Landmark Infrastructure Partners (LMRK) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Entity Registrant Name	Landmark Infrastructure Partners LP
Entity Central Index Key	1,615,346
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Common Unitholders, Public
Entity Common Stock, Shares Outstanding		7,707,715
Subordinated Unitholder, Landmark
Entity Common Stock, Shares Outstanding		3,135,109

CONSOLIDATED AND COMBINED BALAN

CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets
Land	$ 5,219,666	$ 5,219,666
Real property interests	204,248,244	186,926,669
Total land and real property interests	209,467,910	192,146,335
Accumulated amortization of real property interests	(7,557,458)	(5,916,820)
Land and net real property interests	201,910,452	186,229,515
Investments in receivables, net	8,357,381	8,665,274		$ 9,085,281
Cash and cash equivalents	401,892	311,108	$ 237,218	1,037,327
Rent receivables, net	355,652	80,711
Due from Landmark and affiliates	1,313,408	659,722
Deferred loan cost, net	3,120,334	2,838,879
Deferred rent receivable	366,892	288,453
Derivative assets	19,038
Other intangible assets, net	5,352,392	5,003,655
Other assets	215,606	399,222
Total assets	221,413,047	204,476,539
Liabilities and equity
Revolving credit facility	72,200,000	74,000,000
Accounts payable and accrued liabilities	1,235,052	141,508
Other intangible liabilities, net	8,197,871	7,396,318
Prepaid rent	1,779,627	1,532,372
Derivative liabilities	685,570	289,808
Total liabilities	$ 84,098,120	$ 83,360,006
Commitments and contingencies
Equity	$ 137,314,927	$ 121,116,533	$ 88,033,276	$ 89,336,056
Total liabilities and equity	$ 221,413,047	$ 204,476,539

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF INCOME - USD ($)	Apr. 23, 2015	Jan. 26, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Rental revenue			$ 4,229,771	$ 3,390,459	$ 8,191,863	$ 6,724,005
Interest income on receivables			194,544	158,858	401,854	334,409
Total revenue			4,424,315	3,549,317	8,593,717	7,058,414
Expenses
Management fees to affiliate				100,825		202,330
Property operating			8,894	21,805	8,894	21,805
General and administrative			651,071	514,411	1,635,056	531,958
Acquisition-related			173,755		1,367,072	1,800
Amortization			1,194,775	886,573	2,261,750	1,758,385
Impairments			514,300	8,450	3,276,736	8,450
Total expenses			2,542,795	1,532,064	8,549,508	2,524,728
Other income and expenses
Interest expense			(1,164,235)	(1,171,275)	(2,175,891)	(2,303,929)
Unrealized gain (loss) on derivatives			397,162	(435,530)	(376,724)	(487,790)
Gain on sale of real property interest			9,524		82,026
Total other income and expenses			(757,549)	(1,606,805)	(2,470,589)	(2,791,719)
Net income (loss)			1,123,971	410,448	(2,426,380)	1,741,967
Less: Net income (loss) attributable to Predecessor			15,355	$ 410,448	(643,333)	$ 1,741,967
Net income (loss) attributable to partners			$ 1,108,616		$ (1,783,047)
Weighted-average limited partner units outstanding
Cash distribution declared per unit (in dollars per share)	$ 0.2975	$ 0.1344	$ 0.3075		$ 0.6050
Common Unitholders, Public
Net loss per limited partners unit
Units – basic and diluted (in dollars per share)			$ 0.16		$ (0.16)
Weighted-average limited partner units outstanding
Weighted-average units outstanding – basic and diluted (in shares)			6,090,688		5,401,007
Subordinated Unitholder, Landmark
Net loss per limited partners unit
Units – basic and diluted (in dollars per share)			$ 0.05		$ (0.30)
Weighted-average limited partner units outstanding
Weighted-average units outstanding – basic and diluted (in shares)			3,135,109		3,135,109

CONSOLIDATED AND COMBINED STAT4

CONSOLIDATED AND COMBINED STATEMENTS OF PARTNERS’ CAPITAL - USD ($)	Limited PartnersCommon Unitholders, Public	Limited PartnersSubordinated Unitholder, Landmark	General Partner, Landmark	Landmark Infrastructure Partners LP, Predecessor	Total
Balance as of beginning of period at Dec. 31, 2013				$ 89,336,056	$ 89,336,056
Increase (decrease) in partners' capital
Contributions of real property interests to predecessor				679,399	679,399
Net income (loss) attributable to predecessor					(1,741,967)
Distributions				(3,724,146)	(3,724,146)
Net loss attributable to partners				1,741,967	1,741,967
Balance as of end of period at Jun. 30, 2014				88,033,276	88,033,276
Balance as of beginning of period at Dec. 31, 2014	$ 74,683,957	$ 29,745,957	$ 12,349	16,674,270	121,116,533
Balance as of beginning of period (in units) at Dec. 31, 2014	4,702,665	3,135,109
Increase (decrease) in partners' capital
Net income (loss) attributable to predecessor			643,333		643,333
Net investment of Acquired Assets			(9,519,686)	$ (16,674,270)	(26,193,956)
Issuance of common units	$ 46,942,876				46,942,876
Issuance of common units (in shares)	3,000,000
Distributions	$ (2,031,518)	$ (1,354,053)			(3,385,571)
Capital contribution to fund general and administrative expense reimbursement			1,173,925		1,173,925
Net loss attributable to partners	(837,979)	(945,068)			(2,426,380)
Unit-based compensation	$ 87,500				87,500
Unit-based compensation (in units)	5,050
Net loss attributable to partners	$ (837,979)	(945,068)			(1,783,047)
Balance as of end of period at Jun. 30, 2015	$ 118,844,836	$ 27,446,836	$ (8,976,745)		$ 137,314,927
Balance as of end of period (in units) at Jun. 30, 2015	7,707,715	3,135,109

CONSOLIDATED AND COMBINED STAT5

CONSOLIDATED AND COMBINED STATEMENTS OF PARTNERS’ CAPITAL (Parenthetical)	Jun. 30, 2015USD ($)
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF PARTNERS’ CAPITAL
Offering costs	$ 3,307,124

CONSOLIDATED AND COMBINED STAT6

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net income (loss)	$ (2,426,380)	$ 1,741,967
Adjustments to reconcile net income to net cash provided by operating activities:
Unit-based compensation	87,500
Unrealized (gain) loss on derivatives	376,724	487,790
Amortization expense	2,261,750	1,758,385
Amortization of above- and below- market lease	(397,400)	(248,856)
Amortization of deferred loan costs	298,138	429,031
Receivables interest accretion	(19,166)	(44,442)
Impairments	3,276,736	8,450
Allowance for doubtful accounts		4,465
Gain on the sale of real property interest	(82,026)
Changes in operating assets and liabilities:
Rent receivables, net	(274,941)	(102,946)
Accounts payable and accrued liabilities	1,093,544	(222,130)
Deferred rent receivables	(78,439)	(56,361)
Prepaid rent	247,255	(276,753)
Due from Landmark and affiliates	(172,633)	(307,208)
Other assets	183,616
Net cash provided by operating activities	4,374,278	3,171,392
Investing activities
Acquisition of land	(3,324,549)
Acquisition of real property interests	(33,994,051)
Net proceeds from the sale of real property interest	223,487
Repayment of receivables	327,059	382,958
Net cash used in investing activities	(36,768,054)	382,958
Financing activities
Proceeds from initial public offering, net of offering costs of $3,307,124	46,942,876
Proceeds from the revolving credit facility	47,400,000
Principal payments on the revolving credit facility	(49,200,000)
Principal payments on secured debt facilities		(583,706)
Deferred loan costs	(579,593)	(46,607)
Capital contribution to fund general and administrative expense reimbursement	692,872
Distributions to members of Contributing Landmark Funds		(3,626,123)
Distributions to limited partners	(3,385,571)
Consideration paid to general partner associated with Acquired Assets	(9,386,024)	(98,023)
Net cash provided by (used in) financing activities	32,484,560	(4,354,459)
Net increase (decrease) in cash and cash equivalents	90,784	(800,109)
Cash and cash equivalents at beginning of period	311,108	1,037,327
Cash and cash equivalents at end of period	$ 401,892	$ 237,218

CONSOLIDATED AND COMBINED STAT7

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Parenthetical)	Jun. 30, 2015USD ($)
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
Offering costs	$ 3,307,124

Business

Business	6 Months Ended
	Jun. 30, 2015
Business
Business	1. Business Landmark Infrastructure Partners LP (the “Partnership”) was formed on July 28, 2014 by Landmark Dividend LLC (“Landmark” or “Sponsor”) as a master limited partnership organized in the State of Delaware. On November 19, 2014, the Partnership completed its initial public offering (the “IPO”) of 2,750,000 common units representing limited partner interests (including 100,000 common units issued pursuant to the partial exercise of the underwriters’ option to purchase additional common units). In addition, Landmark purchased from the Partnership an additional 2,066,995 subordinated units for cash at the IPO price of our common units. On May 20, 2015 the Partnership closed a public offering of an additional 3,000,000 common units representing limited partner interests. 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”). For time periods subsequent to the IPO , references in this report to “ Landmark Infrastructure Partners LP, ” “ our partnership, ” “ we, ” “ our, ” “ us, ” or like terms refer to Landmark Infrastructure Partners LP. The Partnership was formed to own a portfolio of real property interests that are leased to companies in the wireless communication, outdoor advertising and renewable power generation industries. In addition, the Partnership also owns certain interests in receivables associated with similar assets. Concurrently with the IPO, the Partnership completed its formation transactions, pursuant to which it acquired, through a series of transactions, substantially all of the assets and liabilities of the Contributing Landmark Funds (as defined below). Our operations are managed by the board of directors and executive officers of Landmark Infrastructure Partners GP LLC, our general partner. Landmark and its affiliates own (a) our general partner; (b) 3,135,109 subordinated units in us and; (c) all of our incentive distribution rights.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidated and Combined Financial Statements For periods presented prior to the IPO, these consolidated and combined financial statements were derived from the historical financial statements and the combined results of operations of Landmark Dividend Growth Fund-A LLC (“Fund A”) and Landmark Dividend Growth Fund-D LLC (“Fund D” and together with Fund A, the “Contributing Landmark Funds”), our Predecessor. Our Predecessor includes the results of such assets during any period they were previously owned by Landmark or any of its affiliates. The IPO and formation transactions were treated as a reorganization of entities under common control pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (ASC 805). During the six months ended June 30, 2015 the Partnership completed two drop-down acquisitions that closed on March 4, 2015 (the “First Quarter Acquisition”) and on April 8, 2015 (the “Second Quarter Acquisition” and, together with the First Quarter Acquisition, the “Acquisitions” or “Acquired Assets”). In connection with the First Quarter Acquisition, Landmark Infrastructure Operating Company LLC (“OpCo”), a wholly owned subsidiary of the Partnership, acquired 81 tenant sites and related real property interests from Landmark Infrastructure Holding Company LLC (“HoldCo”), a wholly owned subsidiary of Landmark, in exchange for cash consideration of $25,205,000 . In connection with the Second Quarter Acquisition, OpCo acquired 73 tenant sites from HoldCo in exchange for total consideration of $22,050,000 . The consideration for both acquisitions was funded with borrowings under the Partnership’s existing credit facility and cash on hand . The Acquisitions were deemed to be transactions between entities under common control, which requires the assets and liabilities transferred 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 Acquired Assets prior to the acquisition dates as part of the Predecessor. The differences totaling $4,465,748 and $5,470,652 between the cash consideration of each acquisition of $25,205,000 and $22,050,000 and the historical cost basis of $20,739,252 and $16,579,348, respectively , were allocated to Landmark Infrastructure Partners GP LLC, the Partnership’s general partner (the “General Partner”) . All intercompany transactions and account balances have been eliminated. See Note 3 for additional information. For periods subsequent to the IPO, 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 Acquired Assets . The consolidated and combined balance sheets of our Predecessor include assets and liabilities that are specifically identifiable or otherwise attributable to the real property interests prior to the period they were owned by our Predecessor. If a real property interest was owned by Landmark before it was owned by our Predecessor, all revenue and expenses associated with such real property interest, for the period such real property interest was owned by Landmark, are included in the consolidated and combined statements of operations. See further discussion in Note 11, Related ‑Party Transactions . All financial information presented for the periods after the IPO represent the consolidated results of operations, financial position and cash flows of the Partnership with retroactive adjustments of the combined results of operations, financial position and cash flows of the Acquired Assets. Accordingly: · Our consolidated and combined statement of operations for the three months ended June 30, 2015, consists of the consolidated results of the Second Quarter Acquisition and the consolidated results of the Partnership from April 1, 2015 through April 7, 2015 and the consolidated results of the Partnership for the remainder of the period. Our consolidated and combined statement of operations for the three months ended June 30, 2014, consists entirely of the combined results of our Predecessor with retroactive adjustments for the Acquired Assets. · Our consolidated and combined statement of operations and cash flows for the six months ended June 30, 2015, consists of the consolidated results of the First Quarter Acquisition from January 1, 2015 through March 3, 2015, the consolidated results of the Second Quarter Acquisition from January 1, 2015 through April 7, 2015 and the consolidated results of the Partnership for the six months ended June 30, 2015. Our consolidated and combined statement of operations and combined statement of cash flows for the six months ended June 30, 2014, consists entirely of the combined results of our Predecessor with retroactive adjustments for the Acquired Assets. · Our consolidated and combined balance sheet at June 30, 2015, consists of the consolidated balances of the Partnership, while at December 31, 2014, it consists of the consolidated balances of the Partnership and the combined balances of certain Acquired Assets. · Our consolidated statement of changes in equity for the six months ended June 30, 2015, consists of both the combined activity of the Acquired Assets from January 1, 2015 through March 3, 2015 for the First Quarter Acquisition and from January 1, 2015 through April 7, 2015 for the Second Quarter Acquisition and the consolidated activity of the Partnership for the six month period. Our consolidated statement of changes in equity for the six months ended June 30, 2014, consists entirely of the combined activity of our Predecessor and the Acquired Assets. The unaudited interim consolidated and combined financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (“FASB”) in the ASC including modifications issued under the Accounting Standards Updates (“ASUs”) 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, 2015 and 2014 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 three and six months ended June 30 , 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. 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 2015, the FASB issued final guidance on its initiative of simplifying income statement presentation by eliminating the concept of extraordinary items (“ASU No. 2015-02”). Under the guidance, an entity will no longer be able to segregate an extraordinary item from the results of operations, separately present an extraordinary item on the income statement, or disclose income taxes or earnings-per-share data applicable to an extraordinary item. The ASU is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015, and early adoption is permitted. The Partnership does not expect the adoption of ASU No. 2015-01 to have a material impact on its financial statements. In February 2015, the FASB issued amendments to accounting for consolidation of certain legal entities (“ASU No. 2015-02”). ASU No. 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Partnership does not expect the adoption of ASU No. 2015-02 to have a material impact on its financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presen tation of Debt Issuance Costs (“ASU 2015-03” ). ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. The amendments in this ASU are effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption of the ASU on our consolidated balance sheets. In April 2015, the FASB issued ASU 2015-06, Earnings Per Share (Topic - 260)—Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (“ASU 2015-06”). ASU 2015-06 provides guidance on the presentation of historical earnings per unit for master limited partnerships that apply the two-class method of calculating earnings per unit. When a general partner transfers or “drops-down” net assets to a master limited partnership and the transaction is accounted for as a transaction between entities under common control, the statements of operations of the master limited partnership are adjusted retroactively to reflect the transaction as if it occurred on the earliest date during which the entities were under common control. ASU 2015-06 specifies that the historical income (losses) of a transferred business before the date of a drop-down transaction should be allocated entirely to the general partner and the previously reported earnings per unit of the limited partners should not change as a result of the drop-down transaction. The amendments in this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, and are required to be applied retroactively for all financial statements presented. Early adoption is permitted . Although we believe we are currently in compliance with this ASU, we will continue to evaluate the impact of the adoption of the ASU on our consolidated financial statements.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2015
Acquisitions
Acquisitions	3. Acquisitions On March 4, 2015, OpCo, a wholly-owned subsidiary of the Partnership, completed its acquisition of 81 tenant sites and related real property interests, consisting of 41 wireless communication, 39 outdoor advertising and 1 renewable power sites, from HoldCo, a wholly-owned subsidiary of Landmark, in exchange for cash consideration of $25,205,000 . The purchase price was funded with $24,000,000 of borrowings under the Partnership’s existing credit facility and available cash. On April 8, 2015, OpCo completed an acquisition of 73 tenant sites and related real property interests, consisting of 45 wireless communication and 28 outdoor advertising sites, from HoldCo in exchange for cash consideration of $22,050,000 . The purchase price was funded with $21,500,000 of borrowings under the Partnership’s existing credit facility and available cash. The assets and liabilities acquired are recorded at the historical cost of Landmark, as the Acquisitions from Landmark are deemed to be transactions between entities under common control with the statements of operations of the Partnership adjusted retroactively as if the Acquisitions occurred on the earliest date during which the Acquired Assets were under common control. Our historical financial statements have been retroactively adjusted to reflect the results of operations, financial position, and cash flows of the Acquired Assets as if we owned the Acquired Assets 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 Acquisitions on pre-acquisition periods. Statement of operations for the three and six months ended June 30, 2015: Three months ended June 30, 2015 Six months ended June 30, 2015 Landmark Pre-Acquisition Landmark Pre-Acquisition Infrastructure results of Consolidated Infrastructure results of Consolidated Partners LP Acquired Assets Results Partners LP Acquired Assets Results Revenue Rental revenue $ $ $ $ $ $ Interest income on receivables — — Total revenue Expenses Property operating — — General and administrative — — Acquisition-related — Amortization Impairments — — Total expenses Other income and expenses — — Net income (loss) $ $ $ $ $ $ Statement of operations for the three and six months ended June 30, 2014: Three months ended June 30, 2014 Six months ended June 30, 2014 Pre-Acquisition Pre-Acquisition results of Consolidated results of Consolidated Predecessor Acquired Assets Results Predecessor Acquired Assets Results Revenue Rental revenue $ $ $ $ $ $ Interest income on receivables — — Total revenue Expenses Management fees to affiliate — — Property operating — — General and administrative — — Acquisition-related — — — — Amortization Impairments — — Total expenses Other income and expenses — — Net income $ $ $ $ $ $ Balance Sheet as of December 31, 2014: Landmark Infrastructure Pre-Acquisition Consolidated Partners LP Acquired Assets Results Assets Land $ $ $ Real property interests Total land and real property interests Accumulated amortization of real property interest Land and net real property interests Investments in receivables, net — Cash and cash equivalents — Rent receivables, net — Due from Landmark and affiliates — Deferred loan cost, net — Deferred rent receivable Other intangible assets, net Other assets — Total assets $ $ $ Liabilities and equity Revolving credit facility $ $ — $ Accounts payable and accrued liabilities — Other intangible liabilities, net Prepaid rent — Derivative liabilities — Total liabilities Commitments and contingencies Equity Total liabilities and equity $ $ $

Real Property Interests

Real Property Interests	6 Months Ended
	Jun. 30, 2015
Real Property Interests
Real Property Interests	4. Real Property Interests The following table summarizes the Partnership’s real property interests: June 30, 2015 December 31, 2014 Land $ $ Real property interests – perpetual Real property interests – non-perpetual Total land and real property interests Accumulated amortization of real property interests Land and net real property interests $ $ On March 4, 2015 and on April 8, 2015, the Partnership completed the Acquisitions as described in Note 3 above. The Partnership paid total consideration of $25,205,000 and $22,050, 000 , respectively . The Acquisitions are deemed to be transactions between entities under common control, which requires the assets and liabilities to be transferred at the historical cost of the parent of the entities , with prior periods retroactively adjusted to furnish comparative information. The following table summarizes the preliminary allocations of estimated fair values of the assets acquired and liabilities assumed at the date of acquisition of Landmark. Investments in real In-place lease Above-market Below-market Date Land property interests intangibles lease intangibles lease intangibles Total March 2015 $ $ $ $ $ $ April 2015 The weighted average remaining amortization period for non ‑perpetual real property interests is 56 years at June 30, 2015. Future estimated aggregate amortization of real property interests for each of the five succeeding fiscal years and thereafter as of June 30, 2015, are as follows: 2015 (six months) $ 2016 2017 2018 2019 Thereafter Total $ During the three and six months ended June 30, 2015, two and thirteen of the Partnership’s real property interests were impaired as a result of termination notices received and one property interest foreclosure. During the three and six months ended June 30 , 2014, one of the Partnership’s real property interest was impaired as a result of a termination notice received. As a result of T ‑Mobile’s acquisition of MetroPCS (completed in 2013), we have received termination notices related to 23 MetroPCS tenant sites. As of June 30, 2015, 12 tenant sites have been vacated with the majority of the remaining sites vacating over the next three months. As a result of these termination notices we determined that eight real property interests were impaired during the six months ending June 30, 2015 and recognized impairment charges totaling $2.1 million related to MetroPCS tenant sites during the first quarter of 2015 . Impairment of $0.7 million related to a foreclosure notice received effective March 26, 2015. During the three months ended June 30, 2015 impairment charges of $0.5 million were due to two termination notices received during the period. During the three and six months ended June 30, 2015 we recognized impairment charges totaling $5 14,300 and $3,276,736 . The carrying value of each real property interest were determined to have a fair value of zero with the remaining lease intangibles amortization adjusted to the remaining lease life.

Other Intangible Assets and Lia

Other Intangible Assets and Liabilities	6 Months Ended
	Jun. 30, 2015
Other Intangible Assets and Liabilities
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: June 30, 2015 December 31, 2014 Acquired in-place lease Gross amount $ $ Accumulated amortization Net amount $ $ Acquired above-market leases Gross amount $ $ Accumulated amortization Net amount $ $ Total other intangible assets, net $ $ Acquired below-market leases Gross amount $ $ Accumulated amortization Total other intangible liabilities, net $ $ We recorded net amortization of above ‑ and below ‑market lease intangibles of $198,424 and $397,400 as an increase to rental revenue for the three and six months ended June 30, 2015, respectively, and $130,077 and $248,856 as an increase to rental revenue for the three and six months ended June 30, 2014, respectively. We recorded amortization of in ‑place lease intangibles of $229,625 and $450,777 as amortization expense for the three and six months ended June 30, 2015, respectively, and $129,923 and $254,301 as amortization expense for the three and six months ended June 30, 2014, respectively. Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of June 30, 2015 follows: Acquired Acquired Acquired in-place above-market below-market leases leases leases 2015 (six months) $ $ $ 2016 2017 2018 2019 Thereafter Total $ $ $

Investments in Receivables

Investments in Receivables	6 Months Ended
	Jun. 30, 2015
Investments in Receivables
Investments in Receivables	6. Investments in Receivables As a result of the transfer of investments in receivables from the Contributing Landmark Funds to the Partnership, which met the conditions to be accounted for as a sale in accordance with ASC 860, Transfers and Servicing , the investments in receivables were recorded at their estimated fair value as of November 19, 2014, the date we closed our IPO, using an 8.75% discount rate. The receivables are unsecured with payments collected over periods ranging from 2 to 29 years. Interest income recognized on the receivables totaled $194,544 and $401,854 for the three and six months ended June 30, 2015, respectively, and $158,858 and $334,409 for the three and six months ended June 30, 2014, respectively. The following table reflects the activity in investments in receivables: June 30, 2015 December 31, 2014 Investments in receivables – beginning $ $ Fair value adjustment — Impairments — Repayments Interest accretion Investments in receivables – ending $ $ Annual amounts due as of June 30, 2015, are as follows: 2015 (six months) $ 2016 2017 2018 2019 Thereafter Total $ Interest $ Principal Total $

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt
Debt	7. Debt At the closing of the IPO on November 19, 2014, we amended and restated the Fund A and Fund D secured debt facilities as a new $190.0 million senior secured revolving credit facility, which we refer to as our “revolving credit facility,” with SunTrust Bank, as administrative agent, and a syndicate of lenders. Our revolving credit facility will mature on November 19, 2019 and will be available for working capital, capital expenditures, permitted acquisitions and general partnership purposes, including distributions. On June 3, 2015, the Partnership exercised its option to increase the available commitments under its revolving credit facility for an additional $60.0 million, resulting in aggregate commitments of $250.0 million. Substantially all of our assets, excluding equity in and assets of certain joint ventures and unrestricted subsidiaries, after ‑acquired real property (other than real property that is acquired from affiliate funds and is subject to a mortgage), and other customary exclusions, are pledged as collateral under our revolving credit facility. Our revolving credit facility contains various customary covenants and restrictive provisions. In addition, our revolving credit facility contains customary events of default, including, but not limited to (i) event of default resulting from our failure or the failure of our restricted subsidiaries to comply with covenants and financial ratios, (ii) the occurrence of a change of control (as defined in the credit agreement), (iii) the institution of insolvency or similar proceedings against us or our restricted subsidiaries, (iv) the occurrence of a default under any other material indebtedness (as defined in the credit agreement) we or our restricted subsidiaries may have and (v) any one or more collateral documents ceasing to create a valid and perfected lien on collateral (as defined in the credit agreement). Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the credit agreement, the lenders may declare any outstanding principal of our revolving credit facility debt, together with accrued and unpaid interest, to be immediately due and payable and may exercise the other remedies set forth or referred to in the credit agreement and the other loan documents. Loans under the revolving credit facility bear interest at 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% . At June 30, 2015, $72.2 million was outstanding and there was $177.8 million of undrawn borrowing capacity, subject to compliance with certain covenants, under our revolving credit facility. The Partnership incurred interest expense of $ 1,164,235 a nd $2,175,891 f or the three and six months ended June 30, 2015, respectively, and $1,171,275 and $2,303,929 for the three and six months ended June 30, 2014, respectively. At June 30, 2015 and December 31, 2014 we had interest payable of $101,743 and $43,905 , respectively. The Partnership recorded $154,760 and $298,138 of deferred loan costs amortization, which is included in interest expense, for the three and six months ended June 30, 2015, respectively, and $212,292 and $429,031 of deferred loan costs amortization for the three and six months ended June 30, 2014, respectively. The revolving credit facility requires monthly interest payments and the outstanding debt balance due upon maturity on November 19, 2019. Our revolving credit facility requires compliance with certain financial covenants. As of June 30, 2015, the Partnership was in compliance with all financial covenants.

Interest Rate Swap Agreements

Interest Rate Swap Agreements	6 Months Ended
	Jun. 30, 2015
Interest Rate Swap Agreements
Interest Rate Swap Agreements	8. Interest Rate Swap Agreements Effective December 24, 2014, we entered into an interest rate swap agreement with a notional amount of $70,000,000 to fix the floating interest rate on borrowings under our revolving credit facility over a four -year period at an effective rate of 4.02% . On February 5, 2015, the Partnership swapped an additional $25,000,000 of the floating rate on its revolving facility at an effective rate of 3.79% over a four -year period beginning April 13, 2015. The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements: Notional Fixed Effective Maturity Fair Value Asset (Liability) at Value Rate Date Date June 30, 2015 December 31, 2014 $ % 12/24/2014 12/24/2018 $ $ 4/13/2015 4/13/2019 — $ $ During the three and six months ended June 30, 2015, the Partnership recorded a gain of $397,162 and a loss of $376,724 , respectively, and for the three and six months ended June 30, 2014 the Partnership recorded a loss of $435,530 and $487,790 , respectively, resulting from the change in fair value of the interest rate swap agreements, which is reflected as an unrealized loss on derivative financial instruments on the consolidated and combined statements of operations. 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, 2015. The following table summarizes the results of the analysis performed: Effects of Change in Interest Rates Date Entered Maturity Date +50 Basis Points -50 Basis Points +100 Basis Points -100 Basis Points December 2014 12/24/2018 $ $ $ $ February 2015 4/13/2019

Net Income (Loss) Per Limited P

Net Income (Loss) Per Limited Partner Unit	6 Months Ended
	Jun. 30, 2015
Net Income (Loss) Per Limited Partner Unit
Net Income (Loss) Per Limited Partner Unit	9. Net Income ( Loss ) Per Limited Partner Unit Net income ( loss ) per limited partner unit is calculated only for the period subsequent to the IPO as no units were outstanding prior to the IPO. Landmark’s subordinated units and the General Partner’s incentive distribution rights meet the definition of a participating security and therefore we are required to compute income per unit using the two-class method under which any excess of distributions declared over net income shall be allocated to the partners based on their respective sharing of income specified in the partnership agreement. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net 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 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 Acquired Assets prior to the Partnership’s acquisition dates of each transaction is allocated to the General Partner. As of June 30, 2015, the General Partner was not entitled to receive any incentive distribution s based on current distributions . Therefore, net income available to the limited partner units has not been reduced. The calculation of net income (loss) per unit for the three and six months ended June 30, 2015 is as follows: Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Common Units Subordinated Units Common Units Subordinated Units Net income attributable to limited partners: Distribution declared $ $ $ $ Undistributed net loss Net income (loss) attributable to limited partners $ $ $ $ Weighted-average units outstanding: Basic and diluted Net income (loss) per limited partner unit: Basic and diluted $ $ $ $ On January 26, 2015, the board of directors of our General Partner declared our prorated initial quarterly cash distribution of $0.1344 per unit, or $1.1 million in aggregate. This was the first distribution declared by the Partnership and corresponded to the minimum quarterly distribution of $0.2875 per unit, or $1.15 per unit annually. The amount was prorated for the 43 -day period that the Partnership was public following the closing of its IPO on November 19, 2014. The distribution was paid on February 13, 2015, to unitholders of record as of February 6, 2015. On April 23, 2015, the board of directors of our General Partner declared a quarterly cash distribution of $0.2975 per unit, or $1.19 per unit on an annualized basis, for the quarter ended March 31, 2015. This distribution represents a 3.5% increase over the Partnership’s minimum quarterly distribution of $0.2875 per unit, and was paid on May 14, 2015 to unitholders of record as of May 5, 2015. On May 20, 2015, the Partnership closed a public offering of an additional 3,000,000 common units representing limited partner interest s in us at a price to the public of $16.75 per common unit, or $15.9125 per common unit net of the underwriter’s discount. We received net proceeds of $46.9 million after deducting the underwriter’s discount and offering expenses paid by us of $3.3 million. We used all proceeds to repay a portion of the borrowings under our revolving credit facility. On July 21, 2015, the board of directors of our General Partner declared a quarterly cash distribution of $0.3075 per unit, or $1.23 per unit on an annualized basis, for the quarter ended June 30, 2015. This distribution represents a 7.0% increase over the Partnership’s minimum quarter ly distribution of $0.28 75 per unit, and is payable on August 14, 2015 to unitholders of record as of August 4, 2015.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value of Financial Instruments
Fair Value of Financial Instruments	10. 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. Investments in receivables: The Partnership’s investments in receivables are presented in the accompanying combined balance sheets at their amortized cost net of recorded reserves and not at fair value. The fair values of the receivables were estimated using an internal valuation model that considered the expected cash flow of the receivables and estimated yield requirements by market participants with similar characteristics, including remaining loan term, and credit enhancements. The Partnership classifies these inputs as Level 3 inputs. Interest rate swap agreements: The Partnership’s interest rate swap agreements are presented at fair value on the accompanying combined balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable and unobservable inputs. A majority of the inputs are observable with the only unobservable inputs relating to the lack of performance risk on the part of the Partnership or the counter party to the instrument. As such, the Partnership classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market ‑based inputs, including the interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risk to the contracts, are incorporated in the fair values to account for potential nonperformance risk. The table below summarizes the carrying amounts and fair values of financial instruments which are not carried at fair value on the face of the financial statements: June 30, 2015 December 31, 2014 Carrying amount Fair Value Carrying amount Fair Value Investment in Receivables, net $ $ $ $ Secured Debt Facilities 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, 2015 and December 31, 2014, the Partnership measured the following assets and liabilities at fair value on a recurring basis: June 30, 2015 December 31, 2014 Derivative Assets (1) $ $ — Derivative Liabilities (1) $ $ (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, 2015
Related‑Party Transactions
Related-Party Transactions	11. Related ‑Party Transactions General and Administrative Reimbursement Under our omnibus agreement, we must reimburse Landmark for expenses related to certain general and administrative services Landmark provide s 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, 2015, Landmark reimbursed us $481,053 and $1,173, 9 25 for expenses related to certain general and administrative expenses that exceeded the cap. Patent License Agreement We entered into a Patent License Agreement (“License Agreement”) with American Infrastructure Funds, LLC (“AIF”), an affiliate of the controlling member of Landmark. Under the License Agreement, AIF granted us a nonexclusive, perpetual license to practice certain patented methods related to the apparatus and method for combining easements under a master limited partnership. We have agreed to pay AIF a license fee of $50,000 for the second year of the License Agreement, and thereafter, an amount equal to the greater of (i) one ‑tenth of one percent ( 0.1% ) of our gross revenue received during such contract year; and (ii) $100,000 . Right of First Offer In connection with the IPO, certain other investment funds managed by Landmark granted us a right of first offer on real property interests that they currently own or acquire in the future before selling or transferring those assets to any third party. As of June 30, 2015, no such offers were made. Management Fee In accordance with the limited liability company agreements for each of the Contributing Landmark Funds, Landmark or its affiliates were paid a management fee of $45 per asset per month for providing various services to the funds. Management fees totaled $100,825 and $202,330 for the three and six months ended June 30, 2014. 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. 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, 2015, no such fees have been incurred. Due from Affiliates At June 30, 2015 and December 31, 2014, the General Partner and its affiliates owed $1,307, 037 and $659,722 to the Partnership for general and administrative reimbursement and for rents received on our behalf.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Information
Segment Information	12. Segment Information The Partnership had three reportable segments, wireless communication, outdoor advertising and renewable power generation, as of June 30, 2015 and December 31, 2014 and two reportable segments, wireless communication and outdoor advertising, as of June 30, 2014. The Partnership’s wireless communication segment consists of leasing real property interests to companies in the wireless communication industry in the United States. The Partnership’s outdoor advertising segment consists of leasing real property interests to companies in the outdoor advertising industry in the United States. The Partnership’s renewable power generation segment consists of leasing real property interests to companies in the renewable power industry in the United States. Items that are not included in any of the reportable segments are included in the corporate category. The reportable segments are strategic business units that offer different products and services. They are commonly managed as all three segment businesses require similar marketing and business strategies. Because our tenant lease arrangements are mostly effectively triple-net, we evaluate our segments based on revenue. We believe this measure provides investors relevant and useful information because it is presented on an unlevered basis. The statements of income for the reportable segments are as follows: For the three months ended June 30, 2015: Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ $ $ $ — $ Interest income on receivables — — — Total revenue — Expenses Property operating — — General and administrative — — — Acquisition-related — — — Amortization — Impairments — — Total expenses Total other income and expenses — — Net income (loss) $ $ $ $ $ For the three months ended June 30, 2014: Wireless Communication Outdoor Advertising Corporate Total Revenue Rental revenue $ $ $ — $ Interest income on receivables — — Total revenue — Expenses Management fees to affiliate — Property operating — General and administrative Amortization — Impairments — — Total expenses Total other income and expenses Net income (loss) $ $ $ $ For the six months ended June 30, 2015: Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ $ $ $ — $ Interest income on receivables — — — Total revenue — Expenses Property operating — — General and administrative — — — Acquisition-related — Amortization — Impairments — — Total expenses Total other income and expenses — Net income (loss) $ $ $ $ $ For the six months ended June 30, 2014: Wireless Communication Outdoor Advertising Corporate Total Revenue Rental revenue $ $ $ — $ Interest income on receivables — — Total revenue — Expenses Management fees to affiliate — Property operating — General and administrative Acquisition-related — — Amortization — Impairments — — Total expenses Total other income and expenses Net income (loss) $ $ $ $ The Partnership’s total assets by segment were: June 30, 2015 December 31, 2014 Segments Wireless communication $ $ Outdoor advertising Renewable power generation Corporate assets Total assets $ $

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies
Commitments and Contingencies	13. 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 significant consolidation in the wireless communication industry over the last several years. In 2013, T ‑Mobile acquired MetroPCS and Sprint acquired the remaining interest in Clearwire, and in 2014 AT&T acquired Leap Wireless. Recent consolidation in the wireless industry has led to rationalization of wireless networks and reduce d demand for tenant sites. The termination of additional leases in our portfolio would result in lower rental revenue and may lead to impairment of our real pr operty interests or other adverse effects to our business. We have approximately $18.9 million of real property interest subject to subordination to lenders of the property. To the extent a lender forecloses on a property the Partnership would take impairment charges for the book value of the asset and no longer be entitled to the revenue associated with the asset.

Tenant Concentration

Tenant Concentration	6 Months Ended
	Jun. 30, 2015
Tenant Concentration
Tenant Concentration	14. Tenant Concentration For the three and six months ended June 30, 2015 and 2014, the Partnership had the following tenant revenue concentrations: Three Months Ended June 30, Six Months Ended June 30, Tenant 2015 2014 2015 2014 T-Mobile % % % % Verizon % % % % Sprint % % % % AT&T Mobility % % % % Crown Castle % % % % Most tenants are wholly-owned subsidiaries or affiliates of these tenants but have been aggregated for purposes of showing tenant revenue concentration. Financial information for these tenants can be found at www.sec.gov. The loss of any one of our large customers as a result of consolidation, merger, bankruptcy, insolvency, network sharing, roaming, joint development, resale agreements by our customers or otherwise may result in (1) a material decrease in our revenue, (2) uncollectible account receivables, (3) an impairment of our deferred site rental receivables, wireless infrastructure assets, site rental contracts or customer relationships intangible assets, or (4) other adverse effects to our business.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information
Supplemental Cash Flow Information	15. Supplemental Cash Flow Information Noncash activities for the six months ended June 30, 2015 and 2014 were as follows: Six Months Ended June 30, 2015 2014 Purchase price for acquisition of real property interests included in due to Landmark and affiliates $ — $ Capital contribution to fund general and administrative expense reimbursement — Offering costs included in due to Landmark and affiliates — Accrued offering costs — Cash flows related to interest and income taxes paid were as follows: Six Months Ended June 30, 2015 2014 Cash paid for interest $ $

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events
Subsequent Events	16. Subsequent Events On July 21 , 2015, the Partnership completed an acquisition of 100 tenant sites and related real property interests, consisting of 81 wireless communication, 16 outdoor advertising, and 3 renewable power generation sites, from Landmark, in exchange for cash consideration of $35,700,000 . The purchase price was funded with borrowings under the Partnership’s existing credit facility and available cash . On July 21, 2015, the board of directors of our General Partner declared a quarterly cash distribution of $0.3075 per unit, or $1.23 per unit on an annualized basis, for the quarter ended June 30, 2015. This distribution represents a 7.0% increase over the Partnership’s minimum quarter ly distribution of $0.2875 per unit, and is payable on August 14, 2015 to unitholders of record as of August 4 , 2015.

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidated and Combined Financial Statements	Basis of Presentation and Principles of Consolidated and Combined Financial Statements For periods presented prior to the IPO, these consolidated and combined financial statements were derived from the historical financial statements and the combined results of operations of Landmark Dividend Growth Fund-A LLC (“Fund A”) and Landmark Dividend Growth Fund-D LLC (“Fund D” and together with Fund A, the “Contributing Landmark Funds”), our Predecessor. Our Predecessor includes the results of such assets during any period they were previously owned by Landmark or any of its affiliates. The IPO and formation transactions were treated as a reorganization of entities under common control pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (ASC 805). During the six months ended June 30, 2015 the Partnership completed two drop-down acquisitions that closed on March 4, 2015 (the “First Quarter Acquisition”) and on April 8, 2015 (the “Second Quarter Acquisition” and, together with the First Quarter Acquisition, the “Acquisitions” or “Acquired Assets”). In connection with the First Quarter Acquisition, Landmark Infrastructure Operating Company LLC (“OpCo”), a wholly owned subsidiary of the Partnership, acquired 81 tenant sites and related real property interests from Landmark Infrastructure Holding Company LLC (“HoldCo”), a wholly owned subsidiary of Landmark, in exchange for cash consideration of $25,205,000 . In connection with the Second Quarter Acquisition, OpCo acquired 73 tenant sites from HoldCo in exchange for total consideration of $22,050,000 . The consideration for both acquisitions was funded with borrowings under the Partnership’s existing credit facility and cash on hand . The Acquisitions were deemed to be transactions between entities under common control, which requires the assets and liabilities transferred 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 Acquired Assets prior to the acquisition dates as part of the Predecessor. The differences totaling $4,465,748 and $5,470,652 between the cash consideration of each acquisition of $25,205,000 and $22,050,000 and the historical cost basis of $20,739,252 and $16,579,348, respectively , were allocated to Landmark Infrastructure Partners GP LLC, the Partnership’s general partner (the “General Partner”) . All intercompany transactions and account balances have been eliminated. See Note 3 for additional information. For periods subsequent to the IPO, 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 Acquired Assets . The consolidated and combined balance sheets of our Predecessor include assets and liabilities that are specifically identifiable or otherwise attributable to the real property interests prior to the period they were owned by our Predecessor. If a real property interest was owned by Landmark before it was owned by our Predecessor, all revenue and expenses associated with such real property interest, for the period such real property interest was owned by Landmark, are included in the consolidated and combined statements of operations. See further discussion in Note 11, Related ‑Party Transactions . All financial information presented for the periods after the IPO represent the consolidated results of operations, financial position and cash flows of the Partnership with retroactive adjustments of the combined results of operations, financial position and cash flows of the Acquired Assets. Accordingly: · Our consolidated and combined statement of operations for the three months ended June 30, 2015, consists of the consolidated results of the Second Quarter Acquisition and the consolidated results of the Partnership from April 1, 2015 through April 7, 2015 and the consolidated results of the Partnership for the remainder of the period. Our consolidated and combined statement of operations for the three months ended June 30, 2014, consists entirely of the combined results of our Predecessor with retroactive adjustments for the Acquired Assets. · Our consolidated and combined statement of operations and cash flows for the six months ended June 30, 2015, consists of the consolidated results of the First Quarter Acquisition from January 1, 2015 through March 3, 2015, the consolidated results of the Second Quarter Acquisition from January 1, 2015 through April 7, 2015 and the consolidated results of the Partnership for the six months ended June 30, 2015. Our consolidated and combined statement of operations and combined statement of cash flows for the six months ended June 30, 2014, consists entirely of the combined results of our Predecessor with retroactive adjustments for the Acquired Assets. · Our consolidated and combined balance sheet at June 30, 2015, consists of the consolidated balances of the Partnership, while at December 31, 2014, it consists of the consolidated balances of the Partnership and the combined balances of certain Acquired Assets. · Our consolidated statement of changes in equity for the six months ended June 30, 2015, consists of both the combined activity of the Acquired Assets from January 1, 2015 through March 3, 2015 for the First Quarter Acquisition and from January 1, 2015 through April 7, 2015 for the Second Quarter Acquisition and the consolidated activity of the Partnership for the six month period. Our consolidated statement of changes in equity for the six months ended June 30, 2014, consists entirely of the combined activity of our Predecessor and the Acquired Assets. The unaudited interim consolidated and combined financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (“FASB”) in the ASC including modifications issued under the Accounting Standards Updates (“ASUs”) 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, 2015 and 2014 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 three and six months ended June 30 , 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. 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 2015, the FASB issued final guidance on its initiative of simplifying income statement presentation by eliminating the concept of extraordinary items (“ASU No. 2015-02”). Under the guidance, an entity will no longer be able to segregate an extraordinary item from the results of operations, separately present an extraordinary item on the income statement, or disclose income taxes or earnings-per-share data applicable to an extraordinary item. The ASU is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015, and early adoption is permitted. The Partnership does not expect the adoption of ASU No. 2015-01 to have a material impact on its financial statements. In February 2015, the FASB issued amendments to accounting for consolidation of certain legal entities (“ASU No. 2015-02”). ASU No. 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Partnership does not expect the adoption of ASU No. 2015-02 to have a material impact on its financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presen tation of Debt Issuance Costs (“ASU 2015-03” ). ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. The amendments in this ASU are effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption of the ASU on our consolidated balance sheets.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Acquisitions
Statement of Income	Statement of operations for the three and six months ended June 30, 2015: Three months ended June 30, 2015 Six months ended June 30, 2015 Landmark Pre-Acquisition Landmark Pre-Acquisition Infrastructure results of Consolidated Infrastructure results of Consolidated Partners LP Acquired Assets Results Partners LP Acquired Assets Results Revenue Rental revenue $ $ $ $ $ $ Interest income on receivables — — Total revenue Expenses Property operating — — General and administrative — — Acquisition-related — Amortization Impairments — — Total expenses Other income and expenses — — Net income (loss) $ $ $ $ $ $ Statement of operations for the three and six months ended June 30, 2014: Three months ended June 30, 2014 Six months ended June 30, 2014 Pre-Acquisition Pre-Acquisition results of Consolidated results of Consolidated Predecessor Acquired Assets Results Predecessor Acquired Assets Results Revenue Rental revenue $ $ $ $ $ $ Interest income on receivables — — Total revenue Expenses Management fees to affiliate — — Property operating — — General and administrative — — Acquisition-related — — — — Amortization Impairments — — Total expenses Other income and expenses — — Net income $ $ $ $ $ $
Balance Sheet	Landmark Infrastructure Pre-Acquisition Consolidated Partners LP Acquired Assets Results Assets Land $ $ $ Real property interests Total land and real property interests Accumulated amortization of real property interest Land and net real property interests Investments in receivables, net — Cash and cash equivalents — Rent receivables, net — Due from Landmark and affiliates — Deferred loan cost, net — Deferred rent receivable Other intangible assets, net Other assets — Total assets $ $ $ Liabilities and equity Revolving credit facility $ $ — $ Accounts payable and accrued liabilities — Other intangible liabilities, net Prepaid rent — Derivative liabilities — Total liabilities Commitments and contingencies Equity Total liabilities and equity $ $ $

Real Property Interests (Tables

Real Property Interests (Tables)	6 Months Ended
	Jun. 30, 2015
Real Property Interests
Summary of the Partnership’s real property interests	June 30, 2015 December 31, 2014 Land $ $ Real property interests – perpetual Real property interests – non-perpetual Total land and real property interests Accumulated amortization of real property interests Land and net real property interests $ $
Schedule of the preliminary allocations of purchase price	Investments in real In-place lease Above-market Below-market Date Land property interests intangibles lease intangibles lease intangibles Total March 2015 $ $ $ $ $ $ April 2015
Schedule of future estimated amortization of real property interests	2015 (six months) $ 2016 2017 2018 2019 Thereafter Total $

Other Intangible Assets and L27

Other Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Other Intangible Assets and Liabilities
Summary of identifiable intangible assets, including above/below‑market lease intangibles	June 30, 2015 December 31, 2014 Acquired in-place lease Gross amount $ $ Accumulated amortization Net amount $ $ Acquired above-market leases Gross amount $ $ Accumulated amortization Net amount $ $ Total other intangible assets, net $ $ Acquired below-market leases Gross amount $ $ Accumulated amortization Total other intangible liabilities, net $ $
Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter	Acquired Acquired Acquired in-place above-market below-market leases leases leases 2015 (six months) $ $ $ 2016 2017 2018 2019 Thereafter Total $ $ $

Investments in Receivables (Tab

Investments in Receivables (Tables)	6 Months Ended
	Jun. 30, 2015
Investments in Receivables
Activity in investments in receivables	June 30, 2015 December 31, 2014 Investments in receivables – beginning $ $ Fair value adjustment — Impairments — Repayments Interest accretion Investments in receivables – ending $ $
Annual amounts due	2015 (six months) $ 2016 2017 2018 2019 Thereafter Total $ Interest $ Principal Total $

Interest Rate Swap Agreements (

Interest Rate Swap Agreements (Tables)	6 Months Ended
	Jun. 30, 2015
Interest Rate Swap Agreements
Table summarizing interest rate swaps	Notional Fixed Effective Maturity Fair Value Asset (Liability) at Value Rate Date Date June 30, 2015 December 31, 2014 $ % 12/24/2014 12/24/2018 $ $ 4/13/2015 4/13/2019 — $ $
Table summarizing results of sensitivity analysis	Effects of Change in Interest Rates Date Entered Maturity Date +50 Basis Points -50 Basis Points +100 Basis Points -100 Basis Points December 2014 12/24/2018 $ $ $ $ February 2015 4/13/2019

Fair Value of Financial Instr30

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value of Financial Instruments
Table summarizing the carrying amounts and fair values of financial instruments which are not carried at fair value	June 30, 2015 December 31, 2014 Carrying amount Fair Value Carrying amount Fair Value Investment in Receivables, net $ $ $ $ Secured Debt Facilities
Assets and liabilities measured at fair value on a recurring basis	June 30, 2015 December 31, 2014 Derivative Assets (1) $ $ — Derivative Liabilities (1) $ $

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Information
Schedule of statement of operations by reportable segment	For the three months ended June 30, 2015: Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ $ $ $ — $ Interest income on receivables — — — Total revenue — Expenses Property operating — — General and administrative — — — Acquisition-related — — — Amortization — Impairments — — Total expenses Total other income and expenses — — Net income (loss) $ $ $ $ $ For the three months ended June 30, 2014: Wireless Communication Outdoor Advertising Corporate Total Revenue Rental revenue $ $ $ — $ Interest income on receivables — — Total revenue — Expenses Management fees to affiliate — Property operating — General and administrative Amortization — Impairments — — Total expenses Total other income and expenses Net income (loss) $ $ $ $ For the six months ended June 30, 2015: Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ $ $ $ — $ Interest income on receivables — — — Total revenue — Expenses Property operating — — General and administrative — — — Acquisition-related — Amortization — Impairments — — Total expenses Total other income and expenses — Net income (loss) $ $ $ $ $ For the six months ended June 30, 2014: Wireless Communication Outdoor Advertising Corporate Total Revenue Rental revenue $ $ $ — $ Interest income on receivables — — Total revenue — Expenses Management fees to affiliate — Property operating — General and administrative Acquisition-related — — Amortization — Impairments — — Total expenses Total other income and expenses Net income (loss) $ $ $ $
Schedule of total assets by reportable segment	June 30, 2015 December 31, 2014 Segments Wireless communication $ $ Outdoor advertising Renewable power generation Corporate assets Total assets $ $

Tenant Concentration (Tables)

Tenant Concentration (Tables)	6 Months Ended
	Jun. 30, 2015
Tenant Concentration
Schedule of tenant revenue concentrations	Three Months Ended June 30, Six Months Ended June 30, Tenant 2015 2014 2015 2014 T-Mobile % % % % Verizon % % % % Sprint % % % % AT&T Mobility % % % % Crown Castle % % % %

Supplemental Cash Flow Inform33

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information
Schedule of noncash activities	Six Months Ended June 30, 2015 2014 Purchase price for acquisition of real property interests included in due to Landmark and affiliates $ — $ Capital contribution to fund general and administrative expense reimbursement — Offering costs included in due to Landmark and affiliates — Accrued offering costs —
Schedule of cash flows related to interest paid	Six Months Ended June 30, 2015 2014 Cash paid for interest $ $

Business - IPO (Details)

Business - IPO (Details) - shares	May. 20, 2015	Nov. 19, 2014	Jun. 30, 2015
Subordinated Unitholder, Landmark | Landmark, General Partner and affiliates
Initial public offering and formation transactions
Number of units held			3,135,109
Initial public offering | Common Unitholders, Public
Initial public offering and formation transactions
Units issued		2,750,000
IPO, Public | Common Unitholders, Public
Initial public offering and formation transactions
Units issued	3,000,000
Over-allotment option | Common Unitholders, Public
Initial public offering and formation transactions
Units issued		100,000
Sale to affiliate | Subordinated Unitholder, Landmark | Landmark, General Partner and affiliates
Initial public offering and formation transactions
Units issued		2,066,995

Basis of Presentation and Sum35

Basis of Presentation and Summary of Significant Accounting Policies (Details) - Acquisition from related party - Landmark, General Partner and affiliates	Apr. 08, 2015USD ($)site	Mar. 04, 2015USD ($)site
81-site acquisition
Number of tenant sites acquired (in sites) | site		81
Cash consideration		$ 25,205,000
Amount treated as general partner distribution, difference between cash paid and historical cost of assets acquired		4,465,748
Historical cost basis		$ 20,739,252
73-site acquisition
Number of tenant sites acquired (in sites) | site	73
Cash consideration	$ 22,050,000
Amount treated as general partner distribution, difference between cash paid and historical cost of assets acquired	5,470,652
Historical cost basis	$ 16,579,348

Acquisitions (Details)

Acquisitions (Details) - Landmark, General Partner and affiliates - Acquisition from related party	Apr. 08, 2015USD ($)site	Mar. 04, 2015USD ($)site
81-site acquisition
Acquisitions
Number of tenant sites acquired (in sites)		81
Cash consideration | $		$ 25,205,000
Portion of purchase price funded by borrowing on credit facility | $		$ 24,000,000
81-site acquisition | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)		41
81-site acquisition | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)		39
81-site acquisition | Renewable Power Generation
Acquisitions
Number of tenant sites acquired (in sites)		1
73-site acquisition
Acquisitions
Number of tenant sites acquired (in sites)	73
Cash consideration | $	$ 22,050,000
Portion of purchase price funded by borrowing on credit facility | $	$ 21,500,000
73-site acquisition | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)	45
73-site acquisition | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)	28

Acquisitions (Operations) (Deta

Acquisitions (Operations) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Rental revenue	$ 4,229,771	$ 3,390,459	$ 8,191,863	$ 6,724,005
Interest income on receivables	194,544	158,858	401,854	334,409
Total revenue	4,424,315	3,549,317	8,593,717	7,058,414
Expenses
Management fees to affiliate		100,825		202,330
Property operating	8,894	21,805	8,894	21,805
General and administrative	651,071	514,411	1,635,056	531,958
Acquisition-related	173,755		1,367,072	1,800
Amortization	1,194,775	886,573	2,261,750	1,758,385
Impairments	514,300	8,450	3,276,736	8,450
Total expenses	2,542,795	1,532,064	8,549,508	2,524,728
Interest expense	(1,164,235)	(1,171,275)	(2,175,891)	(2,303,929)
Unrealized gain (loss) on derivatives	397,162	(435,530)	(376,724)	(487,790)
Total other income and expenses	(757,549)	(1,606,805)	(2,470,589)	(2,791,719)
Net income (loss)	1,123,971	410,448	(2,426,380)	1,741,967
Less: Net income (loss) attributable to Predecessor	15,355	410,448	(643,333)	1,741,967
Net income (loss) attributable to partners	1,108,616		(1,783,047)
Landmark Infrastructure Partners LP
Revenue
Rental revenue	4,205,286		7,821,715
Interest income on receivables	194,544		401,854
Total revenue	4,399,830		8,223,569
Expenses
Property operating	8,894		8,894
General and administrative	651,071		1,635,056
Acquisition-related	173,755		473,353
Amortization	1,185,645		2,141,988
Impairments	514,300		3,276,736
Total expenses	2,533,665		7,536,027
Total other income and expenses	(757,549)		(2,470,589)
Net income (loss)	1,108,616		(1,783,047)
Total sites acquired | Landmark, General Partner and affiliates | Acquisition from related party | Acquired Assets Predecessor
Revenue
Rental revenue	24,485	50,271	370,148	87,727
Total revenue	24,485	50,271	370,148	87,727
Expenses
Acquisition-related			893,719	1,800
Amortization	9,130	16,090	119,762	29,776
Total expenses	9,130	16,090	1,013,481	31,576
Net income (loss)	$ 15,355	34,181	$ (643,333)	56,151
Landmark Infrastructure Partners LP, Predecessor | Landmark Infrastructure Partners LP
Revenue
Rental revenue		3,340,188		6,636,278
Interest income on receivables		158,858		334,409
Total revenue		3,499,046		6,970,687
Expenses
Management fees to affiliate		100,825		202,330
Property operating		21,805		21,805
General and administrative		514,411		531,958
Amortization		870,483		1,728,609
Impairments		8,450		8,450
Total expenses		1,515,974		2,493,152
Total other income and expenses		(1,606,805)		(2,791,719)
Net income (loss)		$ 376,267		$ 1,685,816

Acquisitions (BalanceSheet) (De

Acquisitions (BalanceSheet) (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets
Land	$ 5,219,666	$ 5,219,666
Real property interests	204,248,244	186,926,669
Total land and real property interests	209,467,910	192,146,335
Accumulated amortization of real property interests	(7,557,458)	(5,916,820)
Land and net real property interests	201,910,452	186,229,515
Investments in receivables, net	8,357,381	8,665,274		$ 9,085,281
Cash and cash equivalents	401,892	311,108	$ 237,218	1,037,327
Rent receivables, net	355,652	80,711
Due from Landmark and affiliates	1,313,408	659,722
Deferred loan cost, net	3,120,334	2,838,879
Deferred rent receivable	366,892	288,453
Derivative assets	19,038
Other intangible assets, net	5,352,392	5,003,655
Other assets	215,606	399,222
Total assets	221,413,047	204,476,539
Liabilities and equity
Revolving credit facility	72,200,000	74,000,000
Accounts payable and accrued liabilities	1,235,052	141,508
Other intangible liabilities, net	8,197,871	7,396,318
Prepaid rent	1,779,627	1,532,372
Derivative liabilities	685,570	289,808
Total liabilities	$ 84,098,120	$ 83,360,006
Commitments and contingencies
Equity	$ 137,314,927	$ 121,116,533	$ 88,033,276	$ 89,336,056
Total liabilities and equity	221,413,047	204,476,539
Landmark, General Partner and affiliates
Assets
Due from Landmark and affiliates	$ 1,307,037	659,722
Total sites acquired | Landmark, General Partner and affiliates | Acquisition from related party | Acquired Assets Predecessor
Assets
Land		3,324,549
Real property interests		13,916,796
Total land and real property interests		17,241,345
Accumulated amortization of real property interests		(85,478)
Land and net real property interests		17,155,867
Deferred rent receivable		9,129
Other intangible assets, net		1,220,002
Total assets		18,384,998
Liabilities and equity
Other intangible liabilities, net		1,710,728
Total liabilities		$ 1,710,728
Commitments and contingencies
Equity		$ 16,674,270
Total liabilities and equity		18,384,998
Landmark Infrastructure Partners LP, Predecessor | Landmark Infrastructure Partners LP
Assets
Land		1,895,117
Real property interests		173,009,873
Total land and real property interests		174,904,990
Accumulated amortization of real property interests		(5,831,342)
Land and net real property interests		169,073,648
Investments in receivables, net		8,665,274
Cash and cash equivalents		311,108
Rent receivables, net		80,711
Due from Landmark and affiliates		659,722
Deferred loan cost, net		2,838,879
Deferred rent receivable		279,324
Other intangible assets, net		3,783,653
Other assets		399,222
Total assets		186,091,541
Liabilities and equity
Revolving credit facility		74,000,000
Accounts payable and accrued liabilities		141,508
Other intangible liabilities, net		5,685,590
Prepaid rent		1,532,372
Derivative liabilities		289,808
Total liabilities		$ 81,649,278
Commitments and contingencies
Equity		$ 104,442,263
Total liabilities and equity		$ 186,091,541

Real Property Interests (Detail

Real Property Interests (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Real Property Interests
Land	$ 5,219,666	$ 5,219,666
Real property interests – perpetual	48,079,266	46,565,584
Real property interests – non-perpetual	156,168,978	140,361,085
Total land and real property interests	209,467,910	192,146,335
Accumulated amortization of real property interests	(7,557,458)	(5,916,820)
Land and net real property interests	$ 201,910,452	$ 186,229,515

Real Property Interests (Alloca

Real Property Interests (Allocation and Amortization) (Details)	Apr. 08, 2015USD ($)	Mar. 26, 2015USD ($)	Mar. 04, 2015USD ($)	Jun. 30, 2015USD ($)site	Jun. 30, 2014USD ($)site	Jun. 30, 2015USD ($)site	Jun. 30, 2014USD ($)site
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Weighted average remaining amortization period for non‑perpetual real property interests						56 years
Future estimated aggregate amortization of real property interests
2015 (six months)				$ 1,761,264		$ 1,761,264
2,016				3,522,528		3,522,528
2,017				3,522,528		3,522,528
2,018				3,522,528		3,522,528
2,019				3,522,528		3,522,528
Thereafter				132,760,144		132,760,144
Total				148,611,520		148,611,520
Impairment
Recognized impairment charge				$ 514,300	$ 8,450	$ 3,276,736	$ 8,450
Landmark, General Partner and affiliates | Acquisition from related party | 81-site acquisition
Acquisitions
Cash consideration			$ 25,205,000
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land			2,934,456
Investments in real property interests			18,913,599
Below market lease intangibles, liabilities			(2,416,167)
Total			20,739,252
Landmark, General Partner and affiliates | Acquisition from related party | 73-site acquisition
Acquisitions
Cash consideration	$ 22,050,000
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land	390,093
Investments in real property interests	15,946,979
Below market lease intangibles, liabilities	(778,896)
Total	16,579,348
Acquired in-place leases | Landmark, General Partner and affiliates | Acquisition from related party | 81-site acquisition
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets			517,625
Acquired in-place leases | Landmark, General Partner and affiliates | Acquisition from related party | 73-site acquisition
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	472,248
Acquired above-market leases | Landmark, General Partner and affiliates | Acquisition from related party | 81-site acquisition
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets			$ 789,739
Acquired above-market leases | Landmark, General Partner and affiliates | Acquisition from related party | 73-site acquisition
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	$ 548,924
Impaired Real Property Interest
Impairment
Number of real property interests impaired | site				2	1	13	1
Number of vacated real property interests | site						1
Recognized impairment charge				$ 514,300		$ 3,276,736
Impaired real property interests at period end				$ 0		$ 0
Metro PCS | Impaired Real Property Interest
Impairment
Number of real property interests impaired | site						8
Number of vacated real property interests | site						12
Number of termination notices | site						23
Period of time before vacancy						3 months
Recognized impairment charge						$ 2,100,000
Other | Impaired Real Property Interest
Impairment
Recognized impairment charge		$ 700,000

Other Intangible Assets and L41

Other Intangible Assets and Liabilities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Other Intangible Assets
Net amount	$ 5,352,392		$ 5,352,392		$ 5,003,655
Acquired below-market leases
Gross amount	(10,262,079)		(10,262,079)		(8,895,960)
Accumulated amortization	2,064,208		2,064,208		1,499,642
Net amount	(8,197,871)		(8,197,871)		(7,396,318)
Amortization recorded
Net amortization of above and below-market lease intangibles	198,424	$ 130,077	397,400	$ 248,856
Amortization expense	229,625	$ 129,923	450,777	$ 254,301
Future amortization of acquired below-market leases
2015 (six months)	(570,649)		(570,649)
2,016	(1,011,271)		(1,011,271)
2,017	(982,706)		(982,706)
2,018	(955,268)		(955,268)
2,019	(936,535)		(936,535)
Thereafter	(3,741,442)		(3,741,442)
Acquired in-place leases
Other Intangible Assets
Gross amount	5,436,547		5,436,547		4,936,570
Accumulated amortization	(1,418,392)		(1,418,392)		(981,364)
Net amount	4,018,155		4,018,155		3,955,206
Future amortization of lease intangibles
2015 (six months)	318,749		318,749
2,016	542,574		542,574
2,017	512,876		512,876
2,018	479,395		479,395
2,019	462,276		462,276
Thereafter	1,702,285		1,702,285
Acquired above-market leases
Other Intangible Assets
Gross amount	2,055,127		2,055,127		1,579,647
Accumulated amortization	(720,890)		(720,890)		(531,198)
Net amount	1,334,237		1,334,237		$ 1,048,449
Future amortization of lease intangibles
2015 (six months)	173,401		173,401
2,016	273,546		273,546
2,017	187,132		187,132
2,018	118,059		118,059
2,019	85,456		85,456
Thereafter	$ 496,643		$ 496,643

Investments in Receivables (Det

Investments in Receivables (Details) - USD ($)	Nov. 19, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Investments in Receivables
Discount rate	8.75%
Payment collection period, minimum	2 years
Payment collection period, maximum	29 years
Interest income recognized		$ 194,544	$ 158,858	$ 401,854	$ 334,409
Activity in investments in receivables
Investments in receivables – beginning				8,665,274	9,085,281	$ 9,085,281
Fair value adjustment						284,294
Impairments						(4,465)
Repayment of receivables				(327,059)	(382,958)	(751,735)
Interest accretion				19,166	$ 44,442	51,899
Investments in receivables – ending		8,357,381		8,357,381		$ 8,665,274
Annual amounts of investments in receivables due
2015 (six months)		704,965		704,965
2,016		1,430,049		1,430,049
2,017		1,561,423		1,561,423
2,018		1,377,750		1,377,750
2,019		893,149		893,149
Thereafter		6,637,989		6,637,989
Total		12,605,325		12,605,325
Interest		4,247,944		4,247,944
Principal		$ 8,357,381		$ 8,357,381

Debt (Details)

Debt (Details) - USD ($)	Jun. 03, 2015	Nov. 19, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt
Amount outstanding			$ 72,200,000		$ 72,200,000		$ 74,000,000
Debt interest expense			1,164,235	$ 1,171,275	2,175,891	$ 2,303,929
Interest payable			101,743		101,743		$ 43,905
Deferred loan costs amortization			154,760	$ 212,292	298,138	$ 429,031
Senior secured revolving credit facility
Debt
Borrowing capacity		$ 190,000,000	250,000,000		250,000,000
Maximum borrowing capacity increase	$ 60,000,000
Amount outstanding			72,200,000		72,200,000
Undrawn borrowing capacity			$ 177,800,000		$ 177,800,000
Senior secured revolving credit facility | Base rate option | Administrative agent's prime rate
Debt
Applicable margin		1.50%
Senior secured revolving credit facility | Base rate option | Federal funds rate
Debt
Applicable margin		1.50%
Additional margin		0.50%
Senior secured revolving credit facility | Base rate option | One month LIBOR
Debt
Applicable margin		1.50%
Senior secured revolving credit facility | LIBOR option | One month LIBOR
Debt
Applicable margin		2.50%
Additional margin		1.00%

Interest Rate Swap Agreements44

Interest Rate Swap Agreements (Details) - USD ($)	Feb. 05, 2015	Dec. 24, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss)			$ 397,162	$ (435,530)		$ (376,724)	$ (487,790)
Interest Rate Swap Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss)			397,162	$ (435,530)	$ (487,790)	$ (376,724)
Interest Rate Swap Agreement | Increase of 50 Basis Points
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, assumed increase (decrease) in interest rates						0.50%
Interest Rate Swap Agreement | Increase of 50 Basis Points | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative						$ 450,454
Interest Rate Swap Agreement | Increase of 50 Basis Points | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative						$ 467,593
Interest Rate Swap Agreement | Decrease of 50 Basis Points
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, assumed increase (decrease) in interest rates						(0.50%)
Interest Rate Swap Agreement | Decrease of 50 Basis Points | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative						$ (1,876,045)
Interest Rate Swap Agreement | Decrease of 50 Basis Points | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative						$ (437,027)
Interest Rate Swap Agreement | Increase of 100 Basis Points
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, assumed increase (decrease) in interest rates						1.00%
Interest Rate Swap Agreement | Increase of 100 Basis Points | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative						$ 1,594,059
Interest Rate Swap Agreement | Increase of 100 Basis Points | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative						$ 911,496
Interest Rate Swap Agreement | Decrease of 100 Basis Points
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, assumed increase (decrease) in interest rates						(1.00%)
Interest Rate Swap Agreement | Decrease of 100 Basis Points | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative						$ (2,974,263)
Interest Rate Swap Agreement | Decrease of 100 Basis Points | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative						(864,963)
Level 2 inputs | Interest Rate Swap Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value net asset (liability)			(666,532)			(666,532)		$ (289,808)
Level 2 inputs | Interest Rate Swap Agreement | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value		$ 70,000,000
Fixed rate		4.02%
Period		4 years
Fair value net asset (liability)			(685,570)			(685,570)		$ (289,808)
Level 2 inputs | Interest Rate Swap Agreement | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	$ 25,000,000
Fixed rate	3.79%
Period	4 years
Fair value net asset (liability)			$ 19,038			$ 19,038

Net Income (Loss) Per Limited45

Net Income (Loss) Per Limited Partner Unit (Details) - USD ($)	Jul. 21, 2015	May. 20, 2015	Apr. 23, 2015	Jan. 26, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Nov. 18, 2014
Units outstanding									0
Offering costs					$ 3,307,124		$ 3,307,124
Pay down of revolving credit facility							$ 49,200,000
Distributions
Cash distribution declared per unit (in dollars per share)			$ 0.2975	$ 0.1344	$ 0.3075		$ 0.6050
Minimum quarterly distribution per unit (in dollars per share)							0.2875
Minimum annual distribution per unit (in dollars per share)							$ 1.15
Prorated period for distribution				43 days
Quarterly distribution declared per unit , on an annualized basis (in dollars per share)			$ 1.19
Change in per unit distribution declared (as a percent)			3.50%
Net loss attributable to partners
Distribution declared				$ 1,100,000
Net loss attributable to partners					$ 1,123,971	$ 410,448	$ (2,426,380)	$ 1,741,967
Subsequent event
Distributions
Cash distribution declared per unit (in dollars per share)	$ 0.3075
Minimum quarterly distribution per unit (in dollars per share)	0.2875
Quarterly distribution declared per unit , on an annualized basis (in dollars per share)	$ 1.23
Change in per unit distribution declared (as a percent)	7.00%
Common Unitholders, Public
Weighted-average units outstanding
Weighted-average units outstanding – basic and diluted (in shares)					6,090,688		5,401,007
Net loss per limited partner unit
Units – basic and diluted (in dollars per share)					$ 0.16		$ (0.16)
Subordinated Unitholder, Landmark
Weighted-average units outstanding
Weighted-average units outstanding – basic and diluted (in shares)					3,135,109		3,135,109
Net loss per limited partner unit
Units – basic and diluted (in dollars per share)					$ 0.05		$ (0.30)
Limited Partners | Common Unitholders, Public
Units issued							3,000,000
Net loss attributable to partners
Distribution declared					$ 2,370,122		$ 3,769,466
Undistributed net loss					(1,417,648)		(4,607,445)
Net loss attributable to partners					$ 952,474		$ (837,979)
Weighted-average units outstanding
Weighted-average units outstanding – basic and diluted (in shares)					6,090,688		5,401,007
Net loss per limited partner unit
Units – basic and diluted (in dollars per share)					$ 0.16		$ (0.16)
Limited Partners | Subordinated Unitholder, Landmark
Net loss attributable to partners
Distribution declared					$ 964,046		$ 1,896,741
Undistributed net loss					(807,904)		(2,841,809)
Net loss attributable to partners					$ 156,142		$ (945,068)
Weighted-average units outstanding
Weighted-average units outstanding – basic and diluted (in shares)					3,135,109		3,135,109
Net loss per limited partner unit
Units – basic and diluted (in dollars per share)					$ 0.05		$ (0.30)
IPO, Public | Common Unitholders, Public
Units issued		3,000,000
Unit offering price (in dollars per share)		$ 16.75
Unit offering price, net of costs (in dollars per share)		$ 15.9125
Net proceeds, IPO		$ 46,900,000
Offering costs		$ 3,300,000

Fair Value of Financial Instr46

Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value of Financial Instruments
Derivative Liabilities	$ 685,570	$ 289,808
Recurring | Level 2 inputs | Fair Value
Fair Value of Financial Instruments
Derivative Assets	19,038
Derivative Liabilities	685,570	289,808
Nonrecurring | Carrying Amount
Fair Value of Financial Instruments
Investment in Receivables, net	8,357,381	8,665,274
Secured Debt Facilities	72,200,000	74,000,000
Nonrecurring | Level 3 inputs | Fair Value
Fair Value of Financial Instruments
Investment in Receivables, net	8,437,793	8,665,274
Secured Debt Facilities	$ 72,200,000	$ 74,000,000

Related_Party Transactions (Det

Related‑Party Transactions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)period$ / yr	Jun. 30, 2014USD ($)$ / property	Dec. 31, 2014USD ($)
Related‑Party Transactions
Due from Landmark and affiliates	$ 1,313,408		$ 1,313,408		$ 659,722
Landmark, General Partner and affiliates
Related‑Party Transactions
Due from Landmark and affiliates	1,307,037		1,307,037		$ 659,722
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) | period			4
Expiration of quarterly cap, measurement period, minimum revenue			$ 80,000,000
Reimbursement of expenses that exceeded the cap	$ 481,053		$ 1,173
Landmark, General Partner and affiliates | Management fees
Related‑Party Transactions
Management fee per asset per month (in dollars per property) | $ / property				45
Expense from related party		$ 100,825		$ 202,330
American Infrastructure Funds | Patent License Agreement Fees
Related‑Party Transactions
Fee for second year of agreement (in dollars per year) | $ / yr			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) | $ / yr			100,000

Segment Information (Details)

Segment Information (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)segment	Dec. 31, 2014USD ($)segment
Segment Information
Number of reportable segments | segment			3	2	3
Revenue
Rental revenue	$ 4,229,771	$ 3,390,459	$ 8,191,863	$ 6,724,005
Interest income on receivables	194,544	158,858	401,854	334,409
Total revenue	4,424,315	3,549,317	8,593,717	7,058,414
Expenses
Management fees to affiliate		100,825		202,330
Property operating	8,894	21,805	8,894	21,805
General and administrative	651,071	514,411	1,635,056	531,958
Acquisition-related	173,755		1,367,072	1,800
Amortization	1,194,775	886,573	2,261,750	1,758,385
Impairments	514,300	8,450	3,276,736	8,450
Total expenses	2,542,795	1,532,064	8,549,508	2,524,728
Other income and expenses
Interest expense	(1,164,235)	(1,171,275)	(2,175,891)	(2,303,929)
Unrealized gain (loss) on derivatives	397,162	(435,530)	(376,724)	(487,790)
Gain on sale of real property interest	9,524		82,026
Total other income and expenses	(757,549)	(1,606,805)	(2,470,589)	(2,791,719)
Net income (loss)	1,123,971	410,448	(2,426,380)	1,741,967
Assets	221,413,047		221,413,047		$ 204,476,539
Operating Segments | Wireless Communication
Revenue
Rental revenue	3,466,298	2,982,912	6,715,487	5,836,819
Interest income on receivables	194,544	158,858	401,854	334,409
Total revenue	3,660,842	3,141,770	7,117,341	6,171,228
Expenses
Management fees to affiliate		90,700		182,080
Property operating	5,428	6,721	5,428	6,721
General and administrative		6,502		6,502
Acquisition-related			872,594
Amortization	1,089,878	829,700	2,061,704	1,645,520
Impairments	222,224	8,450	2,984,659	8,450
Total expenses	1,317,530	942,073	5,924,385	1,849,273
Other income and expenses
Total other income and expenses	9,524	(24,399)	9,524	(24,399)
Net income (loss)	2,352,836	2,175,298	1,202,480	4,297,556
Assets	180,796,528		180,796,528		168,664,826
Operating Segments | Outdoor Advertising
Revenue
Rental revenue	752,993	407,547	1,455,956	887,186
Total revenue	752,993	407,547	1,455,956	887,186
Expenses
Management fees to affiliate		10,125		20,250
Property operating	3,466	15,084	3,466	15,084
General and administrative		6,525		6,525
Acquisition-related			21,126	1,800
Amortization	101,776	56,873	193,617	112,865
Impairments	292,076		292,077
Total expenses	397,318	88,607	510,286	156,524
Other income and expenses
Total other income and expenses		(5,938)	72,502	(5,938)
Net income (loss)	355,675	313,002	1,018,172	724,724
Assets	34,888,704		34,888,704		33,555,244
Operating Segments | Renewable Power Generation
Revenue
Rental revenue	10,480		20,420
Total revenue	10,480		20,420
Expenses
Amortization	3,121		6,429
Total expenses	3,121		6,429
Other income and expenses
Net income (loss)	7,359		13,991
Assets	420,946		420,946		391,381
Corporate
Expenses
General and administrative	651,071	501,384	1,635,056	518,931
Acquisition-related	173,755		473,352
Total expenses	824,826	501,384	2,108,408	518,931
Other income and expenses
Total other income and expenses	(767,073)	(1,576,468)	(2,552,615)	(2,761,382)
Net income (loss)	(1,591,899)	$ (2,077,852)	(4,661,023)	$ (3,280,313)
Assets	$ 5,306,869		$ 5,306,869		$ 1,865,088

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2015USD ($)
Commitments and Contingencies
Real property interest subject to subordination	$ 18.9

Tenant Concentration (Details)

Tenant Concentration (Details) - Tenant Revenue - Concentration	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
T‑Mobile
Tenant Concentration
Percentage of revenue	17.80%	19.80%	18.30%	19.90%
Verizon
Tenant Concentration
Percentage of revenue	15.00%	15.20%	15.00%	15.20%
Sprint
Tenant Concentration
Percentage of revenue	11.40%	12.50%	11.40%	12.40%
AT&T Mobility
Tenant Concentration
Percentage of revenue	12.50%	10.10%	11.70%	10.00%
Crown Castle
Tenant Concentration
Percentage of revenue	10.80%	11.00%	10.80%	11.10%

Supplemental Cash Flow Inform51

Supplemental Cash Flow Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Noncash activities
Capital contribution to fund general and administrative expense reimbursement	$ 1,173,925
Accrued offering costs		$ 698,064
Cash flows related to interest paid
Cash paid for interest	1,819,867	1,872,640
Landmark Dividend LLC and affiliates
Noncash activities
Purchase price for acquisition of real property interests included in due to Landmark and affiliates		3,635,616
Capital contribution to fund general and administrative expense reimbursement	$ 481,053
Offering costs included in due to Landmark and affiliates		$ 173,566

Subsequent Events (Details)

Subsequent Events (Details)	Jul. 21, 2015USD ($)site$ / shares	Apr. 23, 2015$ / shares	Jan. 26, 2015$ / shares	Jun. 30, 2015$ / shares	Jun. 30, 2015$ / shares
Subsequent Event
Cash distribution declared per unit (in dollars per share)		$ 0.2975	$ 0.1344	$ 0.3075	$ 0.6050
Quarterly distribution declared per unit , on an annualized basis (in dollars per share)		$ 1.19
Change in per unit distribution declared (as a percent)		3.50%
Minimum quarterly distribution per unit (in dollars per share)					$ 0.2875
Subsequent event
Subsequent Event
Cash distribution declared per unit (in dollars per share)	$ 0.3075
Quarterly distribution declared per unit , on an annualized basis (in dollars per share)	$ 1.23
Change in per unit distribution declared (as a percent)	7.00%
Minimum quarterly distribution per unit (in dollars per share)	$ 0.2875
Acquisition from related party | Landmark, General Partner and affiliates | 100-site acquisition | Subsequent event
Subsequent Event
Number of tenant sites acquired (in sites) | site	100
Cash consideration | $	$ 35,700,000
Acquisition from related party | Landmark, General Partner and affiliates | 100-site acquisition | Wireless Communication | Subsequent event
Subsequent Event
Number of tenant sites acquired (in sites) | site	81
Acquisition from related party | Landmark, General Partner and affiliates | 100-site acquisition | Outdoor Advertising | Subsequent event
Subsequent Event
Number of tenant sites acquired (in sites) | site	16
Acquisition from related party | Landmark, General Partner and affiliates | 100-site acquisition | Renewable Power Generation | Subsequent event
Subsequent Event
Number of tenant sites acquired (in sites) | site	3