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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

(Mark One)

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

For the fiscal year ended December 31, 2020

OR

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

For the transition period from                      to                    

Commission File Number: 001-36735

Landmark Infrastructure Partners LP

(Exact name of registrant as specified in its charter)  

 

Delaware

 

61-1742322

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

400 Continental Blvd, Suite 500,
P.O. Box 3429
El Segundo, CA 90245

 

90245

(Address of principal executive offices)

 

(Zip Code)

(310) 598-3173

(Registrant’s telephone number, including area code)

N/A

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

 

Securities Registered Pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Units, Representing Limited Partner Interests

 

LMRK

 

NASDAQ Global Market

8.0% Series A Cumulative Redeemable Preferred Units, $25.00 par value

 

LMRKP

 

NASDAQ Global Market

7.9% Series B Cumulative Redeemable Preferred Units, $25.00 par value

 

LMRKO

 

NASDAQ Global Market

Series C Floating-to-Fixed Rate Cumulative Redeemable Perpetual Convertible Preferred Units, $25.00 par value

 

LMRKN

 

NASDAQ Global Market

 

Securities Registered Pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes       No  

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes       No       

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

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

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

Large accelerated filer  

 

Accelerated filer  

 

Non-accelerated filer  

 

Smaller reporting company  

Emerging growth company  

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.     

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

The aggregate market value of the equity held by non-affiliates of the registrant on June 30, 2020, the last business day of the registrant’s most recently completed second fiscal quarter, based on the closing price on that date of $9.90, was approximately $252 million.

The registrant had 25,488,992 common units outstanding at February 18, 2021.

DOCUMENTS INCORPORATED BY REFERENCE

None

 

 

 

 


Table of Contents

 

Table of Contents

 

 

Page
Number

 

PART I

 

Item 1.

Business and Properties

4

Item 1A.

Risk Factors

21

Item 1B.

Unresolved Staff Comments

50

Item 2.

Properties

50

Item 3.

Legal Proceedings

50

Item 4.

Mine Safety Disclosures

50

 

PART II

 

Item 5.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

51

Item 6.

Selected Financial Data

53

Item 7.

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

57

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

79

Item 8.

Financial Statements and Supplementary Data

80

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

80

Item 9A.

Controls and Procedures

80

Item 9B.

Other Information

81

 

PART III

 

Item 10.

Directors, Executive Officers and Corporate Governance

82

Item 11.

Executive Compensation

86

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

87

Item 13.

Certain Relationships and Related Transactions, and Director Independence

88

Item 14.

Principal Accountant Fees and Services

90

 

PART IV

 

Item 15.

Exhibits, Financial Statement Schedules

91

 

2


Table of Contents

 

Unless the context otherwise requires, references in this report to "our partnership," "we," "our," "us," or like terms refer to Landmark Infrastructure Partners LP. References to “our general partner” refer to Landmark Infrastructure Partners GP LLC.

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

 

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

 

the number of completed infrastructure developments;

 

the return on acquisitions and infrastructure developments;

 

the prices we pay for our acquisitions of real property;

 

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

 

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

 

changes in the price and availability of real property interests;

 

changes in prevailing economic conditions;

 

unanticipated cancellations of tenant leases;

 

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

 

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

 

inability to acquire or maintain necessary permits;

 

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

 

difficulty collecting receivables and the potential for tenant bankruptcy;

 

additional expenses associated with being a publicly traded partnership;

 

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

 

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

 

mergers or consolidations among wireless carriers;

 

performance of our joint ventures;

 

fluctuations in foreign currency exchange rates;

 

epidemic or pandemic (such as the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period;

 

other events outside of our control; and

 

certain factors discussed elsewhere in this Annual Report on Form 10-K.

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

3


Table of Contents

 

PART I

ITEM 1. Business and Properties

 

Overview

We are a growth‑oriented partnership formed by Landmark Dividend LLC (“Landmark” or “Sponsor”) to acquire, develop, own and manage a portfolio of real property interests and infrastructure assets that are leased to companies in the wireless communication, digital infrastructure, outdoor advertising and renewable power generation industries. 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”). Our common units are listed on the NASDAQ Global Market under the symbol “LMRK”. The Partnership holds substantially all of its assets in a consolidated subsidiary, Landmark Infrastructure Inc., a Delaware corporation (“REIT Subsidiary”), which elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with its taxable year ending December 31, 2017. We intend to continue to own and operate substantially all of our assets through the REIT Subsidiary. Our legal structure substantially eliminates unrelated business taxable income allocated by the Partnership to tax-exempt investors, including individuals investing through tax-deferred accounts such as an individual retirement account, and we do not intend to generate state source income.

Our real property interests underlie our tenants’ infrastructure assets, which include freestanding cellular towers and rooftop wireless sites, powered shell spaces for data centers, billboards, wind turbines, solar arrays and development equipment. These assets are essential to the operations and profitability of our tenants. We seek to acquire real property interests subject to triple net or effectively triple net lease arrangements containing contractual rent increase clauses, or “rent escalators,” which we believe provide us with stable, predictable and growing cash flow. In certain instances, we own the infrastructure and lease the infrastructure to our tenants.

Our real property interests generally consist of a diversified portfolio of long‑term and perpetual easements, tenant lease assignments, fee simple properties and infrastructure assets located primarily in the United States and Canada. These real property interests and other infrastructure entitle us to receive rental payments from leases on our 1,986 tenant sites. Approximately 75% of our leased tenant sites are leased to large, publicly traded companies (or their affiliates) that have a national footprint and for our renewable power generation segment includes tenants with power purchase agreements with subsidiaries or affiliates of high credit rated utilities or high quality offtakers. These tenants, which we refer to as our “Tier 1” tenants, are comprised of AT&T Mobility, T‑Mobile and Verizon in the wireless carrier industry, Crown Castle, American Tower and SBA Communications in the cellular tower industry, Clear Channel Outdoor, Outfront Media and Lamar Advertising in the outdoor advertising industry, and Southern California Edison in the renewable power generation industry. Tenants in our digital infrastructure segment are excluded from “Tier 1” tenants. For our digital infrastructure industry, we focus on leasing our mission-critical data centers located in strategic markets in the United States to high-quality tenants.

We believe the terms of our tenant lease arrangements provide us with stable, predictable and growing cash flow. Substantially all of our tenant lease arrangements are triple net or effectively triple net, meaning that our tenants or the underlying property owners are contractually responsible for property‑level operating expenses, including maintenance capital expenditures, property taxes and insurance. For certain infrastructure assets, we incur ground rent obligations, maintenance expenditures, property taxes and insurance, some of which may be reimbursed by our tenants. As of December 31, 2020, 83% of our tenant leases (94% of rental revenue for the three months ended December 31, 2020) have contractual rent escalators, and some of our tenant leases contain revenue‑sharing provisions in addition to the base monthly or annual rental payments. In addition, we believe the physical infrastructure assets at our tenant sites are essential to the ongoing operations and profitability of our tenants. When combined with the challenges and costs of relocating these infrastructure assets and the key strategic locations of our real property interests, we expect continued high tenant retention and occupancy rates. As of December 31, 2020, we had a 94% occupancy rate, with 1,874 of our 1,986 total available tenant sites leased.

We benefit significantly from our relationship with Landmark, our Sponsor. Landmark, a private company formed in 2010, is one of the largest acquirers of real property interests underlying the operationally essential infrastructure assets in the wireless communication, digital infrastructure, outdoor advertising and renewable power generation industries. We believe Landmark’s asset acquisition and management platform will benefit us by providing us with acquisitions and development opportunities. Please read “Our Relationship with Landmark” and “Infrastructure Development”.

We conduct business through four reportable business segments: Wireless Communication, Digital Infrastructure, Outdoor Advertising and Renewable Power Generation. Our reportable segments are strategic business units that offer different products and services. They are commonly managed, as all of these businesses require similar marketing and business strategies. We evaluate our segments based on revenue because substantially all of our tenant lease arrangements are triple net or effectively triple net. We believe this measure provides investors with relevant and useful information because it is presented on an unlevered basis. See Notes to the Consolidated Financial Statements for additional information on our business segments.

4


Table of Contents

 

Our Portfolio of Real Property Interests

Our portfolio of property interests consists primarily of (i) long‑term and perpetual easements combined with lease assignment contracts (which we refer to as our “lease assignments)” (ii) lease assignments without easements (iii) properties we own in fee simple and (iv) infrastructure we own and lease to our tenants. In connection with each real property interest, we have also acquired the rights to receive payment under pre‑existing ground leases from property owners, which we refer to as our “tenant leases.” Under our easements, property owners have granted us the right to use and lease the space occupied by our tenants, and when we have not been granted easements, we have acquired economic rights under lease assignments that are substantially similar to the economic rights granted under our easements, including the right to re‑lease the same space if the tenant lease expires or terminates.

The table below provides an overview of our portfolio of real property interests as of December 31, 2020.

Our Real Property Interests

 

 

 

 

 

 

 

Available Tenant

 

 

 

Leased Tenant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sites(1)

 

 

 

Sites

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

Monthly

 

 

Quarterly

 

 

Percentage

 

 

 

Number of

 

 

 

 

 

 

Property

 

 

 

 

 

 

 

Lease

 

 

Tenant Site

 

 

Effective Rent

 

 

Rental

 

 

of Quarterly

 

 

 

Infrastructure

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

Term

 

 

Occupancy

 

 

Per Tenant

 

 

Revenue

 

 

Rental

 

Real Property Interest

 

Locations(1)

 

 

Number

 

 

(Years)

 

 

 

Number

 

 

(Years)(2)

 

 

Rate(3)(4)

 

 

Site(4)(5)

 

 

(in thousands)(6)

 

 

Revenue(6)

 

Tenant Lease Assignment with

   Underlying Easement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wireless Communication

 

 

703

 

 

 

909

 

 

 

75.6

 

(7)

 

 

847

 

 

 

34.7

 

 

 

 

 

 

 

 

 

 

$

5,264

 

 

 

31

%

Digital Infrastructure

 

 

1

 

 

 

1

 

 

 

99.0

 

(7)

 

 

1

 

 

 

8.7

 

 

 

 

 

 

 

 

 

 

 

450

 

 

 

3

%

Outdoor Advertising

 

 

544

 

 

 

732

 

 

 

84.6

 

(7)

 

 

706

 

 

 

15.5

 

 

 

 

 

 

 

 

 

 

 

3,295

 

 

 

20

%

Renewable Power Generation

 

 

15

 

 

 

47

 

 

 

29.2

 

(7)

 

 

47

 

 

 

33.9

 

 

 

 

 

 

 

 

 

 

 

292

 

 

 

2

%

Subtotal

 

 

1,263

 

 

 

1,689

 

 

 

74.4

 

(7)

 

 

1,601

 

 

 

26.8

 

 

 

 

 

 

 

 

 

 

$

9,301

 

 

 

56

%

Tenant Lease Assignment only(8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wireless Communication

 

 

115

 

 

 

169

 

 

 

45.1

 

 

 

 

149

 

 

 

16.6

 

 

 

 

 

 

 

 

 

 

$

1,084

 

 

 

6

%

Outdoor Advertising

 

 

33

 

 

 

36

 

 

 

61.2

 

 

 

 

34

 

 

 

12.5

 

 

 

 

 

 

 

 

 

 

 

213

 

 

 

1

%

Renewable Power Generation

 

 

6

 

 

 

6

 

 

 

46.6

 

 

 

 

6

 

 

 

24.4

 

 

 

 

 

 

 

 

 

 

 

57

 

 

 

%

Subtotal

 

 

154

 

 

 

211

 

 

 

47.9

 

 

 

 

189

 

 

 

16.1

 

 

 

 

 

 

 

 

 

 

$

1,354

 

 

 

7

%

Tenant Lease on Fee Simple

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wireless Communication

 

 

17

 

 

 

28

 

 

 

99.0

 

(7)

 

 

26

 

 

 

26.8

 

 

 

 

 

 

 

 

 

 

$

175

 

 

 

1

%

Digital Infrastructure

 

 

13

 

 

 

13

 

 

 

99.0

 

(7)

 

 

13

 

 

 

24.4

 

 

 

 

 

 

 

 

 

 

 

4,236

 

 

 

25

%

Outdoor Advertising

 

 

26

 

 

 

28

 

 

 

99.0

 

(7)

 

 

28

 

 

 

6.6

 

 

 

 

 

 

 

 

 

 

 

221

 

 

 

1

%

Renewable Power Generation

 

 

14

 

 

 

17

 

 

 

99.0

 

(7)

 

 

17

 

 

 

28.4

 

 

 

 

 

 

 

 

 

 

 

1,659

 

 

 

10

%

Subtotal

 

 

70

 

 

 

86

 

 

 

99.0

 

(7)

 

 

84

 

 

 

20.3

 

 

 

 

 

 

 

 

 

 

$

6,291

 

 

 

37

%

Total

 

 

1,487

 

 

 

1,986

 

 

 

69.6

 

(9)

 

 

1,874

 

 

 

25.4

 

 

 

 

 

 

 

 

 

 

$

16,946

 

 

 

100

%

Aggregate Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wireless Communication

 

 

835

 

 

 

1,106

 

 

 

66.4

 

 

 

 

1,022

 

 

 

31.9

 

 

 

92

%

 

$

2,045

 

 

$

6,523

 

 

 

38

%

Digital Infrastructure

 

 

14

 

 

 

14

 

 

 

99.0

 

 

 

 

14

 

 

 

23.3

 

 

 

100

%

 

 

115,367

 

 

 

4,686

 

 

 

28

%

Outdoor Advertising

 

 

603

 

 

 

796

 

 

 

75.2

 

 

 

 

768

 

 

 

15.0

 

 

 

96

%

 

 

1,875

 

 

 

3,729

 

 

 

22

%

Renewable Power Generation

 

 

35

 

 

 

70

 

 

 

35.2

 

 

 

 

70

 

 

 

30.1

 

 

 

100

%

 

 

9,562

 

 

 

2,008

 

 

 

12

%

Total

 

 

1,487

 

 

 

1,986

 

 

 

69.6

 

(9)

 

 

1,874

 

 

 

25.4

 

 

 

94

%

 

$

3,150

 

 

$

16,946

 

 

 

100

%

 

(1)

“Available Tenant Sites” means the number of individual sites that could be leased. For example, if we have an easement on a single rooftop, on which three different tenants can lease space from us, this would be counted as three “tenant sites,” and all three tenant sites would be at a single infrastructure location with the same address.

(2)

Assumes the exercise of all remaining renewal options of tenant leases. Assuming no exercise of renewal options, the average remaining lease terms for our wireless communication, digital infrastructure, outdoor advertising, renewable power generation and total portfolio as of December 31, 2020 were 2.8, 9.9, 7.0, 16.8 and 4.7 years, respectively.

(3)

Represents number of leased tenant sites divided by number of available tenant sites.

(4)

Occupancy and average monthly effective rent per tenant site are shown only on an aggregate portfolio basis by industry.

(5)

Represents total monthly revenue excluding the impact of amortization of above and below market lease intangibles divided by the number of leased tenant sites.

(6)

Represents GAAP rental revenue recognized under existing tenant leases for the three months ended December 31, 2020. Excludes interest income on receivables.

(7)

Fee simple ownership and perpetual easements are shown as having a term of 99 years for purposes of calculating the average remaining term.

(8)

Reflects “springing lease agreements” whereby the cancellation or nonrenewal of a tenant lease entitles us to enter into a new ground lease with the property owner (up to the full property interest term) and a replacement tenant lease. The remaining lease assignment term is, therefore, equal to or longer than the remaining lease term. Also represents properties for which the “springing lease” feature has been exercised and has been replaced by a lease for the remaining lease term.

(9)

Excluding perpetual ownership rights, the average remaining property interest term on our tenant sites is approximately 61 years.


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Table of Contents

 

Our real property interests entitle us to receive rental payments from tenant leases in the wireless communication, outdoor advertising and renewable power generation industries. The table below summarizes our Tier 1 tenants which comprised approximately 75% of our leased tenant sites as of December 31, 2020. Tenants in our digital infrastructure segment are excluded from the following table. For our digital infrastructure industry, we focus on leasing our mission-critical data centers located in strategic markets in the United States to high-quality tenants.

Our Tier 1 Tenants by Industry

 

Wireless Communication

 

 

Outdoor Advertising

 

 

Renewable Power Generation

 

Wireless Carriers

 

 

Tower Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Total

 

 

 

 

% of Total