unaudited. |
Use of Estimates | Use of Estimates The preparation of the consolidated and combined financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated and combined financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
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 any material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash (Topic 230) In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Business Acquisition [Line Items] | |
Consolidated Statement of Operations | Consolidated statement of operations for the three months ended June 30, 2016 (in thousands): Landmark Infrastructure Partners LP PreAcquisition results of the Acquisitions Prior to June Landmark Infrastructure Partners LP (As Previously Reported August PreAcquisition results of the Acquisitions Post June Landmark Infrastructure Partners LP (As Currently Reported) Revenue Rental revenue $ 7,588 $ 10 $ 7,598 $ 2,170 $ 9,768 Expenses Management fees to affiliate — — — 73 73 Property operating 67 — 67 2 69 General and administrative 1,041 — 1,041 — 1,041 Acquisition-related 263 — 263 92 355 Amortization 2,239 2 2,241 544 2,785 Total expenses 3,610 2 3,612 711 4,323 Other income and expenses (3,950 ) 29 (3,921 ) (916 ) (4,837 ) Net income 28 37 65 543 608 Other comprehensive loss — — — (3 ) (3 ) Comprehensive income $ 28 $ 37 $ 65 $ 540 $ 605 Consolidated statement of operations for the six months ended June 30, 2016 (in thousands): Landmark Infrastructure Partners LP Pre¬Acquisition results of the Acquisitions Prior to June Landmark Infrastructure Partners LP (As Previously Reported August PreAcquisition results of the Acquisitions Post June Landmark Infrastructure Partners LP (As Currently Reported) Revenue Rental revenue $ 15,160 $ 38 $ 15,198 $ 4,310 $ 19,508 Expenses Management fees to affiliate — — — 146 146 Property operating 72 — 72 2 74 General and administrative 2,145 — 2,145 — 2,145 Acquisition-related 335 — 335 92 427 Amortization 4,241 3 4,244 1,063 5,307 Total expenses 6,793 3 6,796 1,303 8,099 Other income and expenses (8,767 ) 107 (8,660 ) (1,994 ) (10,654 ) Net income (loss) (400 ) 142 (258 ) 1,013 755 Other comprehensive loss — — — (2 ) (2 ) Comprehensive income (loss) $ (400 ) $ 142 $ (258 ) $ 1,011 $ 753 |
Consolidated Cash Flows | Consolidated summarized cash flows for the six months ended June 30, 2016 (in thousands): Landmark Infrastructure Partners LP PreAcquisition results of the Acquisitions Prior to June 30, 2016 Landmark Infrastructure Partners LP (As Previously Reported August 2, 2016) PreAcquisition results of the Acquisitions Post June 30, 2016 Landmark Infrastructure Partners LP (As Currently Reported) Net cash provided by operating activities $ 10,243 $ 125 $ 10,368 $ 2,512 $ 12,880 Net cash used in investing activities (3,717 ) — (3,717 ) 6 (3,711 ) Net cash used in financing activities (2,780 ) (125 ) (2,905 ) (2,518 ) (5,423 ) |
Drop-down Acquisitions | |
Business Acquisition [Line Items] | |
Schedule of Acquisitions | Number of Tenant Sites Consideration (in millions) Acquisition Date Source Wireless Communication Outdoor Advertising Renewable Power Generation Total Investments in Receivables Borrowings and Available Cash Common Units Total June 8, 2017 Sponsor (1) 30 9 2 41 — $ 24.7 $ — $ 24.7 April 28, 2017 Sponsor (2) — 1 — 1 — 4.3 — 4.3 April 28, 2017 Fund G (2) — 1 — 1 — 3.8 3.5 7.3 March 31, 2017 Fund G (2) — 1 — 1 — 7.5 — 7.5 2017 Acquisitions 30 12 2 44 — $ 40.3 $ 3.5 $ 43.8 December 22, 2016 Sponsor 28 5 2 35 2 $ 13.6 $ — $ 13.6 August 30, 2016 Sponsor 28 5 30 63 — 21.1 — 21.1 August 30, 2016 Fund G 214 171 1 386 5 75.6 64.7 140.3 August 1, 2016 Sponsor 37 4 12 53 6 24.4 — 24.4 April 20, 2016 Sponsor 1 — 1 2 1 6.3 — 6.3 2016 Acquisitions 308 185 46 539 14 $ 141.0 $ 64.7 $ 205.7 (1) In connection with the June 8, 2017 Drop-down acquisition from our Sponsor, the Partnership entered into a contractual obligation to acquire one tenant site and related real property interest for cash consideration of $1.6 million which has not closed as of June 30, 2017. (2) In connection with the August 30, 2016 Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. The Partnership acquired one of these tenant sites and related real property interests on March 31, 2017 for cash consideration of $7.5 million and the remaining tenant site for $3.8 million on April 28, 2017. Upon completion of the full $11.3 million acquisition, the Partnership issued 221,729 Common Units to Fund G on April 28, 2017. |
Third Party Acquisitions | |
Business Acquisition [Line Items] | |
Schedule of Acquisitions | No. of Tenant Sites Consideration (in millions) Acquisition Description Wireless Communication Outdoor Advertising Renewable Power Generation Total Investments in Receivables Borrowings and Available Cash Common Units Total First Quarter International 3 4 — 7 — $ 3.6 $ — $ 3.6 UEP 1 — — 1 — — 0.1 0.1 Domestic 5 3 — 8 — 1.2 — 1.2 Total 9 7 — 16 — $ 4.8 $ 0.1 $ 4.9 Second Quarter International 2 4 — 6 1 $ 9.0 $ — $ 9.0 UEP 3 1 — 4 — — 1.0 1.0 Domestic 1 — — 1 — 0.5 — 0.5 Total 6 5 — 11 1 $ 9.5 $ 1.0 $ 10.5 2017 Total 15 12 — 27 1 $ 14.3 $ 1.1 $ 15.4 Second Quarter International 2 — — 2 — $ 0.1 $ — $ 0.1 UEP 3 — — 3 — — 1.6 1.6 Total 5 — — 5 — $ 0.1 $ 1.6 $ 1.7 Third Quarter International 4 1 — 5 — $ 4.4 $ — $ 4.4 UEP 1 — — 1 — — 0.1 0.1 Total 5 1 — 6 — $ 4.4 $ 0.1 $ 4.5 Fourth Quarter International 6 5 — 11 — $ 2.0 $ — $ 2.0 UEP 1 1 — 2 — — 0.9 0.9 Domestic 8 2 6 16 — 76.6 — 76.6 Total 15 8 6 29 — $ 78.6 $ 0.9 $ 79.5 2016 Total 25 9 6 40 — $ 83.1 $ 2.6 $ 85.7 |
Real Property Interests (Tables
Real Property Interests (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate [Abstract] | |
Summary of the Partnership's real property interests | The following table summarizes the Partnership’s real property interests: June 30, 2017 December 31, 2016 Land $ 98,532 $ 88,845 Real property interests – perpetual 102,493 99,911 Real property interests – finite life 422,655 390,119 Total land and real property interests 623,680 578,875 Accumulated amortization of real property interests (31,510 ) (25,967 ) Land and net real property interests $ 592,170 $ 552,908 |
Schedule of allocation of estimated fair values of the assets acquired and liabilities assumed | The following table summarizes final allocations for acquisitions during the six months ended June 30, 2017 and the year ended December 31, 2016 of estimated fair values of the assets acquired and liabilities assumed (in thousands). Prior-period financial information, has been retroactively adjusted for transactions between entities under common control prior to April 1, 2017. Investments in real In-place lease Above-market Below-market Period Land property interests intangibles lease intangibles lease intangibles Total 2017 $ 9,448 $ 35,818 $ 1,458 $ 434 $ (290 ) $ 46,868 2016 76,197 39,726 4,009 976 (865 ) 120,043 |
Schedule of future estimated amortization of real property interests | Future estimated aggregate amortization of real property interests for each of the five succeeding fiscal years and thereafter as of June 30, 2017, are as follows (in thousands): 2017 (six months) $ 5,847 2018 11,417 2019 11,061 2020 10,499 2021 9,911 Thereafter 342,410 Total $ 391,145 |
Other Intangible Assets and L28
Other Intangible Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 December 31, 2016 Acquired in-place lease Gross amount $ 18,169 $ 16,729 Accumulated amortization (5,269 ) (4,491 ) Net amount $ 12,900 $ 12,238 Acquired above-market leases Gross amount $ 5,962 $ 5,523 Accumulated amortization (2,437 ) (2,031 ) Net amount $ 3,525 $ 3,492 Total other intangible assets, net $ 16,425 $ 15,730 Acquired below-market leases Gross amount $ (19,658 ) $ (19,366 ) Accumulated amortization 7,362 6,305 Total other intangible liabilities, net $ (12,296 ) $ (13,061 ) |
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 June 30, 2017 follows (in thousands): Acquired in-place leases Acquired above-market Acquired below-market 2017 (six months) $ 790 $ 350 $ (977 ) 2018 1,518 526 (1,923 ) 2019 1,442 452 (1,867 ) 2020 1,369 380 (1,804 ) 2021 1,303 322 (1,662 ) Thereafter 6,478 1,495 (4,063 ) Total $ 12,900 $ 3,525 $ (12,296 ) |
Investments in Receivables (Tab
Investments in Receivables (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Receivable Net [Abstract] | |
Activity in investments in receivables | The following table reflects the activity in investments in receivables (in thousands): June 30, 2017 December 31, 2016 Investments in receivables – beginning $ 17,440 $ 12,136 Acquisitions 3,240 5,934 Fair value adjustment — 239 Repayments (525 ) (905 ) Interest accretion 7 36 Foreign currency translation adjustment (11 ) — Investments in receivables – ending $ 20,151 $ 17,440 |
Annual amounts due | Annual amounts due as of June 30, 2017, are as follows (in thousands): 2017 (six months) $ 1,465 2018 2,663 2019 2,192 2020 2,185 2021 2,248 Thereafter 28,804 Total $ 39,557 Interest $ 19,406 Principal 20,151 Total $ 39,557 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Partnership's debt | The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date June 30, 2017 December 31, Revolving credit facility November 19, 2019 $ 279,000 $ 224,500 Series 2016-1 Class A 3.52% June 1, 2021 (1) $ 90,335 $ 90,917 Series 2016-1 Class B 7.02% June 1, 2021 (1) 25,100 25,100 Secured notes 115,435 116,017 Discount on secured notes (14 ) (15 ) Deferred loan costs (3,170 ) (3,567 ) Secured notes, net $ 112,251 $ 112,435 (1) Maturity date reflects anticipated repayment date; final legal maturity is July 15, 2046. |
Schedule of 'secured notes' annual amounts due | The secured notes’ annual principal payment amounts due as of June 30, 2017, are as follows (in thousands): 2017 (six months) $ 1,164 2018 2,913 2019 4,083 2020 5,250 2021 102,025 Total $ 115,435 |
Interest Rate Swap Agreements (
Interest Rate Swap Agreements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Date Date June 30, 2017 December 31, December 24, 2014 $ 70,000 4.02 % 12/24/2014 12/24/2018 $ (84 ) $ (376 ) February 5, 2015 25,000 3.79 4/13/2015 4/13/2019 85 13 August 24, 2015 50,000 4.24 10/1/2015 10/1/2022 310 354 March 23, 2016 50,000 4.17 12/24/2018 12/24/2021 468 720 March 31, 2016 20,000 4.06 12/24/2018 12/24/2021 246 347 March 31, 2016 25,000 4.13 4/13/2019 4/13/2022 295 426 June 12, 2017 50,000 4.56 3/2/2018 9/2/2024 114 — $ 1,434 $ 1,484 |
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 December 24, 2014 12/24/2018 $ 409 $ (585 ) $ 899 $ (1,089 ) February 5, 2015 4/13/2019 300 (133 ) 513 (353 ) August 24, 2015 10/1/2022 1,519 (930 ) 2,691 (2,208 ) March 23, 2016 12/24/2021 1,158 (240 ) 1,823 (974 ) March 31, 2016 12/24/2021 523 (34 ) 788 (327 ) March 31, 2016 4/13/2022 641 (55 ) 970 (422 ) June 12, 2017 9/2/2024 1,569 (1,448 ) 2,986 (3,052 ) |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of changes in the number of units outstanding | The table below summarizes changes in the number of units outstanding for the six months ended June 30, 2017 and 2016 (in units): Series A Series B Common Subordinated Preferred Preferred Balance as of December 31, 2015 11,820,144 3,135,109 — — ATM Programs 131,149 — — — Unit Exchange Program 104,968 — — — Issuance of Preferred Units — — 800,000 — Unit-based compensation 9,840 — — — Balance as of June 30, 2016 12,066,101 3,135,109 800,000 — Balance as of December 31, 2016 19,450,555 3,135,109 863,957 1,840,000 Issuance of units to Fund G - April 28, 2017 221,729 — — — ATM Programs — — 210,645 164,060 Unit Exchange Program 70,481 — — — Unit-based compensation 6,798 — — — Balance as of June 30, 2017 19,749,563 3,135,109 1,074,602 2,004,060 |
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 March 31, 2016 April 20, 2016 May 13, 2016 $ 0.3300 $ 4,954 June 30, 2016 July 27, 2016 August 15, 2016 0.3325 5,089 September 30, 2016 October 26, 2016 November 15, 2016 0.3375 7,628 December 31, 2016 January 25, 2017 February 15, 2017 0.3500 7,985 March 31, 2017 April 20, 2017 May 15, 2017 0.3525 8,133 June 30, 2017 July 19, 2017 August 14, 2017 0.3550 8,222 Series A Preferred Units June 30, 2016 June 16, 2016 July 15, 2016 $ 0.5611 $ 449 September 30, 2016 September 22, 2016 October 17, 2016 0.5000 432 December 31, 2016 December 16, 2016 January 17, 2017 0.5000 432 March 31, 2017 March 16, 2017 April 17, 2017 0.5000 432 June 30, 2017 June 22, 2017 July 17, 2017 0.5000 555 Series B Preferred Units September 30, 2016 October 20, 2016 November 15, 2016 $ 0.5322 $ 979 December 31, 2016 January 20, 2017 February 15, 2017 0.4938 909 March 31, 2017 April 20, 2017 May 15, 2017 0.4938 934 June 30, 2017 July 19, 2017 August 15, 2017 0.4938 990 |
Net Income (Loss) Per Limited33
Net Income (Loss) Per Limited Partner Unit (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 and six months ended June 30, 2017 and 2016 follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income (loss) attributable to limited partners $ 2,673 $ 28 $ 6,197 $ (400 ) Less: Distributions declared on Preferred Units (1,510 ) (382 ) (2,854 ) (382 ) General partner's incentive distribution rights (98 ) (5 ) (187 ) (5 ) Net income (loss) attributable to common and subordinated unitholders 1,065 (359 ) 3,156 (787 ) Distributions declared on common units (7,011 ) (4,042 ) (13,951 ) (7,961 ) Distributions declared on subordinated units (1,113 ) (1,042 ) (2,218 ) (2,077 ) Undistributed net loss $ (7,059 ) $ (5,443 ) $ (13,013 ) $ (10,825 ) |
Calculation of net income (loss) per unit | The calculation of net income (loss) per common and subordinated unit for the three months ended June 30, 2017 and 2016 follows (in thousands, except per unit data): Three Months Ended June 30, 2017 2016 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ 7,011 $ 1,113 $ 4,042 $ 1,042 Undistributed net loss (6,088 ) (971 ) (4,307 ) (1,136 ) Net income (loss) attributable to common and subordinated units - basic 923 142 (265 ) (94 ) Net income (loss) attributable to subordinated units 142 — (94 ) — Net income (loss) attributable to common and subordinated units - diluted $ 1,065 $ 142 $ (359 ) $ (94 ) Weighted-average units outstanding: Basic 19,650 3,135 11,915 3,135 Effect of diluted subordinated units 3,135 — 3,135 — Diluted 22,785 3,135 15,050 3,135 Net income (loss) per common and subordinated unit: Basic $ 0.05 $ 0.05 $ (0.02 ) $ (0.03 ) Diluted (1) $ 0.05 $ 0.05 $ (0.02 ) $ (0.03 ) (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. The dilutive 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 loss per unit for the three months ended June 30, 2017 and 2016, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period. The calculation of net income (loss) per common and subordinated unit for the six months ended June 30, 2017 and 2016 follows (in thousands, except per unit data): Six Months Ended June 30, 2017 2016 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ 13,951 $ 2,218 $ 7,961 $ 2,077 Undistributed net loss (11,222 ) (1,791 ) (8,561 ) (2,264 ) Net income (loss) attributable to common and subordinated units - basic 2,729 427 (600 ) (187 ) Net income (loss) attributable to subordinated units 427 — (187 ) — Net income (loss) attributable to common and subordinated units - diluted $ 3,156 $ 427 $ (787 ) $ (187 ) Weighted-average units outstanding: Basic 19,554 3,135 11,872 3,135 Effect of diluted subordinated units 3,135 — 3,135 — Diluted 22,689 3,135 15,007 3,135 Net income (loss) per common and subordinated unit: Basic $ 0.14 $ 0.14 $ (0.05 ) $ (0.06 ) Diluted (1) $ 0.14 $ 0.14 $ (0.05 ) $ (0.06 ) (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. The dilutive 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 loss per unit for the six months ended June 30, 2017 and 2016, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period. |
Fair Value of Financial Instr34
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 December 31, 2016 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 20,151 $ 20,191 $ 17,440 $ 17,550 Revolving credit facility 279,000 279,000 224,500 224,500 Secured notes, net 112,251 113,261 112,435 112,608 |
Assets and liabilities measured at fair value on a recurring basis | As of June 30, 2017 and December 31, 2016, the Partnership measured the following assets and liabilities at fair value on a recurring basis (in thousands): June 30, 2017 December 31, 2016 Derivative Assets (1) $ 1,518 $ 1,860 Derivative Liabilities (1) 84 376 (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. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Right of First Offer acquisitions | During the year ended December 31, 2016, the Partnership completed the following ROFO acquisitions: Common Units Total No. Total No. of Total Total Issued to Acquired of Tenant Investments in Consideration Common Units Landmark Acquisition Date Fund Sites Receivables (in millions) Issued and Affiliates August 30, 2016 Fund G 386 5 $ 140.3 3,592,430 25,220 Various (1) Fund G 2 — 11.3 221,729 221,729 (1) In connection with the Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. The Partnership acquired one of these tenant sites and related real property interests on March 31, 2017 for cash consideration of $7.5 million and the remaining additional tenant site for $3.8 million on April 28, 2017. Upon completion of the full acquisition, the Partnership issued to Fund G on April 28, 2017. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of statement of operations by reportable segment | For the three months ended June 30, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 8,240 $ 2,454 $ 2,109 $ — $ 12,803 Expenses Property operating 18 36 20 — 74 General and administrative — — — 1,437 1,437 Acquisition-related — — — 285 285 Amortization 2,659 443 137 — 3,239 Impairments 535 157 — — 692 Total expenses 3,212 636 157 1,722 5,727 Total other income and expenses 191 15 174 (4,779 ) (4,399 ) Net income (loss) $ 5,219 $ 1,833 $ 2,126 $ (6,501 ) $ 2,677 For the three months ended June 30, 2016 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 7,458 $ 2,038 $ 272 $ — $ 9,768 Expenses Management fees to affiliate 42 31 — — 73 Property operating 54 9 6 — 69 General and administrative — — — 1,041 1,041 Acquisition-related 87 — 8 260 355 Amortization 2,427 309 49 — 2,785 Total expenses 2,610 349 63 1,301 4,323 Total other income and expenses 165 — 110 (5,112 ) (4,837 ) Net income (loss) $ 5,013 $ 1,689 $ 319 $ (6,413 ) $ 608 For the six months ended June 30, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 16,204 $ 4,559 $ 3,881 $ — $ 24,644 Expenses Management fees to affiliate — — — — — Property operating 19 45 97 — 161 General and administrative — — — 2,845 2,845 Acquisition-related 14 174 — 564 752 Amortization 5,313 781 274 — 6,368 Impairments 646 202 — — 848 Total expenses 5,992 1,202 371 3,409 10,974 Total other income and expenses 370 15 353 (8,204 ) (7,466 ) Net income (loss) $ 10,582 $ 3,372 $ 3,863 $ (11,613 ) $ 6,204 For the six months ended June 30, 2016 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 14,919 $ 4,050 $ 539 $ — $ 19,508 Expenses Management fees to affiliate 84 62 — — 146 Property operating 59 9 6 — 74 General and administrative — — — 2,145 2,145 Acquisition-related 87 — 8 332 427 Amortization 4,598 620 89 — 5,307 Total expenses 4,828 691 103 2,477 8,099 Total other income and expenses 744 — 189 (11,587 ) (10,654 ) Net income (loss) $ 10,835 $ 3,359 $ 625 $ (14,064 ) $ 755 |
Schedule of total assets by reportable segment | The Partnership’s total assets by segment were (in thousands): June 30, 2017 December 31, 2016 Segments Wireless communication $ 401,332 $ 394,991 Outdoor advertising 127,359 92,660 Renewable power generation 105,548 103,052 Corporate assets 16,608 12,357 Total assets $ 650,847 $ 603,060 |
Tenant Concentration (Tables)
Tenant Concentration (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Risks And Uncertainties [Abstract] | |
Schedule of tenant revenue concentrations | For the three and six months ended June 30, 2017 and 2016, the Partnership had the following tenant revenue concentrations: Three Months Ended June 30, Six Months Ended June 30, Tenant 2017 2016 2017 2016 T-Mobile 11.8 % 14.1 % 12.2 % 14.1 % AT&T Mobility 11.2 % 13.0 % 11.4 % 13.1 % Sprint 10.1 % 12.0 % 10.1 % 12.0 % Crown Castle 9.2 % 11.0 % 9.4 % 10.8 % |
Supplemental Cash Flow Inform38
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of noncash activities | Noncash activities for the six months ended June 30, 2017 and 2016 were as follows (in thousands): Six Months Ended June 30, 2017 2016 Capital contribution to fund general and administrative expense reimbursement $ 1,074 $ 819 Purchase price for acquisitions included in due to Landmark and affiliates — 110 Unit Exchange Program acquisitions 1,099 1,604 Fair value adjustment of investments in receivables — 212 Distributions payable to preferred unitholders 948 382 Offering costs included in accounts payable and accrued liabilities — 668 Deferred loan costs included in accounts payable and accrued liabilities — 708 Purchase price for acquisitions included in accounts payable 285 — |
Schedule of cash flows related to interest paid | Cash flows related to interest paid was as follows (in thousands): Six Months Ended June 30, 2017 2016 Cash paid for interest $ 7,253 $ 6,134 |
Business (Details)
Business (Details) - Limited Partners - shares | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Common Units | ||||
Partnership Equity | ||||
Number of units held (in shares) | 19,749,563 | 19,450,555 | 12,066,101 | 11,820,144 |
Common Units | Landmark Dividend LLC | ||||
Partnership Equity | ||||
Number of units held (in shares) | 318,053 | |||
Subordinated Units | ||||
Partnership Equity | ||||
Number of units held (in shares) | 3,135,109 | 3,135,109 | 3,135,109 | 3,135,109 |
Subordinated Units | Landmark Dividend LLC | ||||
Partnership Equity | ||||
Number of units held (in shares) | 3,135,109 |
Basis of Presentation and Sum40
Basis of Presentation and Summary of Significant Accounting Policies (Details) - item | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Acquisition from related party | Landmark, General Partner and affiliates | 2016 Drop-down Acquisitions | ||
Number of drop-down acquisitions | 1 | 5 |
Basis of Presentation and Sum41
Basis of Presentation and Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Restricted cash | $ 1,202 | $ 2,851 |
Acquisitions - Drop-down Acquis
Acquisitions - Drop-down Acquisitions - General Information (Details) - item | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Landmark, General Partner and affiliates | Acquisition from related party | 2016 Drop-down Acquisitions | ||
Acquisitions | ||
Number of drop-down acquisitions | 1 | 5 |
Acquisitions - Drop-down Acqu43
Acquisitions - Drop-down Acquisitions - Summary of Acquisitions Completed (Details) $ in Millions | Jun. 08, 2017USD ($) | Apr. 28, 2017USD ($) | Jun. 30, 2017USD ($)itemsite | Mar. 31, 2017USD ($)site | Dec. 31, 2016USD ($)site | Jun. 30, 2017USD ($)site | Dec. 31, 2016USD ($)itemsite |
Acquisitions | |||||||
Number of tenant sites acquired | 27 | 40 | |||||
Investments in Receivables | item | 1 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 14.3 | $ 83.1 | |||||
Common Units Issued to Landmark and Affiliates | $ | 1.1 | 2.6 | |||||
Total | $ | $ 15.4 | $ 85.7 | |||||
2-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | item | 2 | ||||||
Consideration | |||||||
Total | $ | $ 11.3 | ||||||
Wireless Communication | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 15 | 25 | |||||
Outdoor Advertising | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 12 | 9 | |||||
Renewable Power Generation | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 6 | ||||||
Landmark, General Partner and affiliates | Acquisition from related party | 1-site sponsor acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 4.3 | ||||||
Total | $ | $ 4.3 | ||||||
Landmark, General Partner and affiliates | Acquisition from related party | 41-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 41 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 24.7 | ||||||
Total | $ | $ 24.7 | ||||||
Landmark, General Partner and affiliates | Acquisition from related party | 1-site fund G acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 3.8 | ||||||
Common Units Issued to Landmark and Affiliates | $ | 3.5 | ||||||
Total | $ | $ 7.3 | ||||||
Landmark, General Partner and affiliates | Acquisition from related party | 1-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | 1 | |||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 1.6 | $ 3.8 | $ 7.5 | $ 7.5 | |||
Total | $ | $ 7.5 | ||||||
Landmark, General Partner and affiliates | Acquisition from related party | 2017 Drop-down Acquisitions | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 44 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 40.3 | ||||||
Common Units Issued to Landmark and Affiliates | $ | 3.5 | ||||||
Total | $ | 43.8 | ||||||
Landmark, General Partner and affiliates | Acquisition from related party | 35-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 35 | ||||||
Investments in Receivables | item | 2 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 13.6 | ||||||
Total | $ | $ 13.6 | ||||||
Landmark, General Partner and affiliates | Acquisition from related party | 63-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 63 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 21.1 | ||||||
Total | $ | $ 21.1 | ||||||
Landmark, General Partner and affiliates | Acquisition from related party | 386-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 386 | ||||||
Investments in Receivables | item | 5 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 75.6 | ||||||
Common Units Issued to Landmark and Affiliates | $ | 64.7 | ||||||
Total | $ | $ 140.3 | ||||||
Landmark, General Partner and affiliates | Acquisition from related party | 53-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 53 | ||||||
Investments in Receivables | item | 6 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 24.4 | ||||||
Total | $ | $ 24.4 | ||||||
Landmark, General Partner and affiliates | Acquisition from related party | 2-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 2 | ||||||
Investments in Receivables | item | 1 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 11.3 | $ 6.3 | |||||
Total | $ | $ 6.3 | ||||||
Landmark, General Partner and affiliates | Acquisition from related party | 2016 Drop-down Acquisitions | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 539 | ||||||
Investments in Receivables | item | 14 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 141 | ||||||
Common Units Issued to Landmark and Affiliates | $ | 64.7 | ||||||
Total | $ | $ 43.8 | $ 205.7 | |||||
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 41-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 30 | ||||||
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 2017 Drop-down Acquisitions | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 30 | ||||||
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 35-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 28 | ||||||
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 63-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 28 | ||||||
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 386-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 214 | ||||||
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 53-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 37 | ||||||
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 2-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | ||||||
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 2016 Drop-down Acquisitions | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 308 | ||||||
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 1-site sponsor acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | ||||||
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 41-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 9 | ||||||
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 1-site fund G acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | ||||||
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 1-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | ||||||
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 2017 Drop-down Acquisitions | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 12 | ||||||
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 35-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 5 | ||||||
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 63-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 5 | ||||||
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 386-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 171 | ||||||
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 53-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 4 | ||||||
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 2016 Drop-down Acquisitions | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 185 | ||||||
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 41-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 2 | ||||||
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 2017 Drop-down Acquisitions | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 2 | ||||||
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 35-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 2 | ||||||
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 63-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 30 | ||||||
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 386-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | ||||||
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 53-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 12 | ||||||
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 2-site acquisition | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | ||||||
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 2016 Drop-down Acquisitions | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 46 |
Acquisitions - Drop-down Acqu44
Acquisitions - Drop-down Acquisitions - Summary of Acquisitions Completed - Additional Information (Details) $ in Millions | Jun. 08, 2017USD ($)site | Apr. 28, 2017USD ($)shares | Jun. 30, 2017USD ($)itemsiteshares | Mar. 31, 2017USD ($)site | Dec. 31, 2016USD ($)site | Jun. 30, 2017USD ($)siteshares | Dec. 31, 2016USD ($)site | Aug. 30, 2016site |
Acquisitions | ||||||||
Cash consideration | $ | $ 14.3 | $ 83.1 | ||||||
Number of tenant sites acquired | site | 27 | 40 | ||||||
2-site acquisition | ||||||||
Acquisitions | ||||||||
Number of tenant sites acquired | item | 2 | |||||||
Common units issued to Fund G | shares | 221,729 | |||||||
Landmark, General Partner and affiliates | 2-site acquisition | ||||||||
Acquisitions | ||||||||
Common units issued to Fund G | shares | 221,729 | |||||||
Landmark, General Partner and affiliates | Acquisition from related party | ||||||||
Acquisitions | ||||||||
Number of tenant sites obligated to acquire | site | 2 | |||||||
Common units issued to Fund G | shares | 221,729 | |||||||
Landmark, General Partner and affiliates | Acquisition from related party | 1-site acquisition | ||||||||
Acquisitions | ||||||||
Number of tenant sites obligated to acquire | site | 1 | |||||||
Cash consideration | $ | $ 1.6 | $ 3.8 | $ 7.5 | $ 7.5 | ||||
Number of tenant sites acquired | site | 1 | 1 | ||||||
Landmark, General Partner and affiliates | Acquisition from related party | Property Owner | ||||||||
Acquisitions | ||||||||
Cash consideration | $ | 3.7 | |||||||
Landmark, General Partner and affiliates | Acquisition from related party | 2-site acquisition | ||||||||
Acquisitions | ||||||||
Cash consideration | $ | 11.3 | $ 6.3 | ||||||
Number of tenant sites acquired | site | 2 | |||||||
Landmark, General Partner and affiliates | Acquisition from related party | Landmark Acquisition | ||||||||
Acquisitions | ||||||||
Cash consideration | $ | $ 0.6 |
Acquisitions - Drop-down Acqu45
Acquisitions - Drop-down Acquisitions - Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Revenue | |||||||
Rental revenue | $ 12,803 | $ 9,768 | [1] | $ 24,644 | $ 19,508 | [1] | |
Expenses | |||||||
Management fees to affiliate | [1] | 73 | 146 | ||||
Property operating | 74 | 69 | [1] | 161 | 74 | [1] | |
General and administrative | 1,437 | 1,041 | [1] | 2,845 | 2,145 | [1] | |
Acquisition-related | 285 | 355 | [1] | 752 | 427 | [1] | |
Amortization | 3,239 | 2,785 | [1] | 6,368 | 5,307 | [1] | |
Total expenses | 5,727 | 4,323 | [1] | 10,974 | 8,099 | [1] | |
Other income and expenses | (4,399) | (4,837) | [1] | (7,466) | (10,654) | [1] | |
Net income | 2,677 | 608 | [1] | 6,204 | 755 | [1] | |
Other comprehensive loss | 312 | (3) | [1] | 520 | (2) | [1] | |
Comprehensive income (loss) | $ 2,989 | 605 | [1] | $ 6,724 | 753 | [1] | |
Scenario, Previously Reported | |||||||
Revenue | |||||||
Rental revenue | 7,588 | 15,160 | |||||
Expenses | |||||||
Property operating | 67 | 72 | |||||
General and administrative | 1,041 | 2,145 | |||||
Acquisition-related | 263 | 335 | |||||
Amortization | 2,239 | 4,241 | |||||
Total expenses | 3,610 | 6,793 | |||||
Other income and expenses | (3,950) | (8,767) | |||||
Net income | 28 | (400) | |||||
Comprehensive income (loss) | 28 | (400) | |||||
Scenario, Previously Reported | As Previously Reported August 2, 2016 | |||||||
Revenue | |||||||
Rental revenue | 7,598 | 15,198 | |||||
Expenses | |||||||
Property operating | 67 | 72 | |||||
General and administrative | 1,041 | 2,145 | |||||
Acquisition-related | 263 | 335 | |||||
Amortization | 2,241 | 4,244 | |||||
Total expenses | 3,612 | 6,796 | |||||
Other income and expenses | (3,921) | (8,660) | |||||
Net income | 65 | (258) | |||||
Comprehensive income (loss) | 65 | (258) | |||||
Acquisitions Prior to June 30, 2016 | Restatement Adjustment | Landmark, General Partner and affiliates | Acquisition from related party | |||||||
Revenue | |||||||
Rental revenue | 10 | 38 | |||||
Expenses | |||||||
Amortization | 2 | 3 | |||||
Total expenses | 2 | 3 | |||||
Other income and expenses | 29 | 107 | |||||
Net income | 37 | 142 | |||||
Comprehensive income (loss) | 37 | 142 | |||||
Acquisitions Post June 30, 2016 | Restatement Adjustment | Landmark, General Partner and affiliates | Acquisition from related party | |||||||
Revenue | |||||||
Rental revenue | 2,170 | 4,310 | |||||
Expenses | |||||||
Management fees to affiliate | 73 | 146 | |||||
Property operating | 2 | 2 | |||||
Acquisition-related | 92 | 92 | |||||
Amortization | 544 | 1,063 | |||||
Total expenses | 711 | 1,303 | |||||
Other income and expenses | (916) | (1,994) | |||||
Net income | 543 | 1,013 | |||||
Other comprehensive loss | (3) | (2) | |||||
Comprehensive income (loss) | $ 540 | $ 1,011 | |||||
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Acquisitions - Drop-down Acqu46
Acquisitions - Drop-down Acquisitions - Consolidated Summarized Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Cash flows | |||
Net cash provided by operating activities | $ 13,990 | $ 12,880 | [1] |
Net cash used in investing activities | (45,950) | (3,711) | [1] |
Net cash used in financing activities | $ 36,713 | (5,423) | [1] |
Scenario, Previously Reported | |||
Cash flows | |||
Net cash provided by operating activities | 10,243 | ||
Net cash used in investing activities | (3,717) | ||
Net cash used in financing activities | (2,780) | ||
Scenario, Previously Reported | As Previously Reported August 2, 2016 | |||
Cash flows | |||
Net cash provided by operating activities | 10,368 | ||
Net cash used in investing activities | (3,717) | ||
Net cash used in financing activities | (2,905) | ||
Acquisitions Prior to June 30, 2016 | Restatement Adjustment | Landmark, General Partner and affiliates | Acquisition from related party | |||
Cash flows | |||
Net cash provided by operating activities | 125 | ||
Net cash used in financing activities | (125) | ||
Acquisitions Post June 30, 2016 | Restatement Adjustment | Landmark, General Partner and affiliates | Acquisition from related party | |||
Cash flows | |||
Net cash provided by operating activities | 2,512 | ||
Net cash used in investing activities | 6 | ||
Net cash used in financing activities | $ (2,518) | ||
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Acquisitions - Third Party Acqu
Acquisitions - Third Party Acquisitions - General Information (Details) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
UEP | ||
Acquisitions | ||
Number of common units in connection with acquisition (in shares) | 5,000,000 | 5,000,000 |
Acquisitions - Third Party Ac48
Acquisitions - Third Party Acquisitions - Summary of Acquisitions Completed (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017USD ($)itemsite | Mar. 31, 2017USD ($)site | Dec. 31, 2016USD ($)site | Sep. 30, 2016USD ($)site | Jun. 30, 2016USD ($)site | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Acquisitions | |||||||
Number of tenant sites acquired | 27 | 40 | |||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 14,300 | $ 83,100 | |||||
Common Units Issued to Landmark and Affiliates | $ | 1,100 | 2,600 | |||||
Consideration | $ | $ 15,400 | $ 85,700 | |||||
Investments in Receivables | item | 1 | ||||||
International | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 6 | 7 | 11 | 5 | 2 | ||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 9,000 | $ 3,600 | $ 2,000 | $ 4,400 | $ 100 | ||
Consideration | $ | $ 9,000 | $ 3,600 | $ 2,000 | $ 4,400 | $ 100 | ||
Investments in Receivables | item | 1 | ||||||
Unit Exchange Acquisitions | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 4 | 1 | 2 | 1 | 3 | ||
Consideration | |||||||
Common Units Issued to Landmark and Affiliates | $ | $ 1,000 | $ 100 | $ 900 | $ 100 | $ 1,600 | $ 1,099 | $ 1,604 |
Consideration | $ | $ 1,000 | $ 100 | $ 900 | $ 100 | $ 1,600 | ||
Domestic | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | 8 | 16 | ||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 500 | $ 1,200 | $ 76,600 | ||||
Consideration | $ | $ 500 | $ 1,200 | $ 76,600 | ||||
2016 Direct Third Party Acquisitions, Second Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 5 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 100 | ||||||
Common Units Issued to Landmark and Affiliates | $ | 1,600 | ||||||
Consideration | $ | $ 1,700 | ||||||
2017 Direct Third Party Acquisitions, First Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 16 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 4,800 | ||||||
Common Units Issued to Landmark and Affiliates | $ | 100 | ||||||
Consideration | $ | $ 4,900 | ||||||
2017 Direct Third Party Acquisitions, Second Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 11 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 9,500 | ||||||
Common Units Issued to Landmark and Affiliates | $ | 1,000 | ||||||
Consideration | $ | $ 10,500 | ||||||
Investments in Receivables | item | 1 | ||||||
Direct Third Party Acquisitions2016 Third Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 6 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 4,400 | ||||||
Common Units Issued to Landmark and Affiliates | $ | 100 | ||||||
Consideration | $ | $ 4,500 | ||||||
Direct Third Party Acquisitions2016 Fourth Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 29 | ||||||
Consideration | |||||||
Borrowings and Available Cash | $ | $ 78,600 | ||||||
Common Units Issued to Landmark and Affiliates | $ | 900 | ||||||
Consideration | $ | $ 79,500 | ||||||
Wireless Communication | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 15 | 25 | |||||
Wireless Communication | International | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 2 | 3 | 6 | 4 | 2 | ||
Wireless Communication | Unit Exchange Acquisitions | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 3 | 1 | 1 | 1 | 3 | ||
Wireless Communication | Domestic | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | 5 | 8 | ||||
Wireless Communication | 2016 Direct Third Party Acquisitions, Second Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 5 | ||||||
Wireless Communication | 2017 Direct Third Party Acquisitions, First Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 9 | ||||||
Wireless Communication | 2017 Direct Third Party Acquisitions, Second Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 6 | ||||||
Wireless Communication | Direct Third Party Acquisitions2016 Third Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 5 | ||||||
Wireless Communication | Direct Third Party Acquisitions2016 Fourth Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 15 | ||||||
Outdoor Advertising | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 12 | 9 | |||||
Outdoor Advertising | International | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 4 | 4 | 5 | 1 | |||
Outdoor Advertising | Unit Exchange Acquisitions | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | 1 | |||||
Outdoor Advertising | Domestic | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 3 | 2 | |||||
Outdoor Advertising | 2017 Direct Third Party Acquisitions, First Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 7 | ||||||
Outdoor Advertising | 2017 Direct Third Party Acquisitions, Second Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 5 | ||||||
Outdoor Advertising | Direct Third Party Acquisitions2016 Third Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 1 | ||||||
Outdoor Advertising | Direct Third Party Acquisitions2016 Fourth Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 8 | ||||||
Renewable Power Generation | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 6 | ||||||
Renewable Power Generation | Domestic | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 6 | ||||||
Renewable Power Generation | Direct Third Party Acquisitions2016 Fourth Quarter | |||||||
Acquisitions | |||||||
Number of tenant sites acquired | 6 |
Real Property Interests - Summa
Real Property Interests - Summary of Real Property Interests (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Land | $ 98,532 | $ 88,845 |
Real property interests – perpetual | 102,493 | 99,911 |
Real property interests – finite life | 422,655 | 390,119 |
Total land and real property interests | 623,680 | 578,875 |
Accumulated amortization of real property interests | (31,510) | (25,967) |
Land and net real property interests | $ 592,170 | $ 552,908 |
Real Property Interests - Sale
Real Property Interests - Sale (Details) | Mar. 31, 2016USD ($)site | Mar. 22, 2016USD ($)site | Jun. 30, 2016USD ($) | |
Real Property Interests | ||||
Gain on sale of real property interests | [1] | $ 374,000 | ||
One Wireless Communication Site on March 22, 2016 | Sale | ||||
Real Property Interests | ||||
Number of tenant sites sold | site | 1 | |||
Cash consideration received | $ 800,000 | |||
Gain on sale of real property interests | $ 400,000 | |||
12 Wireless Communication Sites March 30, 2016 | Sale | Landmark Dividend LLC | Sale to Related Party | ||||
Real Property Interests | ||||
Number of tenant sites sold | site | 12 | |||
Cash consideration received | $ 2,000,000 | |||
Gain on sale of real property interests | $ 0 | |||
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Real Property Interests - Acqui
Real Property Interests - Acquisitions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | |
Acquisitions | ||||
Consideration | $ 15.4 | $ 85.7 | ||
Minimum | ||||
Acquisitions | ||||
Discount rate used to estimate fair values (as a percent) | 6.00% | |||
Maximum | ||||
Acquisitions | ||||
Discount rate used to estimate fair values (as a percent) | 20.00% | |||
2016 Drop-down Acquisitions | Acquisition from related party | Landmark, General Partner and affiliates | ||||
Acquisitions | ||||
Consideration | $ 43.8 | $ 205.7 | ||
Historical cost basis | $ 141.1 | $ 141.1 | ||
Net carry value | $ 34.7 |
Real Property Interests - Sum52
Real Property Interests - Summary of Allocation of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair values of the assets acquired and liabilities assumed at the date of acquisition | ||
Below market lease intangibles | $ (19,658) | $ (19,366) |
Landmark, General Partner and affiliates | Acquisition from related party | ||
Fair values of the assets acquired and liabilities assumed at the date of acquisition | ||
Land | 9,448 | 76,197 |
Investments in real property interests | 35,818 | 39,726 |
Below market lease intangibles | (290) | (865) |
Total | 46,868 | 120,043 |
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 | 1,458 | 4,009 |
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 | $ 434 | $ 976 |
Real Property Interests - Futur
Real Property Interests - Future Estimated Aggregate Amortization of Real Property Interests (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Future estimated aggregate amortization of real property interests | |
2017 (six months) | $ 5,847 |
2,018 | 11,417 |
2,019 | 11,061 |
2,020 | 10,499 |
2,021 | 9,911 |
Thereafter | 342,410 |
Total | $ 391,145 |
Real Property Interests - Weigh
Real Property Interests - Weighted Average Remaining Amortization Period for Non-perpetual Real Property Interests (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate [Abstract] | |
Weighted average remaining amortization period for non-perpetual real property interests | 50 years |
Real Property Interests - Impai
Real Property Interests - Impairment (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)site | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)site | Jun. 30, 2016USD ($) | |
Impairment | ||||
Recognized impairment charge | $ 692,000 | $ 848,000 | ||
Impaired Real Property Interest | ||||
Impairment | ||||
Number of real property interests impaired | site | 4 | 6 | ||
Recognized impairment charge | $ 700,000 | $ 0 | $ 800,000 | $ 0 |
Impaired real property interests | $ 0 | $ 0 |
Other Intangible Assets and L56
Other Intangible Assets and Liabilities - Total Other Intangible Assets, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Other Intangible Assets | ||
Net amount | $ 16,425 | $ 15,730 |
Acquired in-place leases | ||
Other Intangible Assets | ||
Gross amount | 18,169 | 16,729 |
Accumulated amortization | (5,269) | (4,491) |
Net amount | 12,900 | 12,238 |
Acquired above-market leases | ||
Other Intangible Assets | ||
Gross amount | 5,962 | 5,523 |
Accumulated amortization | (2,437) | (2,031) |
Net amount | $ 3,525 | $ 3,492 |
Other Intangible Assets and L57
Other Intangible Assets and Liabilities - Total Other Intangible Liabilities, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Acquired below-market leases | ||
Below market lease intangibles | $ (19,658) | $ (19,366) |
Accumulated amortization | 7,362 | 6,305 |
Net amount | $ (12,296) | $ (13,061) |
Other Intangible Assets and L58
Other Intangible Assets and Liabilities - Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Other Intangible Assets And Liabilities [Abstract] | |||||
Amortization of above-and below-market leases | $ 400 | $ 300 | $ 652 | $ 737 | [1] |
Amortization expense | $ 400 | $ 300 | $ 800 | $ 700 | |
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Other Intangible Assets and L59
Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Future amortization of lease intangibles | ||
Net amount | $ 16,425 | $ 15,730 |
Acquired in-place leases | ||
Future amortization of lease intangibles | ||
2017 (six months) | 790 | |
2,018 | 1,518 | |
2,019 | 1,442 | |
2,020 | 1,369 | |
2,021 | 1,303 | |
Thereafter | 6,478 | |
Net amount | 12,900 | 12,238 |
Acquired above-market leases | ||
Future amortization of lease intangibles | ||
2017 (six months) | 350 | |
2,018 | 526 | |
2,019 | 452 | |
2,020 | 380 | |
2,021 | 322 | |
Thereafter | 1,495 | |
Net amount | $ 3,525 | $ 3,492 |
Other Intangible Assets and L60
Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Future amortization of acquired below-market leases | ||
2017 (six months) | $ (977) | |
2,018 | (1,923) | |
2,019 | (1,867) | |
2,020 | (1,804) | |
2,021 | (1,662) | |
Thereafter | (4,063) | |
Net amount | $ (12,296) | $ (13,061) |
Investments in Receivables - Ge
Investments in Receivables - General Information (Details) - USD ($) $ in Millions | Jul. 21, 2015 | Nov. 19, 2014 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Receivables With Imputed Interest [Line Items] | ||||||
Discount rate | 8.75% | |||||
Payment collection period, minimum | 2 years | |||||
Payment collection period, maximum | 99 years | |||||
Interest income recognized | $ 0.4 | $ 0.3 | $ 0.7 | $ 0.6 | ||
Minimum | ||||||
Receivables With Imputed Interest [Line Items] | ||||||
Discount rate | 7.00% | |||||
Maximum | ||||||
Receivables With Imputed Interest [Line Items] | ||||||
Discount rate | 14.00% |
Investments in Receivables - Ac
Investments in Receivables - Activity in Investments in Receivables (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||
Activity in investments in receivables | ||||
Investments in receivables – beginning | $ 17,440 | $ 12,136 | $ 12,136 | |
Acquisitions | 3,240 | 5,934 | ||
Fair value adjustment | 239 | |||
Repayments | (525) | (406) | [1] | (905) |
Interest accretion | 7 | $ 23 | [1] | 36 |
Foreign currency translation adjustment | (11) | |||
Investments in receivables – ending | $ 20,151 | $ 17,440 | ||
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Investments in Receivables - An
Investments in Receivables - Annual Amounts Due (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Notes Receivable Net [Abstract] | |
2017 (six months) | $ 1,465 |
2,018 | 2,663 |
2,019 | 2,192 |
2,020 | 2,185 |
2,021 | 2,248 |
Thereafter | 28,804 |
Total | $ 39,557 |
Investments in Receivables - 64
Investments in Receivables - Annual Amounts Due - Principal and Interest (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Notes Receivable Net [Abstract] | |
Interest | $ 19,406 |
Principal | 20,151 |
Total | $ 39,557 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 16, 2016 | |
Debt | |||
Outstanding Balance, revolving credit facility | $ 279,000,000 | $ 224,500,000 | |
Deferred loan costs | (3,524,000) | (2,797,000) | |
Secured notes, net | $ 112,251,000 | 112,435,000 | |
Maturity Date | Jul. 15, 2046 | ||
Senior secured revolving credit facility | |||
Debt | |||
Outstanding Balance, revolving credit facility | $ 279,000,000 | 224,500,000 | |
Maturity Date | Nov. 19, 2019 | ||
Series 2016-1 Class A 3.52% | |||
Debt | |||
Outstanding Balance, secured debt | $ 90,335,000 | 90,917,000 | |
Maturity Date | Jun. 1, 2021 | ||
Series 2016-1 Class B 7.02% | |||
Debt | |||
Outstanding Balance, secured debt | $ 25,100,000 | 25,100,000 | |
Maturity Date | Jun. 1, 2021 | ||
Secured notes | |||
Debt | |||
Outstanding Balance, secured debt | $ 115,435,000 | 116,017,000 | |
Discount on secured notes | (14,000) | (15,000) | $ (17,292) |
Deferred loan costs | (3,170,000) | (3,567,000) | |
Secured notes, net | $ 112,251,000 | $ 112,435,000 |
Debt - Summary of Debt - Additi
Debt - Summary of Debt - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Instrument [Line Items] | |
Debt instrument, final legal maturity date | Jul. 15, 2046 |
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. 1, 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. 1, 2021 |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility (Details) - Senior secured revolving credit facility - USD ($) $ in Millions | Jun. 01, 2017 | Jun. 30, 2017 |
Debt | ||
Additional available commitments | $ 85 | |
Aggregate commitments | $ 367 | |
Undrawn borrowing capacity | $ 88 | |
Base rate - federal funds rate | ||
Debt | ||
Applicable margin (as a percent) | 0.50% | |
Base rate - one month LIBOR | ||
Debt | ||
Applicable margin (as a percent) | 1.00% | |
Base rate | ||
Debt | ||
Applicable margin (as a percent) | 1.50% | |
One month LIBOR | ||
Debt | ||
Applicable margin (as a percent) | 2.50% |
Debt - Secured Notes (Details)
Debt - Secured Notes (Details) - USD ($) | Jun. 16, 2016 | Jun. 30, 2017 | Dec. 31, 2016 |
Secured notes | |||
Debt | |||
Aggregate principal amount | $ 116,600,000 | ||
Debt discount | 17,292 | $ 14,000 | $ 15,000 |
Senior secured revolving credit facility | |||
Debt | |||
Repayment of debt | $ 112,300,000 | ||
Series 2016-1 Class A 3.52% | |||
Debt | |||
Interest rate (as a percent) | 3.52% | ||
Series 2016-1 Class B 7.02% | |||
Debt | |||
Interest rate (as a percent) | 7.02% |
Debt - Annual Principal Payment
Debt - Annual Principal Payment Amounts (Details) - Secured notes - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Annual amounts due | ||
2017 (six months) | $ 1,164 | |
2,018 | 2,913 | |
2,019 | 4,083 | |
2,020 | 5,250 | |
2,021 | 102,025 | |
Total | $ 115,435 | $ 116,017 |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||
Interest Expense | ||||||
Debt interest expense | $ 4,200 | $ 3,300 | $ 8,200 | $ 6,600 | ||
Interest payable | 400 | 400 | $ 400 | |||
Deferred loan costs amortization | 909 | 783 | [1] | |||
Interest expense | ||||||
Interest Expense | ||||||
Deferred loan costs amortization | $ 500 | $ 400 | $ 900 | $ 800 | ||
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Debt - Drop-down Acquisitions (
Debt - Drop-down Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Debt | |||||
Debt interest expense | $ 4,200 | $ 3,300 | $ 8,200 | $ 6,600 | |
Deferred loan costs amortization | $ 909 | 783 | [1] | ||
Secured debt facility | Landmark Dividend Growth Fund G LLC | |||||
Debt | |||||
Debt interest expense | 900 | 1,900 | |||
Deferred loan costs amortization | $ 200 | $ 400 | |||
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Interest Rate Swap Agreements -
Interest Rate Swap Agreements - Fair Value of Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Agreement effective date December 24, 2014 | ||
Interest Rate Swap Agreements | ||
Notional value | $ 70,000 | |
Fixed Rate | 4.02% | |
Agreement effective date April 13, 2015 | ||
Interest Rate Swap Agreements | ||
Notional value | $ 25,000 | |
Fixed Rate | 3.79% | |
Agreement effective date October 1, 2015 | ||
Interest Rate Swap Agreements | ||
Notional value | $ 50,000 | |
Fixed Rate | 4.24% | |
Agreement entered into March 23, 2016 effective date December 24, 2018 | ||
Interest Rate Swap Agreements | ||
Notional value | $ 50,000 | |
Fixed Rate | 4.17% | |
Agreement entered into March 31, 2016 effective date December 24, 2018 | ||
Interest Rate Swap Agreements | ||
Notional value | $ 20,000 | |
Fixed Rate | 4.06% | |
Agreement entered into March 31, 2016 effective date April 13, 2019 | ||
Interest Rate Swap Agreements | ||
Notional value | $ 25,000 | |
Fixed Rate | 4.13% | |
Agreement entered into June 12, 2017 effective date March 02, 2018 | ||
Interest Rate Swap Agreements | ||
Notional value | $ 50,000 | |
Fixed Rate | 4.56% | |
Level 2 inputs | Agreement effective date December 24, 2014 | ||
Interest Rate Swap Agreements | ||
Fair Value Asset (Liability) | $ (84) | $ (376) |
Level 2 inputs | Agreement effective date April 13, 2015 | ||
Interest Rate Swap Agreements | ||
Fair Value Asset (Liability) | 85 | 13 |
Level 2 inputs | Agreement effective date October 1, 2015 | ||
Interest Rate Swap Agreements | ||
Fair Value Asset (Liability) | 310 | 354 |
Level 2 inputs | Agreement entered into March 23, 2016 effective date December 24, 2018 | ||
Interest Rate Swap Agreements | ||
Fair Value Asset (Liability) | 468 | 720 |
Level 2 inputs | Agreement entered into March 31, 2016 effective date December 24, 2018 | ||
Interest Rate Swap Agreements | ||
Fair Value Asset (Liability) | 246 | 347 |
Level 2 inputs | Agreement entered into March 31, 2016 effective date April 13, 2019 | ||
Interest Rate Swap Agreements | ||
Fair Value Asset (Liability) | 295 | 426 |
Level 2 inputs | Agreement entered into June 12, 2017 effective date March 02, 2018 | ||
Interest Rate Swap Agreements | ||
Fair Value Asset (Liability) | 114 | |
Level 2 inputs | Agreement entered into April 1, 2015 effective date April, 1, 2015 | ||
Interest Rate Swap Agreements | ||
Fair Value Asset (Liability) | $ 1,434 | $ 1,484 |
Interest Rate Swap Agreements73
Interest Rate Swap Agreements - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | [1] | Jun. 30, 2017 | Jun. 30, 2016 | ||
Interest Rate Swap Agreements | ||||||
Unrealized gain (loss) on derivatives | $ (544) | $ (1,797) | $ (50) | $ (4,967) | [1] | |
Fund G | Interest Rate Swap Agreement | Restatement Adjustment | ||||||
Interest Rate Swap Agreements | ||||||
Unrealized gain (loss) on derivatives | $ 100 | |||||
Maximum | ||||||
Interest Rate Swap Agreements | ||||||
Unrealized gain (loss) on derivatives | $ (100) | |||||
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Interest Rate Swap Agreements74
Interest Rate Swap Agreements - Sensitivity Analysis (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
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%) |
Agreement effective date December 24, 2014 | Increase of 50 Basis Points | |
Interest Rate Swap Agreements | |
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative | $ 409 |
Agreement effective date December 24, 2014 | Decrease of 50 Basis Points | |
Interest Rate Swap Agreements | |
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative | (585) |
Agreement effective date December 24, 2014 | Increase of 100 Basis Points | |
Interest Rate Swap Agreements | |
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative | 899 |
Agreement effective date December 24, 2014 | Decrease of 100 Basis Points | |
Interest Rate Swap Agreements | |
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative | (1,089) |
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 | 300 |
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 | (133) |
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 | 513 |
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 | (353) |
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 | 1,519 |
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 | (930) |
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 | 2,691 |
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 | (2,208) |
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 | 1,158 |
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 | (240) |
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 | 1,823 |
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 | (974) |
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 | 523 |
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 | (34) |
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 | 788 |
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 | (327) |
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 | 641 |
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 | (55) |
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 | 970 |
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 | (422) |
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 | 1,569 |
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 | (1,448) |
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 | 2,986 |
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 | $ (3,052) |
Equity - Changes in Units Outst
Equity - Changes in Units Outstanding (Details) - Limited Partners - shares | Apr. 28, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Common Units | ||||
Increase (decrease) in partners' capital | ||||
Balance (in units) | 19,450,555 | 11,820,144 | 11,820,144 | |
Issuance of units, net (in units) | 292,000 | 236,000 | ||
Unit-based compensation (in units) | 6,798 | 9,840 | ||
Balance (in units) | 19,749,563 | 12,066,101 | 19,450,555 | |
Common Units | Landmark, General Partner and affiliates | ||||
Increase (decrease) in partners' capital | ||||
Common units issued to Fund G | 221,729 | |||
Common Units | At The Market Issuance Sales Agreement | ||||
Increase (decrease) in partners' capital | ||||
Issuance of units, net (in units) | 0 | 131,149 | ||
Common Units | Unit Exchange Program | ||||
Increase (decrease) in partners' capital | ||||
Issuance of units, net (in units) | 70,481 | 104,968 | ||
Subordinated Units | ||||
Increase (decrease) in partners' capital | ||||
Balance (in units) | 3,135,109 | 3,135,109 | 3,135,109 | |
Balance (in units) | 3,135,109 | 3,135,109 | 3,135,109 | |
Preferred Units Series A | ||||
Increase (decrease) in partners' capital | ||||
Balance (in units) | 863,957 | |||
Issuance of units, net (in units) | 211,000 | 800,000 | ||
Balance (in units) | 1,074,602 | 800,000 | 863,957 | |
Preferred Units Series A | At The Market Issuance Sales Agreement | ||||
Increase (decrease) in partners' capital | ||||
Issuance of units, net (in units) | 210,645 | 0 | ||
Preferred Units Series B | ||||
Increase (decrease) in partners' capital | ||||
Balance (in units) | 1,840,000 | |||
Issuance of units, net (in units) | 164,000 | |||
Balance (in units) | 2,004,060 | 1,840,000 | ||
Preferred Units Series B | At The Market Issuance Sales Agreement | ||||
Increase (decrease) in partners' capital | ||||
Issuance of units, net (in units) | 164,060 | 0 |
Equity - General Information (D
Equity - General Information (Details) $ / shares in Units, $ in Thousands | Apr. 28, 2017siteshares | Mar. 30, 2017USD ($) | Oct. 19, 2016USD ($)$ / sharesshares | Aug. 08, 2016USD ($)$ / sharesshares | Jun. 24, 2016USD ($) | Apr. 04, 2016USD ($)$ / shares | Feb. 16, 2016USD ($) | Dec. 30, 2015USD ($) | Jun. 30, 2017USD ($)site$ / shares | Mar. 31, 2017site | Dec. 31, 2016USD ($)site | Jun. 30, 2017USD ($)site$ / sharesshares | Jun. 30, 2016USD ($)siteshares | Jun. 08, 2017site | Aug. 30, 2016site | Mar. 10, 2016shares | ||
Partnership Equity | ||||||||||||||||||
Aggregate offering price | $ 750,000 | |||||||||||||||||
Number of tenant sites acquired | site | 27 | 40 | ||||||||||||||||
Common Units Issued to Landmark and Affiliates | $ 1,100 | $ 2,600 | ||||||||||||||||
Proceeds from the issuance of Common Units, net | [1] | $ 2,002 | ||||||||||||||||
Acquisition from related party | Landmark, General Partner and affiliates | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Number of common units in connection with acquisition (in shares) | shares | 221,729 | |||||||||||||||||
Number of tenant sites obligated to acquire | site | 2 | |||||||||||||||||
Wireless Communication | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Number of tenant sites acquired | site | 15 | 25 | ||||||||||||||||
1-site acquisition | Acquisition from related party | Landmark, General Partner and affiliates | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Number of tenant sites acquired | site | 1 | 1 | ||||||||||||||||
Number of tenant sites obligated to acquire | site | 1 | |||||||||||||||||
Preferred Units Series A | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Proceeds from the issuance of Preferred Units, net | $ 5,164 | $ 18,368 | [1] | |||||||||||||||
Preferred Units Series B | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Proceeds from the issuance of Preferred Units, net | $ 3,534 | |||||||||||||||||
At The Market Issuance Sales Agreement | Preferred Units | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Aggregate offering price | $ 40,000 | |||||||||||||||||
Unit Exchange Program | 1-site acquisition | Wireless Communication | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Number of tenant sites acquired | site | 5 | |||||||||||||||||
Common Units Issued to Landmark and Affiliates | $ 1,100 | |||||||||||||||||
Unit Exchange Program | 3-site acquisition | Wireless Communication | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Number of tenant sites acquired | site | 3 | |||||||||||||||||
Common Units Issued to Landmark and Affiliates | $ 1,600 | |||||||||||||||||
Limited Partners | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Aggregate offering price | $ 250,000 | |||||||||||||||||
Limited Partners | Acquisition from related party | Landmark, General Partner and affiliates | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Number of tenant sites obligated to acquire | site | 2 | |||||||||||||||||
Limited Partners | Common Units | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Issuance of units, net (in units) | shares | 292,000 | 236,000 | ||||||||||||||||
Quarterly distributions | ||||||||||||||||||
Minimum quarterly distribution per unit (in dollars per share) | $ / shares | $ 0.2875 | |||||||||||||||||
Limited Partners | Common Units | Landmark, General Partner and affiliates | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Number of common units in connection with acquisition (in shares) | shares | 221,729 | |||||||||||||||||
Limited Partners | Preferred Units Series A | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Issuance of units, net (in units) | shares | 211,000 | 800,000 | ||||||||||||||||
Limited Partners | Preferred Units Series B | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Issuance of units, net (in units) | shares | 164,000 | |||||||||||||||||
Dividend rate (as a percent) | 7.90% | |||||||||||||||||
Quarterly distributions | ||||||||||||||||||
Stated liquidation preference / redemption price (in dollars per share) | $ / shares | $ 25 | $ 25 | ||||||||||||||||
Limited Partners | At The Market Issuance Sales Agreement | Common Units | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Aggregate offering price | $ 50,000 | |||||||||||||||||
Issuance of units, net (in units) | shares | 0 | 131,149 | ||||||||||||||||
Proceeds from issuance of unit, before costs | $ 2,100 | |||||||||||||||||
Limited Partners | At The Market Issuance Sales Agreement | Preferred Units Series A | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Issuance of units, net (in units) | shares | 210,645 | 0 | ||||||||||||||||
Proceeds from issuance of unit, before costs | $ 5,300 | |||||||||||||||||
Limited Partners | At The Market Issuance Sales Agreement | Preferred Units Series B | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Aggregate offering price | $ 50,000 | |||||||||||||||||
Issuance of units, net (in units) | shares | 164,060 | 0 | ||||||||||||||||
Proceeds from issuance of unit, before costs | $ 4,100 | |||||||||||||||||
Limited Partners | Unit Exchange Program | Common Units | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Issuance of units, net (in units) | shares | 70,481 | 104,968 | ||||||||||||||||
Units authorized (in units) | shares | 5,000,000 | |||||||||||||||||
Limited Partners | Unit Exchange Program | Common Units | 1-site acquisition | Wireless Communication | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Number of common units in connection with acquisition (in shares) | shares | 70,481 | |||||||||||||||||
Limited Partners | Unit Exchange Program | Common Units | 3-site acquisition | Wireless Communication | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Number of common units in connection with acquisition (in shares) | shares | 104,968 | |||||||||||||||||
Limited Partners | Public Offering | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Unit offering price (in dollars per share) | $ / shares | $ 25 | |||||||||||||||||
Limited Partners | Public Offering | Common Units | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Issuance of units, net (in units) | shares | 3,450,000 | |||||||||||||||||
Unit offering price (in dollars per share) | $ / shares | $ 16.30 | |||||||||||||||||
Unit offering price, net of costs (in dollars per share) | $ / shares | $ 15.53 | |||||||||||||||||
Offering expenses paid | $ 2,900 | |||||||||||||||||
Limited Partners | Public Offering | Preferred Units Series A | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Unit offering price (in dollars per share) | $ / shares | $ 25 | |||||||||||||||||
Proceeds from the issuance of Preferred Units, net | $ 53,300 | $ 18,400 | ||||||||||||||||
Offering expenses paid | 1,600 | |||||||||||||||||
Value of units issued | $ 20,000 | |||||||||||||||||
Dividend rate (as a percent) | 8.00% | |||||||||||||||||
Limited Partners | Public Offering | Preferred Units Series B | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Issuance of units, net (in units) | shares | 1,840,000 | |||||||||||||||||
Unit offering price (in dollars per share) | $ / shares | $ 25 | |||||||||||||||||
Offering expenses paid | $ 1,500 | |||||||||||||||||
Value of units issued | $ 46,000 | |||||||||||||||||
Dividend rate (as a percent) | 7.90% | |||||||||||||||||
Proceeds from the issuance of Common Units, net | $ 44,300 | |||||||||||||||||
Limited Partners | Underwriters' option | Common Units | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Issuance of units, net (in units) | shares | 450,000 | |||||||||||||||||
Limited Partners | Underwriters' option | Preferred Units Series B | ||||||||||||||||||
Partnership Equity | ||||||||||||||||||
Issuance of units, net (in units) | shares | 240,000 | |||||||||||||||||
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Equity - Summary of Quarterly D
Equity - Summary of Quarterly Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |
Common and Subordinated Units | ||||||
Quarterly distributions | ||||||
Declaration Date | Jul. 19, 2017 | Apr. 20, 2017 | Jan. 25, 2017 | Oct. 26, 2016 | Jul. 27, 2016 | Apr. 20, 2016 |
Distribution Date | Aug. 14, 2017 | May 15, 2017 | Feb. 15, 2017 | Nov. 15, 2016 | Aug. 15, 2016 | May 13, 2016 |
Distribution Per Unit Paid (in dollars per share) | $ 0.3550 | $ 0.3525 | $ 0.3500 | $ 0.3375 | $ 0.3325 | $ 0.3300 |
Total Distribution Paid | $ 8,222 | $ 8,133 | $ 7,985 | $ 7,628 | $ 5,089 | $ 4,954 |
Preferred Units Series A | ||||||
Quarterly distributions | ||||||
Declaration Date | Jun. 22, 2017 | Mar. 16, 2017 | Dec. 16, 2016 | Sep. 22, 2016 | Jun. 16, 2016 | |
Distribution Date | Jul. 17, 2017 | Apr. 17, 2017 | Jan. 17, 2017 | Oct. 17, 2016 | Jul. 15, 2016 | |
Distribution Per Unit Paid (in dollars per share) | $ 0.5000 | $ 0.5000 | $ 0.5000 | $ 0.5000 | $ 0.5611 | |
Total Distribution Paid | $ 555 | $ 432 | $ 432 | $ 432 | $ 449 | |
Preferred Units Series B | ||||||
Quarterly distributions | ||||||
Declaration Date | Jul. 19, 2017 | Apr. 20, 2017 | Jan. 20, 2017 | Oct. 20, 2016 | ||
Distribution Date | Aug. 15, 2017 | May 15, 2017 | Feb. 15, 2017 | Nov. 15, 2016 | ||
Distribution Per Unit Paid (in dollars per share) | $ 0.4938 | $ 0.4938 | $ 0.4938 | $ 0.5322 | ||
Total Distribution Paid | $ 990 | $ 934 | $ 909 | $ 979 |
Net Income (Loss) Per Limited78
Net Income (Loss) Per Limited Partner Unit - Undistributed Net Loss Attributable to Common and Subordinated Unitholders (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Net income (loss) attributable to partners: | ||||||
Net income (loss) attributable to limited partners | $ 2,673 | $ 28 | [1] | $ 6,197 | $ (400) | [1] |
Less: Distributions declared to preferred unitholders | (1,510) | (382) | [1] | (2,854) | (382) | [1] |
General partner's incentive distribution rights | (98) | (5) | [1] | (187) | (5) | [1] |
Net income (loss) attributable to common and subordinated unitholders | 1,065 | (359) | [1] | 3,156 | (787) | [1] |
Common and Subordinated Units | ||||||
Net income (loss) attributable to partners: | ||||||
Net income (loss) attributable to limited partners | 2,673 | 28 | 6,197 | (400) | ||
General partner's incentive distribution rights | (98) | (5) | (187) | (5) | ||
Net income (loss) attributable to common and subordinated unitholders | 1,065 | (359) | 3,156 | (787) | ||
Undistributed net loss | (7,059) | (5,443) | (13,013) | (10,825) | ||
Preferred Units | ||||||
Net income (loss) attributable to partners: | ||||||
Less: Distributions declared to preferred unitholders | (1,510) | (382) | (2,854) | (382) | ||
Common Units | ||||||
Net income (loss) attributable to partners: | ||||||
Less: Distributions declared to preferred unitholders | (7,011) | (4,042) | (13,951) | (7,961) | ||
Net income (loss) attributable to common and subordinated unitholders | 923 | (265) | 2,729 | (600) | ||
Undistributed net loss | (6,088) | (4,307) | (11,222) | (8,561) | ||
Subordinated Units | ||||||
Net income (loss) attributable to partners: | ||||||
Less: Distributions declared to preferred unitholders | (1,113) | (1,042) | (2,218) | (2,077) | ||
Net income (loss) attributable to common and subordinated unitholders | 142 | (94) | 427 | (187) | ||
Undistributed net loss | $ (971) | $ (1,136) | $ (1,791) | $ (2,264) | ||
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Net Income (Loss) Per Limited79
Net Income (Loss) Per Limited Partner Unit - Net Income (Loss) per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Net income (loss) attributable to partners: | ||||||
Distributions declared | $ 1,510 | $ 382 | [1] | $ 2,854 | $ 382 | [1] |
Net income (loss) attributable to common and subordinated unitholders | $ 1,065 | $ (359) | [1] | $ 3,156 | $ (787) | [1] |
Weighted-average units outstanding: | ||||||
Basic (in shares) | 19,650,000 | 11,915,000 | [1] | 19,554,000 | 11,872,000 | [1] |
Units - diluted (in shares) | 22,785,000 | 15,050,000 | [1] | 22,689,000 | 15,007,000 | [1] |
Common Units | ||||||
Net income (loss) attributable to partners: | ||||||
Distributions declared | $ 7,011 | $ 4,042 | $ 13,951 | $ 7,961 | ||
Undistributed net loss | (6,088) | (4,307) | (11,222) | (8,561) | ||
Net income (loss) attributable to common and subordinated unitholders | 923 | (265) | 2,729 | (600) | ||
Net income (loss) attributable to subordinated units | 142 | (94) | 427 | (187) | ||
Net income (loss) attributable to common and subordinated units - diluted | $ 1,065 | $ (359) | $ 3,156 | $ (787) | ||
Weighted-average units outstanding: | ||||||
Basic (in shares) | 19,650,000 | 11,915,000 | 19,554,000 | 11,872,000 | ||
Effect of diluted subordinated units (in shares) | 3,135,000 | 3,135,000 | 3,135,000 | 3,135,000 | ||
Units - diluted (in shares) | 22,785,000 | 15,050,000 | 22,689,000 | 15,007,000 | ||
Net income (loss) per common and subordinated unit: | ||||||
Basic (in dollars per share) | $ 0.05 | $ (0.02) | $ 0.14 | $ (0.05) | ||
Diluted (in dollars per share) | $ 0.05 | $ (0.02) | $ 0.14 | $ (0.05) | ||
Number of units converted | 3,135,109 | 3,135,109 | 3,135,109 | 3,135,109 | ||
Subordinated Units | ||||||
Net income (loss) attributable to partners: | ||||||
Distributions declared | $ 1,113 | $ 1,042 | $ 2,218 | $ 2,077 | ||
Undistributed net loss | (971) | (1,136) | (1,791) | (2,264) | ||
Net income (loss) attributable to common and subordinated unitholders | 142 | (94) | 427 | (187) | ||
Net income (loss) attributable to common and subordinated units - diluted | $ 142 | $ (94) | $ 427 | $ (187) | ||
Weighted-average units outstanding: | ||||||
Basic (in shares) | 3,135,000 | 3,135,000 | 3,135,000 | 3,135,000 | ||
Units - diluted (in shares) | 3,135,000 | 3,135,000 | 3,135,000 | 3,135,000 | ||
Net income (loss) per common and subordinated unit: | ||||||
Basic (in dollars per share) | $ 0.05 | $ (0.03) | $ 0.14 | $ (0.06) | ||
Diluted (in dollars per share) | $ 0.05 | $ (0.03) | $ 0.14 | $ (0.06) | ||
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Fair Value of Financial Instr80
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Carrying Amount | ||
Investment in receivables, net | ||
Investment in receivables, net | $ 20,151 | $ 17,440 |
Fair Value | ||
Investment in receivables, net | ||
Investment in receivables, net | 20,191 | 17,550 |
Senior secured revolving credit facility | Carrying Amount | ||
Debt | ||
Revolving credit facility | 279,000 | 224,500 |
Senior secured revolving credit facility | Fair Value | ||
Debt | ||
Revolving credit facility | $ 279,000 | 224,500 |
Senior secured revolving credit facility | One month LIBOR | ||
Fair Value of Financial Instruments | ||
Applicable margin | 2.50% | |
Secured notes | Carrying Amount | ||
Debt | ||
Secured notes, net | $ 112,251 | 112,435 |
Secured notes | Fair Value | ||
Debt | ||
Secured notes, net | $ 113,261 | $ 112,608 |
Fair Value of Financial Instr81
Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value of Financial Instruments | ||
Derivative Liabilities | $ 84 | $ 376 |
Recurring | Level 2 inputs | ||
Fair Value of Financial Instruments | ||
Derivative Assets | 1,518 | 1,860 |
Derivative Liabilities | $ 84 | $ 376 |
Related-Party Transactions (Det
Related-Party Transactions (Details) | Jun. 16, 2016 | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)item$ / shares$ / property | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) |
Related-Party Transactions | ||||||
Due from Landmark and affiliates | $ 722,000 | $ 722,000 | $ 566,000 | |||
Incentive Distribution Rights | ||||||
Related-Party Transactions | ||||||
Threshold percentage per unit per quarter (in dollars per share) | $ / shares | $ 0.2875 | |||||
Percentage of total cash distributions | 15.00% | |||||
Incentive Distribution Rights | Maximum | ||||||
Related-Party Transactions | ||||||
Percentage of available cash | 50.00% | |||||
Landmark, General Partner and affiliates | ||||||
Related-Party Transactions | ||||||
Due from Landmark and affiliates | $ 700,000 | $ 700,000 | $ 600,000 | |||
Landmark, General Partner and affiliates | Capped reimbursement for certain general and administrative expenses | ||||||
Related-Party Transactions | ||||||
Quarterly cap | $ 162,500 | |||||
Percentage of revenue (as a percent) | 3.00% | |||||
Expiration of quarterly cap, measurement period, number of consecutive fiscal quarters (in periods) | item | 4 | |||||
Expiration of quarterly cap, measurement period, minimum revenue | $ 80,000,000 | |||||
Reimbursement of expenses that exceeded the cap | 1,100,000 | $ 800,000 | $ 2,000,000 | $ 1,600,000 | ||
Landmark, General Partner and affiliates | Management fees | Minimum | ||||||
Related-Party Transactions | ||||||
Management fee per asset per month (in dollars per property) | $ / property | 45 | |||||
Landmark, General Partner and affiliates | Management fees | Maximum | ||||||
Related-Party Transactions | ||||||
Management fee per asset per month (in dollars per property) | $ / property | 75 | |||||
American Infrastructure Funds | Patent License Agreement Fees | ||||||
Related-Party Transactions | ||||||
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 | 12,500 | 50,000 | 25,000 | ||
Landmark Dividend LLC | Management fees | Acquired Funds | Restatement Adjustment | ||||||
Related-Party Transactions | ||||||
Management fees prior to acquisition | 100,000 | 100,000 | ||||
General Partner | Management fees | ||||||
Related-Party Transactions | ||||||
Costs incurred | $ 4,611 | $ 0 | $ 9,248 | $ 0 | ||
General Partner | Secured Notes Management Agreement | ||||||
Related-Party Transactions | ||||||
Management fee (as a percent) | 1.50% |
Related-Party Transactions - Su
Related-Party Transactions - Summary of Completed Right of First Offer (“ROFO”) Acquisitions (Details) $ in Millions | Aug. 30, 2016USD ($)itemshares | Jun. 30, 2017USD ($)itemsiteshares | Dec. 31, 2016USD ($)site | Jun. 30, 2017shares |
Related-Party Transactions | ||||
Number of tenant sites acquired | site | 27 | 40 | ||
No. of Investments in Receivables | item | 1 | |||
Consideration paid for acquisition | $ | $ 15.4 | $ 85.7 | ||
386-site acquisition | Landmark Dividend Growth Fund G LLC | ||||
Related-Party Transactions | ||||
Number of tenant sites acquired | item | 386 | |||
No. of Investments in Receivables | item | 5 | |||
Consideration paid for acquisition | $ | $ 140.3 | |||
Common units issued to Fund G | shares | 25,220 | |||
386-site acquisition | Landmark, General Partner and affiliates | ||||
Related-Party Transactions | ||||
Common units issued to Fund G | shares | 3,592,430 | |||
2-site acquisition | ||||
Related-Party Transactions | ||||
Number of tenant sites acquired | item | 2 | |||
Consideration paid for acquisition | $ | $ 11.3 | |||
Common units issued to Fund G | shares | 221,729 | |||
2-site acquisition | Landmark, General Partner and affiliates | ||||
Related-Party Transactions | ||||
Common units issued to Fund G | shares | 221,729 |
Related-Party Transactions - 84
Related-Party Transactions - Summary of Completed Right of First Offer (“ROFO”) Acquisitions (Parenthetical) (Details) $ in Millions | Jun. 08, 2017USD ($)site | Apr. 28, 2017USD ($)shares | Jun. 30, 2017USD ($)itemsiteshares | Mar. 31, 2017USD ($)site | Dec. 31, 2016USD ($)site | Jun. 30, 2017USD ($)siteshares | Dec. 31, 2016USD ($)site | Aug. 30, 2016site |
Related-Party Transactions | ||||||||
Number of tenant sites acquired | 27 | 40 | ||||||
Cash consideration | $ | $ 14.3 | $ 83.1 | ||||||
2-site acquisition | ||||||||
Related-Party Transactions | ||||||||
Number of tenant sites acquired | item | 2 | |||||||
Common units issued to Fund G | shares | 221,729 | |||||||
Landmark, General Partner and affiliates | 2-site acquisition | ||||||||
Related-Party Transactions | ||||||||
Common units issued to Fund G | shares | 221,729 | |||||||
Landmark, General Partner and affiliates | Acquisition from related party | ||||||||
Related-Party Transactions | ||||||||
Number of tenant sites obligated to acquire | 2 | |||||||
Common units issued to Fund G | shares | 221,729 | |||||||
Landmark, General Partner and affiliates | Acquisition from related party | 1-site acquisition | ||||||||
Related-Party Transactions | ||||||||
Number of tenant sites obligated to acquire | 1 | |||||||
Number of tenant sites acquired | 1 | 1 | ||||||
Cash consideration | $ | $ 1.6 | $ 3.8 | $ 7.5 | $ 7.5 | ||||
Landmark, General Partner and affiliates | Acquisition from related party | 2-site acquisition | ||||||||
Related-Party Transactions | ||||||||
Number of tenant sites acquired | 2 | |||||||
Cash consideration | $ | $ 11.3 | $ 6.3 |
Segment Information - General I
Segment Information - General Information (Details) - segment | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | 3 | 3 | 3 | 3 |
Segment Information - Statement
Segment Information - Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Revenue | |||||||
Rental revenue | $ 12,803 | $ 9,768 | [1] | $ 24,644 | $ 19,508 | [1] | |
Expenses | |||||||
Management fees to affiliate | [1] | 73 | 146 | ||||
Property operating | 74 | 69 | [1] | 161 | 74 | [1] | |
General and administrative | 1,437 | 1,041 | [1] | 2,845 | 2,145 | [1] | |
Acquisition-related | 285 | 355 | [1] | 752 | 427 | [1] | |
Amortization | 3,239 | 2,785 | [1] | 6,368 | 5,307 | [1] | |
Impairments | 692 | 848 | |||||
Total expenses | 5,727 | 4,323 | [1] | 10,974 | 8,099 | [1] | |
Total other income and expenses | (4,399) | (4,837) | [1] | (7,466) | (10,654) | [1] | |
Net income | 2,677 | 608 | [1] | 6,204 | 755 | [1] | |
Operating Segments | Wireless Communication | |||||||
Revenue | |||||||
Rental revenue | 8,240 | 7,458 | 16,204 | 14,919 | |||
Expenses | |||||||
Management fees to affiliate | 42 | 84 | |||||
Property operating | 18 | 54 | 19 | 59 | |||
Acquisition-related | 87 | 14 | 87 | ||||
Amortization | 2,659 | 2,427 | 5,313 | 4,598 | |||
Impairments | 535 | 646 | |||||
Total expenses | 3,212 | 2,610 | 5,992 | 4,828 | |||
Total other income and expenses | 191 | 165 | 370 | 744 | |||
Net income | 5,219 | 5,013 | 10,582 | 10,835 | |||
Operating Segments | Outdoor Advertising | |||||||
Revenue | |||||||
Rental revenue | 2,454 | 2,038 | 4,559 | 4,050 | |||
Expenses | |||||||
Management fees to affiliate | 31 | 62 | |||||
Property operating | 36 | 9 | 45 | 9 | |||
Acquisition-related | 174 | ||||||
Amortization | 443 | 309 | 781 | 620 | |||
Impairments | 157 | 202 | |||||
Total expenses | 636 | 349 | 1,202 | 691 | |||
Total other income and expenses | 15 | 15 | |||||
Net income | 1,833 | 1,689 | 3,372 | 3,359 | |||
Operating Segments | Renewable Power Generation | |||||||
Revenue | |||||||
Rental revenue | 2,109 | 272 | 3,881 | 539 | |||
Expenses | |||||||
Property operating | 20 | 6 | 97 | 6 | |||
Acquisition-related | 8 | 8 | |||||
Amortization | 137 | 49 | 274 | 89 | |||
Total expenses | 157 | 63 | 371 | 103 | |||
Total other income and expenses | 174 | 110 | 353 | 189 | |||
Net income | 2,126 | 319 | 3,863 | 625 | |||
Corporate | |||||||
Expenses | |||||||
General and administrative | 1,437 | 1,041 | 2,845 | 2,145 | |||
Acquisition-related | 285 | 260 | 564 | 332 | |||
Total expenses | 1,722 | 1,301 | 3,409 | 2,477 | |||
Total other income and expenses | (4,779) | (5,112) | (8,204) | (11,587) | |||
Net income | $ (6,501) | $ (6,413) | $ (11,613) | $ (14,064) | |||
[1] | Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information. |
Segment Information - Total Ass
Segment Information - Total Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | $ 650,847 | $ 603,060 |
Corporate | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 16,608 | 12,357 |
Wireless Communication | Operating Segments | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 401,332 | 394,991 |
Outdoor Advertising | Operating Segments | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 127,359 | 92,660 |
Renewable Power Generation | Operating Segments | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | $ 105,548 | $ 103,052 |
Commitments and Contingencies -
Commitments and Contingencies - Acquisitions (Details) $ in Millions | Jun. 30, 2017USD ($) | Jun. 08, 2017USD ($)site | Aug. 30, 2016site |
Zero Site microgrid solution | |||
Acquisitions | |||
Contractual obligation to deploy | $ | $ 6.6 | ||
Acquisition from related party | Landmark, General Partner and affiliates | |||
Acquisitions | |||
Number of tenant sites obligated to acquire | site | 2 | ||
Acquisition from related party | Landmark, General Partner and affiliates | 1-site acquisition | |||
Acquisitions | |||
Number of tenant sites obligated to acquire | site | 1 | ||
Cash consideration due | $ | $ 1.6 |
Commitments and Contingencies89
Commitments and Contingencies - Real Property Interest Subject to Subordination (Details) $ in Millions | Jun. 30, 2017USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Real property interest subject to subordination | $ 63.5 |
Tenant Concentration (Details)
Tenant Concentration (Details) - Concentration - Tenant Revenue | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
T-Mobile | ||||
Tenant Concentration | ||||
Percentage of revenue | 11.80% | 14.10% | 12.20% | 14.10% |
AT&T Mobility | ||||
Tenant Concentration | ||||
Percentage of revenue | 11.20% | 13.00% | 11.40% | 13.10% |
Sprint | ||||
Tenant Concentration | ||||
Percentage of revenue | 10.10% | 12.00% | 10.10% | 12.00% |
Crown Castle | ||||
Tenant Concentration | ||||
Percentage of revenue | 9.20% | 11.00% | 9.40% | 10.80% |
Supplemental Cash Flow Inform91
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Noncash activities | |||||||
Capital contribution to fund general and administrative expense reimbursement | $ 1,074 | $ 819 | |||||
Unit Exchange Program acquisitions | $ 1,100 | $ 2,600 | |||||
Fair value adjustment of investments in receivables | 212 | ||||||
Distributions payable to preferred unitholders | 948 | 382 | |||||
Offering costs included in accounts payable and accrued liabilities | 668 | ||||||
Deferred loan costs included in accounts payable and accrued liabilities | 708 | ||||||
Purchase price for acquisitions included in accounts payable | 285 | ||||||
Cash flows related to interest paid | |||||||
Cash paid for interest | 7,253 | 6,134 | |||||
Unit Exchange Acquisitions | |||||||
Noncash activities | |||||||
Unit Exchange Program acquisitions | $ 1,000 | $ 100 | $ 900 | $ 100 | $ 1,600 | $ 1,099 | 1,604 |
Landmark, General Partner and affiliates | |||||||
Noncash activities | |||||||
Purchase price for acquisitions included in due to Landmark and affiliates | $ 110 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Aug. 03, 2017USD ($)shares | Jul. 28, 2017USD ($)site | Jun. 30, 2017USD ($)site | Dec. 31, 2016USD ($)site | Jun. 30, 2017shares | Jun. 30, 2016shares |
Subsequent Event | ||||||
Number of tenant sites acquired | 27 | 40 | ||||
Cash consideration | $ | $ 14.3 | $ 83.1 | ||||
Limited Partners | Preferred Units Series A | ||||||
Subsequent Event | ||||||
Issuance of Units, net (in units) | shares | 211,000 | 800,000 | ||||
Limited Partners | Preferred Units Series B | ||||||
Subsequent Event | ||||||
Issuance of Units, net (in units) | shares | 164,000 | |||||
Wireless Communication | ||||||
Subsequent Event | ||||||
Number of tenant sites acquired | 15 | 25 | ||||
Outdoor Advertising | ||||||
Subsequent Event | ||||||
Number of tenant sites acquired | 12 | 9 | ||||
Renewable Power Generation | ||||||
Subsequent Event | ||||||
Number of tenant sites acquired | 6 | |||||
Subsequent Event | ||||||
Subsequent Event | ||||||
Number of tenant sites acquired | 34 | |||||
Cash consideration | $ | $ 22 | |||||
Borrowing to fund purchase price | $ | $ 20 | |||||
Subsequent Event | Limited Partners | Preferred Units Series A | ||||||
Subsequent Event | ||||||
Issuance of Units, net (in units) | shares | 100,199 | |||||
Proceeds from issuance of unit, before costs | $ | $ 2.5 | |||||
Subsequent Event | Limited Partners | Preferred Units Series B | ||||||
Subsequent Event | ||||||
Issuance of Units, net (in units) | shares | 28,289 | |||||
Proceeds from issuance of unit, before costs | $ | $ 0.7 | |||||
Subsequent Event | Wireless Communication | ||||||
Subsequent Event | ||||||
Number of tenant sites acquired | 30 | |||||
Subsequent Event | Outdoor Advertising | ||||||
Subsequent Event | ||||||
Number of tenant sites acquired | 1 | |||||
Subsequent Event | Renewable Power Generation | ||||||
Subsequent Event | ||||||
Number of tenant sites acquired | 3 |