Landmark Infrastructure Partners (LMRK) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Entity Registrant Name	Landmark Infrastructure Partners LP
Entity Central Index Key	1,615,346
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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	2,016
Document Fiscal Period Focus	Q1
Common Unitholders, Public
Entity Common Stock, Shares Outstanding		11,875,804
Subordinated Unitholder, Landmark
Entity Common Stock, Shares Outstanding		3,135,109

CONSOLIDATED AND COMBINED BALAN

CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Assets
Land	$ 10,812,784	$ 10,812,784
Real property interests	356,622,999	358,074,190
Total land and real property interests	367,435,783	368,886,974
Accumulated amortization of real property interests	(15,773,223)	(14,114,307)
Land and net real property interests	351,662,560	354,772,667
Investments in receivables, net	7,969,458	8,136,867
Cash and cash equivalents	410,688	1,984,468
Rent receivables, net	894,115	952,427
Due from Landmark and affiliates	1,555,977	2,205,853
Deferred loan costs, net	3,030,585	3,089,894
Deferred rent receivable	702,938	676,134
Other intangible assets, net	10,260,466	10,731,221
Other assets	1,353,764	1,206,949
Total assets	377,840,551	383,756,480
Liabilities and equity
Revolving credit facility	228,500,000	233,000,000
Accounts payable and accrued liabilities	1,128,996	1,683,062
Other intangible liabilities, net	11,497,661	12,001,093
Prepaid rent	2,943,962	2,980,621
Derivative liabilities	3,784,347	736,231
Total liabilities	$ 247,854,966	$ 250,401,007
Commitments and contingencies (Note 14)
Equity	$ 129,985,585	$ 133,355,473
Total liabilities and equity	$ 377,840,551	$ 383,756,480

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue
Rental revenue	$ 7,572,969	$ 6,024,127
Interest income on receivables	203,347	207,310
Total revenue	7,776,316	6,231,437
Expenses
Management fees to affiliate		76,080
Property operating	5,028	1,684
General and administrative	1,102,722	983,985
Acquisition-related	72,080	1,223,317
Amortization	2,002,284	1,538,380
Impairments		2,762,436
Total expenses	3,182,114	6,585,882
Other income and expenses
Interest expense	(2,347,491)	(1,886,720)
Unrealized loss on derivatives	(3,048,116)	(872,498)
Gain on sale of real property interest	373,779	72,502
Total other income and expenses	(5,021,828)	(2,686,716)
Net loss	(427,626)	(3,041,161)
Less: Net loss attributable to Predecessor		(149,498)
Net loss attributable to limited partners	$ (427,626)	$ (2,891,663)
Weighted-average limited partner units outstanding
Cash distribution declared per unit (in dollars per share)	$ 0.3300	$ 0.2975
Limited Partners | Common Unitholders, Public
Other income and expenses
Net loss attributable to limited partners	$ (334,626)	$ (1,735,147)
Net loss per limited partner unit
Units – basic (in dollars per share)	$ (0.03)	$ (0.37)
Units – diluted (in dollars per share)	$ (0.03)	$ (0.37)
Weighted-average limited partner units outstanding
Units – basic (in shares)	11,829,660	4,703,675
Units – diluted (in shares)	14,964,769	4,703,675
Limited Partners | Subordinated Unitholder, Landmark
Other income and expenses
Net loss attributable to limited partners	$ (93,000)	$ (1,156,516)
Net loss per limited partner unit
Units – basic (in dollars per share)	$ (0.03)	$ (0.37)
Units – diluted (in dollars per share)	(0.03)	(0.37)
Units – basic and diluted (in dollars per share)	$ (0.03)	$ (0.37)
Weighted-average limited partner units outstanding
Units – basic (in shares)	3,135,109	3,135,109
Units – diluted (in shares)	3,135,109	3,135,109
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	Limited Partners	General Partner, Landmark	Landmark Infrastructure Partners LP, Predecessor	Total
Balance as of beginning of period at Dec. 31, 2014	$ 74,683,957	$ 29,745,957		$ 12,349	$ 44,749,002	$ 149,191,265
Balance as of beginning of period (in units) at Dec. 31, 2014	4,702,665	3,135,109	7,837,774
Increase (decrease) in partners' capital
Net income (loss) from Acquired Assets attributable to Predecessor				(310,764)	161,266	(149,498)
Net investment of Acquired Assets				(4,268,765)	133,092	(4,135,673)
Distributions	$ (632,174)	$ (421,358)			(710,246)	(1,763,778)
Capital contribution to fund general and administrative expense reimbursement				692,872		692,872
Unit-based compensation	$ 78,750					78,750
Unit-based compensation (in units)	1,010		1,010
Net loss attributable to partners	$ (1,735,147)	(1,156,516)				(2,891,663)
Balance as of end of period at Mar. 31, 2015	$ 72,395,386	$ 28,168,083		(3,874,308)	$ 44,333,114	141,022,275
Balance as of end of period (in units) at Mar. 31, 2015	4,703,675	3,135,109	7,838,784
Balance as of beginning of period at Dec. 31, 2015	$ 179,045,366	$ 25,941,274		(71,631,167)		133,355,473
Balance as of beginning of period (in units) at Dec. 31, 2015	11,820,144	3,135,109	14,955,253
Increase (decrease) in partners' capital
Net investment of Acquired Assets				1,016,439		1,016,439
Distributions	$ (3,844,745)	$ (1,018,910)				(4,863,655)
Capital contribution to fund general and administrative expense reimbursement				799,954		799,954
Unit-based compensation	$ 105,000					105,000
Unit-based compensation (in units)	9,840		9,840
Net loss attributable to partners	$ (334,626)	(93,000)				(427,626)
Balance as of end of period at Mar. 31, 2016	$ 174,970,995	$ 24,829,364		$ (69,814,774)		$ 129,985,585
Balance as of end of period (in units) at Mar. 31, 2016	11,829,984	3,135,109	14,965,093

CONSOLIDATED AND COMBINED STAT5

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net loss	$ (427,626)	$ (3,041,161)
Adjustments to reconcile net loss to net cash provided by operating activities:
Unit-based compensation	105,000	78,750
Unrealized loss on derivatives	3,048,116	872,498
Amortization expense	2,002,284	1,538,380
Amortization of above-and below-market leases	(321,006)	(286,745)
Amortization of deferred loan costs	196,972	354,590
Receivables interest accretion	(18,772)	(15,381)
Impairments		2,762,436
Gain on the sale of real property interest	(373,779)	(72,502)
Changes in operating assets and liabilities:
Rent receivables, net	58,312	(175,473)
Accounts payable and accrued liabilities	(554,066)	759,266
Deferred rent receivables	(26,804)	(61,400)
Prepaid rent	(36,659)	(109,894)
Due from Landmark and affiliates	805,318	699,639
Other assets	(146,815)	70,713
Net cash provided by operating activities	4,310,475	3,373,716
Investing activities
Acquisition of land		(2,934,456)
Acquisition of real property interests		(17,804,796)
Proceeds from sales of real property interest	1,789,448	127,514
Repayments of receivables	186,181	167,708
Net cash provided by (used in) investing activities	1,975,629	(20,444,030)
Financing activities
Proceeds from revolving credit facility	2,500,000	24,000,000
Proceeds from secured debt facilities		29,707,558
Principal payments on revolving credit facility	(7,000,000)	(1,000,000)
Principal payments on secured debt facilities		(30,001,073)
Deferred loan costs	(137,663)	(1,747)
Capital contribution to fund general and administrative expense reimbursement	644,512
Distributions to limited partners	(4,863,655)	(1,053,532)
Consideration received from (paid to) General Partner associated with Acquired Assets	996,922	(4,617,330)
Net cash provided by (used in) financing activities	(7,859,884)	17,033,876
Net decrease in cash and cash equivalents	(1,573,780)	(36,438)
Cash and cash equivalents at beginning of year	1,984,468	311,108
Cash and cash equivalents at end of year	$ 410,688	$ 274,670

Business

Business	3 Months Ended
	Mar. 31, 2016
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 and has been publicly traded since its initial public offering on November 19, 2014 (the “IPO”). References in this report to “Landmark Infrastructure Partners LP,” the “partnership,” “we,” “our,” “us,” or like terms for time periods prior to our IPO, refer to our predecessor for accounting purposes (our “Predecessor”) and for time periods subsequent to the IPO, refer to Landmark Infrastructure Partners LP. The Partnership was formed to own a portfolio of primarily real property interests that are leased to companies in the wireless communication, outdoor advertising and renewable power generation industries. Our operations are managed by the board of directors and executive officers of Landmark Infrastructure Partners GP LLC, our general partner (the “General Partner”) . As of March 31, 2016, Landmark owns (a) our general partner; (b) 283,686 common units representing limited partnership interest in the Partnership (“Common Units”) and 3,135,109 subordinated units in us and; (c) all of our incentive distribution rights.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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 During 2015, the Partnership completed eight drop-down acquisitions from our Sponsor and affiliates (the “Acquisitions” or “Acquired Assets”). 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 between the cash consideration of each acquisition and the historical cost basis, were allocated to the General Partner . All intercompany transactions and account balances have been eliminated. Our results of operations, cash flows, assets and liabilities consist of the consolidated Landmark Infrastructure Partners LP activities and balances with retroactive adjustments of the combined results of operations, cash flows, assets and liabilities of the Acquired Assets . All financial information presented represents 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 as if the Acquisitions occurred on the earliest date during which the Acquired Assets were under common control. See further discussion in Note 3, Acquisitions for additional information. The unaudited interim consolidated and combined financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (the “FASB”) in the ASC including modifications issued under the Accounting Standards Updates (“ASUs”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. Financial information for the three months ended March 31, 2016 and 2015 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 months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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 March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU No. 2016-09”). The guidance simplifies various aspects related to how share-based payments are accounted for and presented in the consolidated financial statements. The amendments include income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The Partnership does not expect the adoption of ASU No. 2016-09 to have an impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”) , which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued Accounting Standards Update No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which delayed the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended, is effective for public companies for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Partnership does not expect the adoption of ASU No. 2014-09, as amended, to have an impact on its financial statements.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2016
Acquisitions
Acquisitions	3. Acquisitions On March 4, 2015, Landmark Infrastructure Operating Company LLC (“OpCo”) , a wholly-owned subsidiary of the Partnership, completed its acquisition of 81 tenant sites and related real property interests, consisting of 41 wireless communication, 39 outdoor advertising and one renewable power generation sites, from Landmark Infrastructure Holding Company LLC (“HoldCo”) , a wholly-owned subsidiary of Landmark, in exchange for cash consideration of $25.2 million (the “First Quarter Acquisition”). The purchase price was funded with $24.0 million of borrowings under the Partnership’s existing credit facility and available cash. On April 8, 2015, OpCo completed an acquisition of 73 tenant sites and related real property interests, consisting of 45 wireless communication and 28 outdoor advertising sites, from HoldCo in exchange for cash consideration of $22.1 million (the “Second Quarter Acquisition”). The purchase price was funded with $21.5 million of borrowings under the Partnership’s existing credit facility and available cash. On July 21, 2015, Opco completed an acquisition of 100 tenant sites and related real property interests, consisting of 81 wireless communication, 16 outdoor advertising and 3 renewable power generation sites, from HoldCo, in exchange for cash consideration of $35.7 million. The purchase price was funded with $35.5 million of borrowings under the Partnership’s existing credit facility and available cash. On August 18, 2015, Opco completed an acquisition of an entity owning 193 tenant sites and related real property interests, consisting of 135 wireless communication, 57 outdoor advertising and one renewable power generation sites, from Landmark Dividend Growth Fund-E LLC (“Fund E”), an affiliate of Landmark, in exchange for (i) 1,998,852 Common Units, valued at approximately $31.0 million, which was subsequently distributed to Fund E’s respective members, including 171,737 Common Units to Landmark, as part of the fund’s liquidation, and (ii) cash consideration of approximately $34.9 million, of which $29.2 million was used to repay Fund E’s secured indebtedness and was funded with borrowings under the Partnership’s revolving credit facility. On September 21, 2015, Opco completed an acquisition of 65 tenant sites and related real property interests, consisting of 50 wireless communication, 13 outdoor advertising and 2 renewable power generation sites, from HoldCo, in exchange for cash consideration of $20.3 million. The purchase price was funded with $20.0 million of borrowings under the Partnership’s existing credit facility and available cash. The July 21, 2015, August 18, 2015 and September 21, 2015 acquisitions are collectively referred to as the “Third Quarter Acquisitions.” On November 19, 2015, the Partnership completed an acquisition of an entity owning 72 tenant sites and related real property interests, consisting of 67 wireless communication and 5 outdoor advertising sites, from Landmark Dividend Growth Fund-C LLC (“ Fund C”), an affiliate of Landmark, in exchange for (i) 847,260 Common Units, valued at approximately $13.0 million , which was subsequently distributed to Fund C’s respective members, including 123,405 Common Units to Landmark, valued at approximately $1.9 million, as part of the fund’s liquidation, and (ii) cash consideration of approximately $17.3 million, of which $15.1 million was used to repay Fund C’s secured indebtedness and was funded with borrowings under the Partnership’s revolving credit facility. On November 19, 2015, the Partnership completed an acquisition of 136 tenant sites and related real property interests, consisting of 99 wireless communication and 37 outdoor advertising sites, from Landmark Dividend Growth Fund-F LLC (“ Fund F”), an affiliate of Landmark, in exchange for (i) 1,266,317 Common Units, valued at approximately $19.5 million , which was subsequently distributed to Fund F’s respective members, including 217,133 Common Units to Landmark, valued at approximately $3.3 million, as part of the fund’s liquidation and (ii) cash consideration of approximately $25.0 million, of which $24.5 million was used to repay Fund F’s secured indebtedness and was funded with borrowings under the Partnership’s revolving credit facility. On December 18, 2015, the Partnership completed an acquisition of 41 tenant sites and related real property interests, consisting of 23 wireless communication, 16 outdoor advertising and 2 renewable power generation sites, from HoldCo, in exchange for cash consideration of $24.2 million. The purchase price was funded with $24.0 million of borrowings under the Partnership’s existing credit facility and available cash. The November 19, 2015 and December 18, 2015 acquisitions are collectively referred to as the “Fourth Quarter Acquisitions.” The acquisitions described above in this Note 3 are collectively referred to as the “Acquisitions,” and the acquired assets in the Acquisitions are collectively referred to as the “Acquired Assets.” The August 18, 2015 and both November 19, 2015 acquisitions are collectively referred to as the “Acquired Funds.” 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 Acquisitio ns on pre-acquisition periods for the three months ended March 31, 2015. C onsolidated statement of operations for the three months ended March 31, 2015 : Landmark Pre-Acquisition Pre-Acquisition Infrastructure results of the Landmark Landmark results of the Partners LP Second, Third and Infrastructure Infrastructure First Quarter (As Previously Reported Fourth Quarter Partners LP Partners LP Acquisition May 7, 2015) Acquisitions (As Currently Reported) 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 (loss) $ $ $ $ $ Less: Net income (loss) attributable to Predecessor — Net loss attributable to partners $ $ — $ $ — $ Consolidated summarized cash flows for the three months ended March 31, 2015: Landmark Pre-Acquisition Pre-Acquisition Infrastructure results of the Landmark Landmark results of the Partners LP Second, Third and Infrastructure Infrastructure First Quarter (As Previously Reported Fourth Quarter Partners LP Partners LP Acquisition May 7, 2015) Acquisitions (As Currently Reported) Net cash provided by (used in) operating activities $ $ $ $ $ Net cash used in investing activities — — Net cash provided by (used in) financing activities The Pre-Acquisition results of the First Quarter Acquisition include the retroactive adjustments to reflect the results of operations and cash flows of the First Quarter Acquisition prior to the acquisition date for the periods under common control. The Landmark Infrastructure Partners LP (As Previously Reported May 7, 2015) column refers to periods previously filed within the Partnership’s Form 10-Q as filed on May 7, 2015. The Pre-Acquisition results of the Second Quarter Acquisition and the Third Quarter Acquisitions include the retroactive adjustments to reflect the results of operations and cash flows of the Second Quarter Acquisition and the Third Quarter Acquisitions prior to the acquisition dates for the periods under common control. On April 20, 2016, the Partnership completed an acquisition of 3 tenant sites and related real property interests, consisting of one wireless communication and 2 renewable power generation sites, from HoldCo, in exchange for cash consideration of $6.3 million. The purchase price was funded with $6.3 million of borrowings under the Partnership’s existing credit facility.

Real Property Interests

Real Property Interests	3 Months Ended
	Mar. 31, 2016
Real Property Interests
Real Property Interests	4. Real Property Interests The following table summarizes the Partnership’s real property interests: March 31, 2016 December 31, 2015 Land $ $ Real property interests – perpetual Real property interests – finite life Total land and real property interests Accumulated amortization of real property interests Land and net real property interests $ $ On March 22, 2016, the Partnership completed a sale of one wireless communication site to a third party in exchange for cash consideration of $0.8 million. We recognized a gain on sale of real property interest of $0.4 million during the three months ended March 31, 2016. On March 30, 2016, the Partnership completed a sale of 12 wireless communication sites to Landmark, in exchange for cash consideration of $2.0 million. The assets were originally acquired by Landmark and dropped-down to the Partnership during the July 21, 2015 and September 21, 2015 acquisitions. Landmark repurchased the pool of assets at the same purchase price sold to the Partnership. As the transaction is between entities under common control, the difference between the cash consideration and the net book value of the assets is allocated to the General Partner and no gain or loss is recognized. During 2015, the Partnership completed the Acquisitions as described in Note 3, Acquisitions . The Partnership paid total consideration of $268.2 million. 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 differences totaling $69.4 million between the total consideration of $268.2 million and the historical cost basis of $198.8 million were allocated to the General Partner. The Partnership applies the business combination method to all acquired investments of real property interests for transactions that meet the definition of a business combination. The fair value of the assets acquired and liabilities assumed is typically determined by using Level III valuation methods. The most sensitive assumption is the discount rate used to discount the estimated cash flows from the real estate rights. For purposes of the computation of fair value assigned to the various tangible and intangible assets, the Partnership assigned discount rates ranging between 6% and 20% . The following table summarizes the final allocation for the Acquisitions of estimated fair values of the assets acquired and liabilities assumed at the date of acquisition by Landmark. Investments in real In-place lease Above-market Below-market Year Land property interests intangibles lease intangibles lease intangibles Total 2015 (1) $ $ $ $ $ $ (1) Prior-period financial information retroactively adjusted for Acquisitions made under common control. See Note 3 for additional information. Future estimated aggregate amortization of real property interests for each of the five succeeding fiscal years and thereafter as of March 31, 2016, are as follows: 2016 (nine months) $ 2017 2018 2019 2020 Thereafter Total $ The weighted average remaining amortization period for non ‑perpetual real property interests is 49 years at March 31, 2016. During the three months ended March 31, 2015, eleven of the Partnership’s real property interests were impaired as a result of termination notices received and one property foreclosure. As a result of T ‑Mobile’s acquisition of MetroPCS (completed in 2013), we have received termination notices related to 23 MetroPCS tenant sites, two of which have subsequently been rescinded. As of March 31, 2016, the major ity of the MetroPCS tenant sites where we have received termination notices have been vacated. During the three months ended March 31, 2015, we recognized impairment charges totaling $2.8 million. The carrying value of each real property interest was determined to have a fair value of zero with the remaining lease intangibles amortized over the remaining lease life.

Other Intangible Assets and Lia

Other Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2016
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: March 31, 2016 December 31, 2015 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 $321,006 and $286,745 as an increase to rental revenue for the three months ended March 31, 2016 and 2015, respectively. We recorded amortization of in ‑place lease intangibles of $284,684 and $296,148 as amortization expense for the three months ended March 31, 2016 and 2015, respectively. Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of March 31, 2016 follows: Acquired Acquired Acquired in-place above-market below-market leases leases leases 2016 (nine months) $ $ $ 2017 2018 2019 2020 Thereafter Total $ $ $

Investments in Receivables

Investments in Receivables	3 Months Ended
	Mar. 31, 2016
Investments in Receivables
Investments in Receivables	6. Investments in Receivables As a result of the transfer of investments in receivables from the Predecessor to the Partnership, which met the conditions to be accounted for as a sale in accordance with ASC 860, Transfers and Servicing , 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 99 years. In connection with the July 21, 2015 acquisition, the Partnership acquired an additional investment in receivables that are recorded at the fair value at the acquisition date, using a discount rate of 8.65% . Interest income recognized on the receivables totaled $203,347 and $207,310 for the three months ended March 31, 2016 and 2015, respectively. The following table reflects the activity in investments in receivables: March 31, 2016 December 31, 2015 Investments in receivables – beginning $ $ Acquisitions — Fair value adjustment — Repayments Interest accretion Investments in receivables – ending $ $ Annual amounts due as of March 31, 2016, are as follows: 2016 (nine months) $ 2017 2018 2019 2020 Thereafter Total $ Interest $ Principal Total $

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt
Debt	7. Debt At the closing of the IPO on November 19, 2014, we amended and restated the Predecessor’s 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% . As of March 31, 2016, $228.5 million was outstanding and there was $21.5 million of undrawn borrowing capacity, subject to compliance with certain covenants, under our revolving credit facility. The revolving credit facility requires monthly interest payments and the outstanding debt balance is due upon maturity on November 19, 2019. Our revolving credit facility requires compliance with certain financial covenants. As of March 31, 2016, the Partnership was in compliance with all financial covenants. The Partnership incurred interest expense of $ 2,347,491 and $1,886,720 f or the three months ended March 31, 2016 and 2015, respectively. At March 31, 2016 and December 31, 2015 we had interest payable of $234,420 and $294,132 , respectively. The Partnership recorded $196,972 and $354,590 of deferred loan costs amortization, which is included in interest expense, for the three months ended March 31, 2016 and 2015, respectively. Prior-period information has been retroactively adjusted to include interest expense related to the Acquired Funds’ secured debt facilities of $875,064 for the three months ended March 31, 2015. Additionally, deferred loan costs amortization, which is included in interest expense, has been retroactively adjusted to include $211,212 for the three months ended March 31, 2015.

Interest Rate Swap Agreements

Interest Rate Swap Agreements	3 Months Ended
	Mar. 31, 2016
Interest Rate Swap Agreements
Interest Rate Swap Agreements	8. Interest Rate Swap Agreements On March 23, 2016, the Partnership entered into an interest rate swap agreement with a notional amount of $50.0 million to fix the floating rate for existing borrowings at an effective rate of 4.17% over a three -year period beginning on December 24, 2018. Additionally, on March 31, 2016, the Partnership entered into two interest rate swap agreements with notional amounts of $20.0 million and $25.0 million to fix the floating interest rate for existing borrowings at an effective rate of 4.06% and 4.13% over a three -year period beginning on December 24, 2018 and April 13, 2019 , respectively. These interest rate swap agreements extend through and beyond the term of the Partnership’s existing credit facility. The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements: Date Notional Fixed Effective Maturity Fair Value Liability at Entered Value Rate Date Date March 31, 2016 December 31, 2015 December 24, 2014 $ % 12/24/2014 12/24/2018 $ $ February 5, 2015 4/13/2015 4/13/2019 August 24, 2015 10/1/2015 10/1/2022 March 23, 2016 12/24/2018 12/24/2021 — March 31, 2016 12/24/2018 12/24/2021 — March 31, 2016 4/13/2019 4/13/2022 — $ $ During the three months ended March 31, 2016 and 2015, the Partnership recorded a loss of $3,048,116 and $872,498 , 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. Prior-period information has been retroactively adjusted to include an unrealized loss on derivative financial instruments related to the Acquired Funds’ interest rate swap agreements of $98,612 for the three months ended March 31, 2015. The Acquired Funds’ interest rate swap agreements were terminated in connection with the repayment of the Acquired Funds’ secured indebtedness as a result of the Partnership’s August 18, 2015 and both November 19, 2015 acquisitions. 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 March 31, 2016. 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 24, 2014 12/24/2018 $ $ $ $ February 5, 2015 4/13/2019 August 24, 2015 10/1/2022 March 23, 2016 12/24/2021 March 31, 2016 12/24/2021 March 31, 2016 4/13/2022

Equity

Equity	3 Months Ended
	Mar. 31, 2016
Equity
Equity	9. Equity The table below summarizes changes in the number of units outstanding from December 31, 2014 through March 31, 2016 (in units): Common Subordinated Total Balance at December 31, 2014 Unit-based compensation — Balance at March 31, 2015 Balance at December 31, 2015 Unit-based compensation — Balance at March 31, 2016 On May 20, 2015, the Partnership closed a public offering of an additional 3,000,000 Common Units at a price to the public of $16.75 per Common Unit, or $15.9125 per Common Unit net of the underwriter’s discount. We received net proceeds of $46.9 million after deducting the underwriter’s discount and offering expenses paid by us of $3.3 million. We used all proceeds to repay a portion of the borrowings under our revolving credit facility. In connection with the August 18, 2015 and November 19, 2015 acquisitions, the Partnership issued 4,112,429 Common Units to the Acquired Funds as partial consideration for the transactions as described in Note 3, Acquisitions, which were then distributed to their respective members, including 512,275 Common Units to Landmark and affiliates, as part of the Acquired Fund’s respective liquidations. The Common Units were issued in private transactions exempt from registration under Section 4(a)(2) of the Securities Act. On December 3, 2015, the Partnership filed a universal shelf registration statement on Form S-3 with the SEC. The shelf registration statement was declared effective by the SEC on December 30, 2015 and permits us to issue and sell common and preferred units, from time to time, representing limited partner interests in us and debt securities up to an aggregate amount of $250.0 million. On February 16, 2016, the Partnership entered into an At-the-Market Issuance Sales Agreement (the “ATM Agreement”) pursuant to which we may sell, from time to time, Common Units having an aggregate offering price of up to $50.0 million. There were no Common Units issued during the three months ended March 31, 2016 under our ATM Agreement. On February 16, 2016, the Partnership filed a shelf registration statement on Form S-4 with the SEC. The shelf registration statement was declared effective on March 10, 2016 and permits us to offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities. On April 15, 2016, the Partnership completed an acquisition of one wireless communication tenant site in exchange for 45,820 Common Units, valued at approximately $0.7 million, under the existing S-4 acquisition shelf. On April 4, 2016, the Partnership completed a public offering of $20.0 million 8.00% Series A Cumulative Redeemable Perpetual Preferred Units (“Series A Preferred Units”), representing limited partner interests in the Partnership, at a price of $25.00 per unit. We received net proceeds of approximately $18.8 million after deducting underwriters’ discounts and offering expenses paid by us of $1.2 million. We used all proceeds to repay a portion of the borrowings under our revolving credit facility. Distributions on the Series A Preferred Units are cumulative from the date of original issuance and will be payable quarterly in arrears on the 15th day of January, April, July and October of each year, when, as and if declared by the board of directors of our General Partner. The initial distribution on the Series A Preferred Units will be paid on July 15, 2016 in an amount equal to $0.5611 per unit. Distributions on the Series A Preferred Units will accumulate at a rate of 8.00% per annum per $25.00 stated liquidation preference per Series A Preferred Unit. In connection with the closing of the preferred equity offering, on April 4, 2016, the Partnership executed the Second Amended and Restated Agreement of Limited Partnership of Landmark Infrastructure Partners LP (the “Partnership Agreement”) for the purpose of updating the form of Partnership Agreement and defining the preferences, rights, powers and duties of holders of preferred units. Our Partnership Agreement provides that, during the subordination period, the Common Units have the right to receive distributions of available cash from operating surplus each quarter in an amount equal to $0.2875 per Common Unit, which amount is defined in our Partnership Agreement as the minimum quarterly distribution, plus any arrearages in the payment of the minimum quarterly distribution on the Common Units from prior quarters, before any distributions of available cash from operating surplus may be made on the subordinated units. These units are deemed “subordinated” because for a period of time, referred to as the subordination period, the subordinated units are not entitled to receive any distributions until the Common Units have received the minimum quarterly distribution plus any arrearages in the payment of the minimum quarterly distribution on the Common Units from prior quarters. Furthermore, no arrearages will accrue or be payable on the subordinated units. The practical effect of the subordinated units is to increase the likelihood that, during the subordination period, there will be available cash to be distributed on the Common Units. T he table below summarizes the quarterly distributions related to our quarterly financial results: Quarter Ended Declaration Date Distribution Date Distribution Per Unit Total Distribution March 31, 2015 April 23, 2015 May 14, 2015 $ $ June 30, 2015 July 21, 2015 August 14, 2015 September 30, 2015 October 22, 2015 November 13, 2015 December 31, 2015 January 28, 2016 February 12, 2016 March 31, 2016 April 20, 2016 May 13, 2016

Net Loss Per Limited Partner Un

Net Loss Per Limited Partner Unit	3 Months Ended
	Mar. 31, 2016
Net Loss Per Limited Partner Unit
Net Income (Loss) Per Limited Partner Unit	10. Net Loss Per Limited Partner Unit Landmark’s subordinated units and the General Partner’s incentive distribution rights meet the definition of a participating security and therefore we are required to compute income per unit using the two-class method under which any excess of distributions declared over net income shall be allocated to the partners based on their respective sharing of income specified in the Partnership Agreement. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net loss allocations used in the calculation of net loss per unit. Net loss per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net loss, after deducting any General Partner incentive distributions, by the weighted-average number of outstanding common and subordinated units. Diluted net loss per unit includes the effects of potentially dilutive units on our common and subordinated units. Net loss related to the Acquired Assets prior to the Partnership’s acquisition dates of each transaction is allocated to the General Partner. As of March 31, 2016, the General Partner was not entitled to receive any incentive distributions based on current distributions. Therefore, net income available to the limited partner units has not been reduced. The calculation of net loss per unit for the three months ended March 31, 2016 and 2015 is as follows: Three months ended March 31, 2016 2015 Common Units Subordinated Units Common Units Subordinated Units Net loss attributable to limited partners: Distribution declared $ $ $ $ Undistributed net loss Net loss attributable to limited partners - basic Net loss attributable to subordinated units — — — Net loss attributable to limited partners - diluted $ $ $ $ Weighted-average units outstanding: Basic Effect of diluted subordinated units — — — Diluted Net loss per limited partner unit: Basic $ $ $ $ Diluted (1) $ $ $ $ (1) The Partnership Agreement provides that when the subordination period ends, each outstanding subordinated unit will convert into one Common Unit and will thereafter participate pro rata with the other Common Units in distributions of available cash. The dilutive effect of Landmark’s subordinated units is reflected using the “if-converted method” which assumes conversion of the subordinated units into Common Units and excludes the subordinated distributions from the calculation, as the “if-converted method” is more dilutive. Diluted net loss per unit for the three months ended March 31, 2016, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value of Financial Instruments
Fair Value of Financial Instruments	11. Fair Value of Financial Instruments The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Partnership’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transaction will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non ‑orderly trades. The Partnership evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value: Cash and cash equivalents, rent receivables, net and accounts payable and accrued liabilities: The carrying values of these balances approximate their fair values because of the short ‑term nature of these instruments. Revolving credit facility: The fair value of the Partnership’s revolving credit facility is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan ‑to ‑value ratio, type of collateral and other credit enhancements. Additionally, since a quoted price in an active market is generally not available for the instrument or an identical instrument, the Partnership measures fair value using a valuation technique that is consistent with the principles of fair value measurement which typically considers what management believes is a market participant rate for a similar instrument. The Partnership classifies these inputs as Level 3 inputs. Investments in receivables: The Partnership’s investments in receivables are presented in the accompanying consolidated and combined balance sheets at their amortized cost net of recorded reserves and not at fair value. The fair values of the receivables were estimated using an internal valuation model that considered the expected cash flow of the receivables and estimated yield requirements by market participants with similar characteristics, including remaining loan term, and credit enhancements. The Partnership classifies these inputs as Level 3 inputs. Interest rate swap agreements: The Partnership’s interest rate swap agreements are presented at fair value on the accompanying consolidated and combined balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable and unobservable inputs. A majority of the inputs are observable with the only unobservable inputs relating to the lack of performance risk on the part of the Partnership or the counter party to the instrument. As such, the Partnership classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market ‑based inputs, including the interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risk to the contracts, are incorporated in the fair values to account for potential nonperformance risk. The table below summarizes the carrying amounts and fair values of financial instruments which are not carried at fair value on the face of the financial statements: March 31, 2016 December 31, 2015 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ $ $ $ Revolving credit facility Disclosure of the fair values of financial instruments is based on pertinent information available to the Partnership as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Partnership’s estimate of value at a future date could be materially different. As of March 31, 2016 and December 31, 2015, the Partnership measured the following assets and liabilities at fair value on a recurring basis: March 31, 2016 December 31, 2015 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	3 Months Ended
	Mar. 31, 2016
Related-Party Transactions
Related-Party Transactions	12. Related ‑Party Transactions General and Administrative Reimbursement Under our omnibus agreement, we are required to reimburse Landmark for expenses related to certain general and administrative services Landmark provides to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $80.0 million and (ii) November 19, 2019. The full amount of general and administrative expenses incurred will be reflected on our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected on our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in the amount of general and administrative expenses. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for us or on our behalf and expenses allocated to our General Partner by its affiliates. For the three months ended March 31, 2016 and 2015, Landmark reimbursed us $799,954 and $692,872 , respectively, for expenses related to certain general and administrative expenses that exceeded the cap. Patent License Agreement We entered into a Patent License Agreement (“License Agreement”) with American Infrastructure Funds, LLC (“AIF”), an affiliate of the controlling member of Landmark. Under the License Agreement, AIF granted us a nonexclusive, perpetual license to practice certain patented methods related to the apparatus and method for combining easements under a master limited partnership. We have agreed to pay AIF a license fee of $50,000 for the second year of the License Agreement, and thereafter, an amount equal to the greater of (i) one ‑tenth of one percent (0.1%) of our gross revenue received during such contract year; and (ii) $100,000 . During the three months ended March 31, 2016, we incurred $12,500 of license fees related to the AIF patent license agreement. Right of First Offer In connection with the IPO, certain other investment funds managed by Landmark have granted us a right of first offer (“ROFO”) on real property interests that they currently own or acquire in the future before selling or transferring those assets to any third party. On August 18, 2015 and November 19, 2015, the Partnership completed ROFO acquisitions of 193 , 72 and 136 tenant sites from Fund E, Fund C and Fund F, respectively, for total consideration of $65.9 million, $30.3 million, and $44.5 million, respectively. See further discussion in Note 3, Acquisitions for additional information. Management Fee In accordance with the limited liability company agreements for each of the Acquired Funds, Landmark or its affiliates were paid a management fee ranging from $45 to $75 per asset per month for providing various services to the funds. Upon execution of the omnibus agreement and completion of the closing of the IPO, Landmark’s right to receive this management fee has been terminated and we will instead reimburse Landmark for certain general and administrative expenses incurred by Landmark pursuant to the omnibus agreement, subject to a cap, as described above. For the three months ending March 31, 2015, financial information has been retroactively adjusted to include management fees of $76,080 , incurred by the Acquired Funds during the period prior to the acquisition by the Partnership. Acquisition of Real Property Interests In connection with third party acquisitions, Landmark will be obligated to provide acquisition services to us, including asset identification, underwriting and due diligence, negotiation, documentation and closing, at the reasonable request of our General Partner, but we are under no obligation to utilize such services. We will pay Landmark reasonable fees, as mutually agreed to by Landmark and us, for providing these services. These fees will not be subject to the cap on general and administrative expenses described above. As of March 31, 2016, no such fees have been incurred. Due from Affiliates At March 31, 2016 and December 31, 2015, the General Partner and its affiliates owed $ 1,555,977 and $2,205,853 , respectively, to the Partnership for general and administrative reimbursement and for rents received on our behalf.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Information
Segment Information	13. Segment Information The Partnership had three reportable segments, wireless communication, outdoor advertising and renewable power generation for all periods presented. The Partnership’s wireless communication segment consists of leasing 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 businesses require similar marketing and business strategies. Because our tenant lease arrangements are mostly effectively triple-net, we evaluate our segments based on revenue. We believe this measure provides investors relevant and useful information because it is presented on an unlevered basis. The statements of operations for the reportable segments are as follows: For the three months ended March 31, 2016: 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 — Total expenses Total other income and expenses — — Net income (loss) $ $ $ $ $ For the three months ended March 31, 2015: Renewable Wireless Outdoor Power Communication Advertising Generation 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: March 31, 2016 December 31, 2015 Segments Wireless communication $ $ Outdoor advertising Renewable power generation Corporate assets Total assets $ $

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies
Commitments and Contingencies	14. Commitments and Contingencies The Partnership’s commitments and contingencies include customary claims and obligations incurred in the normal course of business. In the opinion of management, these matters will not have a material effect on the Partnership’s combined financial position. There has been significant consolidation in the wireless communication industry over the last several years that has led to certain lease terminations. In 2013, T ‑Mobile acquired MetroPCS and Sprint acquired the remaining interest in Clearwire, and in 2014 AT&T acquired Leap Wireless. The past consolidation in the wireless industry has led to rationalization of wireless networks and reduced demand for tenant sites. We believe the impact of past consolidation is already reflected in our occupancy rates. The termination of additional leases in our portfolio would result in lower rental revenue and may lead to impairment of our real property interests or other adverse effects to our business. As of March 31, 2016, the Partnership had approximately $42.8 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	3 Months Ended
	Mar. 31, 2016
Tenant Concentration
Tenant Concentration	15. Tenant Concentration For the three months ended March 31, 2016 and 2015, the Partnership had the following tenant revenue concentrations: Three Months Ended March 31, Tenant 2016 2015 T-Mobile % % Verizon % % Sprint % % AT&T Mobility % % Crown Castle % % Most tenants are subsidiaries of these companies but have been aggregated for purposes of showing revenue concentration. Financial information for these companies can be found at www.sec.gov. The loss of any one of our large customers as a result of consolidation, merger, bankruptcy, insolvency, network sharing, roaming, joint development, resale agreements by our customers or otherwise may result in (1) a material decrease in our revenue, (2) uncollectible account receivables, (3) an impairment of our deferred site rental receivables, wireless infrastructure assets, site rental contracts or customer relationships intangible assets, or (4) other adverse effects to our business.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Information
Supplemental Cash Flow Information	16. Supplemental Cash Flow Information Noncash activities for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Capital contribution to fund general and administrative expense reimbursement $ $ Cash flows related to interest paid was as follows: Three Months Ended March 31, 2016 2015 Cash paid for interest $ $

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events
Subsequent Events	17. Subsequent Events On April 20, 2016, the board of directors of our General Partner declared a quarterly cash distribution of $0.33 per unit, or $1.32 per unit on an annualized basis, for the quarter ended March 31, 2016. This distribution is payable on May 13, 2016 to unitholders of record as of May 3, 2016.

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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 During 2015, the Partnership completed eight drop-down acquisitions from our Sponsor and affiliates (the “Acquisitions” or “Acquired Assets”). 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 between the cash consideration of each acquisition and the historical cost basis, were allocated to the General Partner . All intercompany transactions and account balances have been eliminated. Our results of operations, cash flows, assets and liabilities consist of the consolidated Landmark Infrastructure Partners LP activities and balances with retroactive adjustments of the combined results of operations, cash flows, assets and liabilities of the Acquired Assets . All financial information presented represents 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 as if the Acquisitions occurred on the earliest date during which the Acquired Assets were under common control. See further discussion in Note 3, Acquisitions for additional information. The unaudited interim consolidated and combined financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (the “FASB”) in the ASC including modifications issued under the Accounting Standards Updates (“ASUs”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. Financial information for the three months ended March 31, 2016 and 2015 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 months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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 March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU No. 2016-09”). The guidance simplifies various aspects related to how share-based payments are accounted for and presented in the consolidated financial statements. The amendments include income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The Partnership does not expect the adoption of ASU No. 2016-09 to have an impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”) , which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued Accounting Standards Update No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which delayed the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended, is effective for public companies for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Partnership does not expect the adoption of ASU No. 2014-09, as amended, to have an impact on its financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2016
Acquisitions
Consolidated Statement of Operations	C onsolidated statement of operations for the three months ended March 31, 2015 : Landmark Pre-Acquisition Pre-Acquisition Infrastructure results of the Landmark Landmark results of the Partners LP Second, Third and Infrastructure Infrastructure First Quarter (As Previously Reported Fourth Quarter Partners LP Partners LP Acquisition May 7, 2015) Acquisitions (As Currently Reported) 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 (loss) $ $ $ $ $ Less: Net income (loss) attributable to Predecessor — Net loss attributable to partners $ $ — $ $ — $
Consolidated Cash Flows	Consolidated summarized cash flows for the three months ended March 31, 2015: Landmark Pre-Acquisition Pre-Acquisition Infrastructure results of the Landmark Landmark results of the Partners LP Second, Third and Infrastructure Infrastructure First Quarter (As Previously Reported Fourth Quarter Partners LP Partners LP Acquisition May 7, 2015) Acquisitions (As Currently Reported) Net cash provided by (used in) operating activities $ $ $ $ $ Net cash used in investing activities — — Net cash provided by (used in) financing activities

Real Property Interests (Tables

Real Property Interests (Tables)	3 Months Ended
	Mar. 31, 2016
Real Property Interests
Summary of the Partnership’s real property interests	March 31, 2016 December 31, 2015 Land $ $ Real property interests – perpetual Real property interests – finite life Total land and real property interests Accumulated amortization of real property interests Land and net real property interests $ $
Schedule of the final allocation of assets acquired and liabilities assumed	Investments in real In-place lease Above-market Below-market Year Land property interests intangibles lease intangibles lease intangibles Total 2015 (1) $ $ $ $ $ $ (1) Prior-period financial information retroactively adjusted for Acquisitions made under common control. See Note 3 for additional information.
Schedule of future estimated amortization of real property interests	2016 (nine months) $ 2017 2018 2019 2020 Thereafter Total $

Other Intangible Assets and L26

Other Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Other Intangible Assets and Liabilities
Summary of identifiable intangible assets, including above/below‑market lease intangibles	March 31, 2016 December 31, 2015 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 2016 (nine months) $ $ $ 2017 2018 2019 2020 Thereafter Total $ $ $

Investments in Receivables (Tab

Investments in Receivables (Tables)	3 Months Ended
	Mar. 31, 2016
Investments in Receivables
Activity in investments in receivables	March 31, 2016 December 31, 2015 Investments in receivables – beginning $ $ Acquisitions — Fair value adjustment — Repayments Interest accretion Investments in receivables – ending $ $
Annual amounts due	2016 (nine months) $ 2017 2018 2019 2020 Thereafter Total $ Interest $ Principal Total $

Interest Rate Swap Agreements (

Interest Rate Swap Agreements (Tables)	3 Months Ended
	Mar. 31, 2016
Interest Rate Swap Agreements
Table summarizing interest rate swaps	Date Notional Fixed Effective Maturity Fair Value Liability at Entered Value Rate Date Date March 31, 2016 December 31, 2015 December 24, 2014 $ % 12/24/2014 12/24/2018 $ $ February 5, 2015 4/13/2015 4/13/2019 August 24, 2015 10/1/2015 10/1/2022 March 23, 2016 12/24/2018 12/24/2021 — March 31, 2016 12/24/2018 12/24/2021 — March 31, 2016 4/13/2019 4/13/2022 — $ $
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 24, 2014 12/24/2018 $ $ $ $ February 5, 2015 4/13/2019 August 24, 2015 10/1/2022 March 23, 2016 12/24/2021 March 31, 2016 12/24/2021 March 31, 2016 4/13/2022

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity
Schedule of changes in the number of units outstanding	The table below summarizes changes in the number of units outstanding from December 31, 2014 through March 31, 2016 (in units): Common Subordinated Total Balance at December 31, 2014 Unit-based compensation — Balance at March 31, 2015 Balance at December 31, 2015 Unit-based compensation — Balance at March 31, 2016
Schedule of quarterly distributions related to quarterly financial results	Quarter Ended Declaration Date Distribution Date Distribution Per Unit Total Distribution March 31, 2015 April 23, 2015 May 14, 2015 $ $ June 30, 2015 July 21, 2015 August 14, 2015 September 30, 2015 October 22, 2015 November 13, 2015 December 31, 2015 January 28, 2016 February 12, 2016 March 31, 2016 April 20, 2016 May 13, 2016

Net Loss Per Limited Partner 30

Net Loss Per Limited Partner Unit (Tables)	3 Months Ended
	Mar. 31, 2016
Net Loss Per Limited Partner Unit
Calculation of net loss per unit	Three months ended March 31, 2016 2015 Common Units Subordinated Units Common Units Subordinated Units Net loss attributable to limited partners: Distribution declared $ $ $ $ Undistributed net loss Net loss attributable to limited partners - basic Net loss attributable to subordinated units — — — Net loss attributable to limited partners - diluted $ $ $ $ Weighted-average units outstanding: Basic Effect of diluted subordinated units — — — Diluted Net loss per limited partner unit: Basic $ $ $ $ Diluted (1) $ $ $ $ (1) The Partnership Agreement provides that when the subordination period ends, each outstanding subordinated unit will convert into one Common Unit and will thereafter participate pro rata with the other Common Units in distributions of available cash. The dilutive effect of Landmark’s subordinated units is reflected using the “if-converted method” which assumes conversion of the subordinated units into Common Units and excludes the subordinated distributions from the calculation, as the “if-converted method” is more dilutive. Diluted net loss per unit for the three months ended March 31, 2016, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period.

Fair Value of Financial Instr31

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value of Financial Instruments
Table summarizing the carrying amounts and fair values of financial instruments which are not carried at fair value	March 31, 2016 December 31, 2015 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ $ $ $ Revolving credit facility
Assets and liabilities measured at fair value on a recurring basis	March 31, 2016 December 31, 2015 Derivative Liabilities (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.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Information
Schedule of statement of operations by reportable segment	For the three months ended March 31, 2016: 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 — Total expenses Total other income and expenses — — Net income (loss) $ $ $ $ $ For the three months ended March 31, 2015: Renewable Wireless Outdoor Power Communication Advertising Generation 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	March 31, 2016 December 31, 2015 Segments Wireless communication $ $ Outdoor advertising Renewable power generation Corporate assets Total assets $ $

Tenant Concentration (Tables)

Tenant Concentration (Tables)	3 Months Ended
	Mar. 31, 2016
Tenant Concentration
Schedule of tenant revenue concentrations	Three Months Ended March 31, Tenant 2016 2015 T-Mobile % % Verizon % % Sprint % % AT&T Mobility % % Crown Castle % %

Supplemental Cash Flow Inform34

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Information
Schedule of noncash activities	Three Months Ended March 31, 2016 2015 Capital contribution to fund general and administrative expense reimbursement $ $
Schedule of cash flows related to interest paid	Three Months Ended March 31, 2016 2015 Cash paid for interest $ $

Business (Details)

Business (Details) - Limited Partners - shares	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Initial public offering and formation transactions
Number of units held	14,965,093	14,955,253	7,838,784	7,837,774
Common Unitholders, Public
Initial public offering and formation transactions
Number of units held	11,829,984	11,820,144	4,703,675	4,702,665
Common Unitholders, Public | Landmark Dividend LLC
Initial public offering and formation transactions
Number of units held	283,686
Subordinated Unitholder, Landmark
Initial public offering and formation transactions
Number of units held	3,135,109	3,135,109	3,135,109	3,135,109
Subordinated Unitholder, Landmark | Landmark Dividend LLC
Initial public offering and formation transactions
Number of units held	3,135,109

Basis of Presentation and Sum36

Basis of Presentation and Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2015item
Basis of Presentation and Summary of Significant Accounting Policies
Number of drop-down acquisitions	8

Acquisitions (Details)

Acquisitions (Details) - Acquisition from related party $ in Millions	Apr. 20, 2016USD ($)site	Dec. 18, 2015USD ($)site	Nov. 19, 2015USD ($)siteshares	Sep. 21, 2015USD ($)site	Aug. 18, 2015USD ($)siteshares	Jul. 21, 2015USD ($)site	Apr. 08, 2015USD ($)site	Mar. 04, 2015USD ($)site	Dec. 31, 2015USD ($)
Landmark, General Partner and affiliates
Acquisitions
Cash consideration | $									$ 268.2
81-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”)
Acquisitions
Number of tenant sites acquired (in sites)								81
Cash consideration | $								$ 25.2
Portion of purchase price funded by borrowing on credit facility | $								$ 24
81-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)								41
81-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)								39
81-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Renewable Power Generation
Acquisitions
Number of tenant sites acquired (in sites)								1
73-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”)
Acquisitions
Number of tenant sites acquired (in sites)							73
Cash consideration | $							$ 22.1
Portion of purchase price funded by borrowing on credit facility | $							$ 21.5
73-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)							45
73-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)							28
100-site acquisition
Acquisitions
Portion of purchase price funded by borrowing on credit facility | $						$ 35.5
100-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”)
Acquisitions
Number of tenant sites acquired (in sites)						100
Cash consideration | $						$ 35.7
100-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)						81
100-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)						16
100-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Renewable Power Generation
Acquisitions
Number of tenant sites acquired (in sites)						3
193-site acquisition | Landmark, General Partner and affiliates | Limited Partners | Common Unitholders, Public
Acquisitions
Number of common units exchanged in acquisition | shares					171,737
193-site acquisition | Landmark Dividend Growth Fund-E LLC
Acquisitions
Number of tenant sites acquired (in sites)					193
Cash consideration | $					$ 34.9
Repayment of indebtedness | $					$ 29.2
193-site acquisition | Landmark Dividend Growth Fund-E LLC | Limited Partners | Common Unitholders, Public
Acquisitions
Number of common units exchanged in acquisition | shares					1,998,852
Issuance of units in connection with acquisition | $					$ 31
193-site acquisition | Landmark Dividend Growth Fund-E LLC | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)					135
193-site acquisition | Landmark Dividend Growth Fund-E LLC | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)					57
193-site acquisition | Landmark Dividend Growth Fund-E LLC | Renewable Power Generation
Acquisitions
Number of tenant sites acquired (in sites)					1
65-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”)
Acquisitions
Number of tenant sites acquired (in sites)				65
Cash consideration | $				$ 20.3
Portion of purchase price funded by borrowing on credit facility | $				$ 20
65-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)				50
65-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)				13
65-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Renewable Power Generation
Acquisitions
Number of tenant sites acquired (in sites)				2
72-site acquisition | Landmark, General Partner and affiliates | Limited Partners | Common Unitholders, Public
Acquisitions
Number of common units exchanged in acquisition | shares			123,405
Issuance of units in connection with acquisition | $			$ 1.9
72-site acquisition | Landmark Dividend Growth Fund-C LLC
Acquisitions
Number of tenant sites acquired (in sites)			72
Cash consideration | $			$ 17.3
Repayment of indebtedness | $			$ 15.1
72-site acquisition | Landmark Dividend Growth Fund-C LLC | Limited Partners | Common Unitholders, Public
Acquisitions
Number of common units exchanged in acquisition | shares			847,260
Issuance of units in connection with acquisition | $			$ 13
72-site acquisition | Landmark Dividend Growth Fund-C LLC | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)			67
72-site acquisition | Landmark Dividend Growth Fund-C LLC | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)			5
136-site acquisition | Landmark, General Partner and affiliates | Limited Partners | Common Unitholders, Public
Acquisitions
Number of common units exchanged in acquisition | shares			217,133
Issuance of units in connection with acquisition | $			$ 3.3
136-site acquisition | Landmark Dividend Growth Fund-F LLC
Acquisitions
Number of tenant sites acquired (in sites)			136
Cash consideration | $			$ 25
Repayment of indebtedness | $			$ 24.5
136-site acquisition | Landmark Dividend Growth Fund-F LLC | Limited Partners | Common Unitholders, Public
Acquisitions
Number of common units exchanged in acquisition | shares			1,266,317
Issuance of units in connection with acquisition | $			$ 19.5
136-site acquisition | Landmark Dividend Growth Fund-F LLC | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)			99
136-site acquisition | Landmark Dividend Growth Fund-F LLC | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)			37
41-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”)
Acquisitions
Number of tenant sites acquired (in sites)		41
Cash consideration | $		$ 24.2
Portion of purchase price funded by borrowing on credit facility | $		$ 24
41-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)		23
41-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Outdoor Advertising
Acquisitions
Number of tenant sites acquired (in sites)		16
41-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Renewable Power Generation
Acquisitions
Number of tenant sites acquired (in sites)		2
3-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”)
Acquisitions
Number of tenant sites acquired (in sites)	3
Cash consideration | $	$ 6.3
Portion of purchase price funded by borrowing on credit facility | $	$ 6.3
3-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Wireless Communication
Acquisitions
Number of tenant sites acquired (in sites)	1
3-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Renewable Power Generation
Acquisitions
Number of tenant sites acquired (in sites)	2

Acquisitions (Operations) (Deta

Acquisitions (Operations) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenue
Rental revenue	$ 7,572,969	$ 6,024,127
Interest income on receivables	203,347	207,310
Total revenue	7,776,316	6,231,437
Expenses
Management fees to affiliate		76,080
Property operating	5,028	1,684
General and administrative	1,102,722	983,985
Acquisition-related	72,080	1,223,317
Amortization	2,002,284	1,538,380
Impairments		2,762,436
Total expenses	3,182,114	6,585,882
Total other income and expenses	(5,021,828)	(2,686,716)
Net loss	(427,626)	(3,041,161)
Less: Net loss attributable to Predecessor		(149,498)
Net loss attributable to limited partners	$ (427,626)	(2,891,663)
Landmark Infrastructure Partners LP
Revenue
Rental revenue		3,616,429
Interest income on receivables		207,310
Total revenue		3,823,739
Expenses
General and administrative		983,985
Acquisition-related		299,598
Amortization		956,343
Impairments		2,762,436
Total expenses		5,002,362
Total other income and expenses		(1,713,040)
Net loss		(2,891,663)
Net loss attributable to limited partners		(2,891,663)
Landmark Infrastructure Partners LP | As Previously Reported May 7, 2015
Revenue
Rental revenue		3,829,365
Interest income on receivables		207,310
Total revenue		4,036,675
Expenses
General and administrative		983,985
Acquisition-related		764,490
Amortization		1,015,151
Impairments		2,762,436
Total expenses		5,526,062
Total other income and expenses		(1,713,040)
Net loss		(3,202,427)
Less: Net loss attributable to Predecessor		(310,764)
Net loss attributable to limited partners		(2,891,663)
First Quarter Acquisitions | Landmark, General Partner and affiliates | Acquisition from related party | Restatement
Revenue
Rental revenue		212,936
Total revenue		212,936
Expenses
Acquisition-related		464,892
Amortization		58,808
Total expenses		523,700
Net loss		(310,764)
Less: Net loss attributable to Predecessor		$ (310,764)
Second, Third and Fourth Quarter Acquisitions | Landmark, General Partner and affiliates | Acquisition from related party | Restatement
Revenue
Rental revenue			$ 2,194,762
Total revenue			2,194,762
Expenses
Management fees to affiliate			76,080
Property operating			1,684
Acquisition-related			458,827
Amortization			523,229
Total expenses			1,059,820
Total other income and expenses			(973,676)
Net loss			161,266
Less: Net loss attributable to Predecessor			$ 161,266

Acquisitions ( Cash Flow) (Deta

Acquisitions ( Cash Flow) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Cash Flow
Net cash provided by (used in) operating activities	$ 4,310,475	$ 3,373,716
Net cash used in investing activities	1,975,629	(20,444,030)
Net cash provided by (used in) financing activities	$ (7,859,884)	17,033,876
Landmark Infrastructure Partners LP
Cash Flow
Net cash provided by (used in) operating activities		2,926,875
Net cash used in investing activities		(20,444,030)
Net cash provided by (used in) financing activities		17,480,717
Landmark Infrastructure Partners LP | As Previously Reported May 7, 2015
Cash Flow
Net cash provided by (used in) operating activities		2,661,724
Net cash used in investing activities		(20,444,030)
Net cash provided by (used in) financing activities		17,745,868
First Quarter Acquisitions | Landmark, General Partner and affiliates | Acquisition from related party | Restatement
Cash Flow
Net cash provided by (used in) operating activities		(265,151)
Net cash provided by (used in) financing activities		$ 265,151
Second, Third and Fourth Quarter Acquisitions | Landmark, General Partner and affiliates | Acquisition from related party | Restatement
Cash Flow
Net cash provided by (used in) operating activities			$ 711,992
Net cash provided by (used in) financing activities			$ (711,992)

Real Property Interests (Detail

Real Property Interests (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Real Property Interests
Land	$ 10,812,784	$ 10,812,784
Real property interests – perpetual	88,496,491	88,496,491
Real property interests – finite life	268,126,508	269,577,699
Total land and real property interests	367,435,783	368,886,974
Accumulated amortization of real property interests	(15,773,223)	(14,114,307)
Land and net real property interests	$ 351,662,560	$ 354,772,667

Real Property Interests (Sale)

Real Property Interests (Sale) (Details)	Mar. 30, 2016USD ($)site	Mar. 22, 2016USD ($)site	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Sale
Gain on sale of real property interest			$ 373,779	$ 72,502
One Wireless Communication Site on March 22, 2016 | Sale
Sale
Number of tenant sites sold (in sites) | site		1
Cash consideration received		$ 800,000
Gain on sale of real property interest			$ 400,000
Landmark Dividend LLC | Sale to Related Party | 12 Wireless Communication Sites March 30, 2016 | Sale
Sale
Number of tenant sites sold (in sites) | site	12
Cash consideration received	$ 2,000,000
Gain on sale of real property interest	$ 0

Real Property Interests (Alloca

Real Property Interests (Allocation and Amortization) (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)site	Dec. 31, 2015USD ($)
Acquisitions
Amortization of above-and below-market leases	$ 321,006	$ 286,745
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Below market lease intangibles	(15,762,296)		$ (15,799,840)
Future estimated aggregate amortization of real property interests
2016 (nine months)	5,073,036
2,017	6,764,048
2,018	6,580,186
2,019	6,442,905
2,020	6,349,541
Thereafter	221,143,569
Total	$ 252,353,285
Weighted average remaining amortization period for non‑perpetual real property interests	49 years
Impairment
Recognized impairment charge		2,762,436
Landmark Infrastructure Partners LP
Impairment
Recognized impairment charge		$ 2,762,436
Landmark, General Partner and affiliates | Acquisition from related party
Acquisitions
Cash consideration			268,200,000
Amount treated as general partner distribution, difference between cash paid and historical cost of assets acquired			69,400,000
Historical cost basis			198,800,000
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Total			198,800,000
Landmark, General Partner and affiliates | Acquisition from related party | Restatement | 2015 Acquisitions
Acquisitions
Historical cost basis			82,115,945
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land			4,919,474
Investments in real property interests			76,267,203
Below market lease intangibles			(4,030,559)
Total			82,115,945
Acquired in-place leases | Landmark, General Partner and affiliates | Acquisition from related party | Restatement | 2015 Acquisitions
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets			2,441,472
Acquired above-market leases | Landmark, General Partner and affiliates | Acquisition from related party | Restatement | 2015 Acquisitions
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets			$ 2,518,355
Impaired Real Property Interest
Impairment
Number of real property interests impaired | site		11
Recognized impairment charge		$ 2,800,000
Impaired real property interests		$ 0
Number of vacated real property interests | site		1
MetroPCS | Impaired Real Property Interest
Impairment
Number of termination notices | site		23
Number of termination notices rescinded | site		2
Minimum
Acquisitions
Discount rate used to estimate fair values (as a percent)	6.00%
Maximum
Acquisitions
Discount rate used to estimate fair values (as a percent)	20.00%

Other Intangible Assets and L43

Other Intangible Assets and Liabilities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Other Intangible Assets
Net amount	$ 10,260,466		$ 10,731,221
Acquired below-market leases
Below market lease intangibles	(15,762,296)		(15,799,840)
Accumulated amortization	4,264,635		3,798,747
Net amount	(11,497,661)		(12,001,093)
Amortization recorded
Amortization of above-and below-market leases	321,006	$ 286,745
Future amortization of acquired below-market leases
2016 (nine months)	(1,204,573)
2,017	(1,564,702)
2,018	(1,528,756)
2,019	(1,483,693)
2,020	(1,452,896)
Thereafter	(4,263,041)
Net amount	(11,497,661)		(12,001,093)
Acquired in-place leases
Other Intangible Assets
Gross amount	9,985,315		10,029,339
Accumulated amortization	(2,831,545)		(2,552,596)
Net amount	7,153,770		7,476,743
Amortization recorded
Amortization expense	284,684	$ 296,148
Future amortization of lease intangibles
2016 (nine months)	763,257
2,017	969,916
2,018	932,910
2,019	885,413
2,020	837,516
Thereafter	2,764,758
Acquired above-market leases
Other Intangible Assets
Gross amount	4,363,790		4,363,790
Accumulated amortization	(1,257,094)		(1,109,312)
Net amount	3,106,696		$ 3,254,478
Future amortization of lease intangibles
2016 (nine months)	408,388
2,017	467,351
2,018	352,821
2,019	307,960
2,020	246,896
Thereafter	$ 1,323,280

Investments in Receivables (Det

Investments in Receivables (Details) - USD ($)	Jul. 21, 2015	Nov. 19, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Investments in Receivables
Discount rate	8.65%	8.75%
Payment collection period, minimum		2 years
Payment collection period, maximum		99 years
Interest income recognized			$ 203,347	$ 207,310
Activity in investments in receivables
Investments in receivables – beginning			8,136,867	8,665,274	$ 8,665,274
Acquisitions					130,200
Fair value adjustment					11,862
Repayments			(186,181)	(167,708)	(694,867)
Interest accretion			18,772	$ 15,381	24,398
Investments in receivables – ending			7,969,458		$ 8,136,867
Annual amounts of investments in receivables due
2016 (nine months)			1,105,186
2,017			1,572,797
2,018			1,389,465
2,019			905,215
2,020			884,230
Thereafter			8,950,807
Total			14,807,700
Interest			6,838,242
Principal			$ 7,969,458

Debt (Details)

Debt (Details) - USD ($)	Jun. 03, 2015	Nov. 19, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt
Amount outstanding			$ 228,500,000		$ 233,000,000
Debt interest expense			2,347,491	$ 1,886,720
Interest payable			234,420		$ 294,132
Deferred loan costs amortization			196,972	354,590
Interest expense.
Debt
Deferred loan costs amortization			196,972	354,590
Senior secured revolving credit facility
Debt
Borrowing capacity	$ 250,000,000	$ 190,000,000
Maximum borrowing capacity increase	$ 60,000,000
Amount outstanding			228,500,000
Undrawn borrowing capacity			$ 21,500,000
Senior secured revolving credit facility | Federal funds rate
Debt
Applicable margin		0.50%
Senior secured revolving credit facility | Base rate option | Federal funds rate
Debt
Applicable margin		1.50%
Senior secured revolving credit facility | Base rate option | One month LIBOR
Debt
Applicable margin		1.50%
Senior secured revolving credit facility | Base rate option | Administrative agent's prime rate | Minimum
Debt
Applicable margin		1.50%
Senior secured revolving credit facility | LIBOR option | One month LIBOR
Debt
Applicable margin		1.00%
Senior secured revolving credit facility | LIBOR option | One month LIBOR | Maximum
Debt
Applicable margin		2.50%
Secured debt facilities | Acquired Funds | Restatement
Debt
Debt interest expense				875,064
Secured debt facilities | Acquired Funds | Interest expense. | Restatement
Debt
Deferred loan costs amortization				$ 211,212

Interest Rate Swap Agreements46

Interest Rate Swap Agreements (Details)	Mar. 31, 2016USD ($)item	Mar. 23, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value Liability	$ (3,784,347)		$ (3,784,347)		$ (736,231)
Unrealized gain (loss)			(3,048,116)	$ (872,498)
Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	70,000,000		70,000,000
Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	25,000,000		25,000,000
Agreement effective date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	50,000,000		50,000,000
Agreement entered into March 23, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	$ 50,000,000	$ 50,000,000	50,000,000
Fixed rate		4.17%
Period		3 years
Agreements entered into March 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps | item	2
Agreement entered into March 31, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	$ 20,000,000		$ 20,000,000
Fixed rate	4.06%		4.06%
Period	3 years
Agreement entered into March 31, 2016 effective date April 13, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	$ 25,000,000		$ 25,000,000
Fixed rate	4.13%		4.13%
Period	3 years
Interest Rate Swap Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss)			$ (3,048,116)	(872,498)
Interest Rate Swap Agreement | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed rate	4.02%		4.02%
Interest Rate Swap Agreement | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed rate	3.79%		3.79%
Interest Rate Swap Agreement | Agreement effective date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed rate	4.24%		4.24%
Interest Rate Swap Agreement | Agreement entered into March 23, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed rate	4.17%		4.17%
Interest Rate Swap Agreement | Agreement entered into March 31, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed rate	4.06%		4.06%
Interest Rate Swap Agreement | Agreement entered into March 31, 2016 effective date April 13, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed rate	4.13%		4.13%
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			$ (556,949)
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			(16,660)
Interest Rate Swap Agreement | Increase of 50 Basis Points | Agreement effective date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			(202,991)
Interest Rate Swap Agreement | Increase of 50 Basis Points | Agreement entered into March 23, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			410,500
Interest Rate Swap Agreement | Increase of 50 Basis Points | Agreement entered into March 31, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			224,650
Interest Rate Swap Agreement | Increase of 50 Basis Points | Agreement entered into March 31, 2016 effective date April 13, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			$ 280,587
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			(50.00%)
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			$ (2,412,190)
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			(761,565)
Interest Rate Swap Agreement | Decrease of 50 Basis Points | Agreement effective date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			(3,362,478)
Interest Rate Swap Agreement | Decrease of 50 Basis Points | Agreement entered into March 23, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			(1,058,688)
Interest Rate Swap Agreement | Decrease of 50 Basis Points | Agreement entered into March 31, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			(360,389)
Interest Rate Swap Agreement | Decrease of 50 Basis Points | Agreement entered into March 31, 2016 effective date April 13, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			$ (448,168)
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			100.00%
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			$ 351,572
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			347,356
Interest Rate Swap Agreement | Increase of 100 Basis Points | Agreement effective date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			1,297,822
Interest Rate Swap Agreement | Increase of 100 Basis Points | Agreement entered into March 23, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			1,097,168
Interest Rate Swap Agreement | Increase of 100 Basis Points | Agreement entered into March 31, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			498,044
Interest Rate Swap Agreement | Increase of 100 Basis Points | Agreement entered into March 31, 2016 effective date April 13, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			619,610
Interest Rate Swap Agreement | Decrease of 100 Basis Points
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			(100)
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			(2,961,624)
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			(1,006,812)
Interest Rate Swap Agreement | Decrease of 100 Basis Points | Agreement effective date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			(4,833,065)
Interest Rate Swap Agreement | Decrease of 100 Basis Points | Agreement entered into March 23, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			(1,929,925)
Interest Rate Swap Agreement | Decrease of 100 Basis Points | Agreement entered into March 31, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			(707,543)
Interest Rate Swap Agreement | Decrease of 100 Basis Points | Agreement entered into March 31, 2016 effective date April 13, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative			(873,359)
Interest Rate Swap Agreement | Restatement | Acquired Funds
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss)				$ (98,612)
Level 2 inputs | Interest Rate Swap Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value Liability	$ (3,784,347)		(3,784,347)		(736,231)
Level 2 inputs | Interest Rate Swap Agreement | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value Liability	(1,432,831)		(1,432,831)		(645,464)
Level 2 inputs | Interest Rate Swap Agreement | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value Liability	(373,048)		(373,048)		(26,369)
Level 2 inputs | Interest Rate Swap Agreement | Agreement effective date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value Liability	(1,639,008)		(1,639,008)		$ (64,398)
Level 2 inputs | Interest Rate Swap Agreement | Agreement entered into March 23, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value Liability	(248,206)		(248,206)
Level 2 inputs | Interest Rate Swap Agreement | Agreement entered into March 31, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value Liability	(42,173)		(42,173)
Level 2 inputs | Interest Rate Swap Agreement | Agreement entered into March 31, 2016 effective date April 13, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value Liability	$ (49,081)		$ (49,081)

Equity (Details)

Equity (Details)	Jul. 15, 2016$ / shares	Apr. 21, 2016USD ($)$ / shares	Apr. 15, 2016USD ($)siteshares	Apr. 04, 2016USD ($)$ / shares	Jan. 28, 2016USD ($)$ / shares	Oct. 22, 2015USD ($)$ / shares	Jul. 21, 2015USD ($)$ / shares	May. 20, 2015USD ($)$ / sharesshares	Apr. 23, 2015USD ($)$ / shares	Mar. 31, 2016USD ($)$ / sharesshares	Nov. 19, 2015shares	Mar. 31, 2015USD ($)$ / sharesshares	Mar. 10, 2016shares	Feb. 16, 2016USD ($)	Dec. 30, 2015USD ($)
Distributions
Cash distribution declared per unit (in dollars per share) | $ / shares		$ 0.3300			$ 0.3250	$ 0.3175	$ 0.3075		$ 0.2975	$ 0.3300		$ 0.2975
Distribution declared | $		$ 4,953,601			$ 4,863,655	$ 4,077,232	$ 3,334,168		$ 2,332,038
Limited Partners
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance as of beginning of period (in units)										14,955,253		7,837,774
Unit-based compensation (in units)										9,840		1,010
Balance as of end of period (in units)										14,965,093		7,838,784
Limited Partners | Common Unitholders, Public
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance as of beginning of period (in units)										11,820,144		4,702,665
Unit-based compensation (in units)										9,840		1,010
Balance as of end of period (in units)										11,829,984		4,703,675
Distributions
Minimum quarterly distribution per unit (in dollars per share) | $ / shares										$ 0.2875
Distribution declared | $										$ 3,919,015		$ 1,399,343
Limited Partners | Subordinated Unitholder, Landmark
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance as of beginning of period (in units)										3,135,109		3,135,109
Balance as of end of period (in units)										3,135,109		3,135,109
Distributions
Arrearages in distribution accrued or payable | $										$ 0
Distribution declared | $										$ 1,034,586		$ 932,695
Preferred Partners | Series A Preferred Units
Partnership Equity
Unit offering price (in dollars per share) | $ / shares				$ 25
Net proceeds, public offering | $				$ 18,800,000
Offering costs | $				$ 1,200,000
Dividend rate (as a percent)				8.00%						8.00%
Gross proceeds, sale of units in public offering | $				$ 20,000,000
Distributions
Stated liquidation preference (in dollars per share) | $ / shares										$ 25
Preferred Partners | Series A Preferred Units | Forecast
Distributions
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $ / shares	$ 0.5611
IPO, Public | Limited Partners | Common Unitholders, Public
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of units in connection with public offering (in units)								3,000,000
Partnership Equity
Unit offering price (in dollars per share) | $ / shares								$ 16.75
Unit offering price, net of costs (in dollars per share) | $ / shares								$ 15.9125
Net proceeds, public offering | $								$ 46,900,000
Offering costs | $								$ 3,300,000
At The Market Issuance Sales Agreement | Limited Partners | Common Unitholders, Public
Partnership Equity
Units issued (in units)										0
At The Market Issuance Sales Agreement | Limited Partners | Common Unitholders, Public | Maximum
Partnership Equity
Maximum aggregate amount of units to be issued | $														$ 50
Universal Shelf Registration Statement | Limited Partners | Maximum
Partnership Equity
Maximum aggregate amount of units to be issued | $															$ 250,000,000
Shelf Registration Statement | Limited Partners | Common Unitholders, Public
Partnership Equity
Units authorized (in units)													5,000,000
Acquired Funds | Limited Partners | Common Unitholders, Public
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of units in connection with the Acquired Funds (in units)											4,112,429
Acquired Funds | Limited Partners | Common Unitholders, Public | Landmark, General Partner and affiliates
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of units in connection with the Acquired Funds (in units)											512,275
1-site acquisition | Wireless Communication
Partnership Equity
Number of tenant sites acquired (in sites) | site			1
Issuance of units in connection with acquisition | $			$ 700,000
1-site acquisition | Limited Partners | Common Unitholders, Public | Wireless Communication
Partnership Equity
Number of common units exchanged in acquisition			45,820

Net Loss Per Limited Partner 48

Net Loss Per Limited Partner Unit (Details)	Apr. 21, 2016USD ($)	Jan. 28, 2016USD ($)	Oct. 22, 2015USD ($)	Jul. 21, 2015USD ($)	Apr. 23, 2015USD ($)	Mar. 31, 2016USD ($)item$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares
Net income (loss) attributable to partners:
Distribution declared	$ 4,953,601	$ 4,863,655	$ 4,077,232	$ 3,334,168	$ 2,332,038
Net income (loss) attributable to limited partners - basic						$ (427,626)	$ (2,891,663)
Limited Partners | Common Unitholders, Public
Net income (loss) attributable to partners:
Distribution declared						3,919,015	1,399,343
Undistributed net loss						(4,253,641)	(3,134,490)
Net income (loss) attributable to limited partners - basic						(334,626)	(1,735,147)
Net loss attributable to subordinated units						(93,000)
Net income (loss) attributable to limited partners - diluted						$ (427,626)	$ (1,735,147)
Weighted-average units outstanding
Basic (in shares) | shares						11,829,660	4,703,675
Effect of diluted subordinated units (in shares) | shares						3,135,109
Units – diluted (in shares) | shares						14,964,769	4,703,675
Net income (loss) per limited partner unit
Basic | $ / shares						$ (0.03)	$ (0.37)
Diluted | $ / shares						$ (0.03)	$ (0.37)
Number of common units that will convert from each outstanding subordinated unit | item						1
Number of units converted | shares						3,135,109
Limited Partners | Subordinated Unitholder, Landmark
Net income (loss) attributable to partners:
Distribution declared						$ 1,034,586	$ 932,695
Undistributed net loss						(1,127,586)	(2,089,211)
Net income (loss) attributable to limited partners - basic						(93,000)	(1,156,516)
Net income (loss) attributable to limited partners - diluted						$ (93,000)	$ (1,156,516)
Weighted-average units outstanding
Basic (in shares) | shares						3,135,109	3,135,109
Units – diluted (in shares) | shares						3,135,109	3,135,109
Net income (loss) per limited partner unit
Basic | $ / shares						$ (0.03)	$ (0.37)
Diluted | $ / shares						$ (0.03)	$ (0.37)

Fair Value of Financial Instr49

Fair Value of Financial Instruments (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value of Financial Instruments
Derivative Liabilities	$ 3,784,347	$ 736,231
Recurring | Level 2 inputs | Fair Value
Fair Value of Financial Instruments
Derivative Liabilities	3,784,347	736,231
Nonrecurring | Carrying Amount
Fair Value of Financial Instruments
Investment in receivables, net	7,969,458	8,136,867
Nonrecurring | Fair Value
Fair Value of Financial Instruments
Investment in receivables, net		8,217,630
Nonrecurring | Level 3 inputs | Fair Value
Fair Value of Financial Instruments
Investment in receivables, net	8,048,721
Senior secured revolving credit facility | Nonrecurring | Carrying Amount
Fair Value of Financial Instruments
Credit facility	228,500,000	233,000,000
Senior secured revolving credit facility | Nonrecurring | Fair Value
Fair Value of Financial Instruments
Credit facility		$ 233,000,000
Senior secured revolving credit facility | Nonrecurring | Level 3 inputs | Fair Value
Fair Value of Financial Instruments
Credit facility	$ 228,500,000

Related-Party Transactions (Det

Related-Party Transactions (Details)	Nov. 19, 2015USD ($)site	Aug. 18, 2015USD ($)site	Mar. 31, 2016USD ($)$ / propertyperiod$ / yr	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Related-Party Transactions
Due from Landmark and affiliates			$ 1,555,977		$ 2,205,853
Landmark, General Partner and affiliates
Related-Party Transactions
Due from Landmark and affiliates			1,555,977		$ 2,205,853
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			$ 799,954	$ 692,872
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
License fees related to agreement			$ 12,500
Landmark Dividend Growth Fund-E LLC | Acquisition from related party | 193-site acquisition
Related-Party Transactions
Number of tenant sites acquired (in sites) | site		193
Landmark Dividend Growth Fund-E LLC | Right of First Offer | 193-site acquisition
Related-Party Transactions
Number of tenant sites acquired (in sites) | site		193
Consideration paid for acquisition		$ 65,900,000
Landmark Dividend Growth Fund-C LLC | Acquisition from related party | 72-site acquisition
Related-Party Transactions
Number of tenant sites acquired (in sites) | site	72
Landmark Dividend Growth Fund-C LLC | Right of First Offer | 72-site acquisition
Related-Party Transactions
Number of tenant sites acquired (in sites) | site	72
Consideration paid for acquisition	$ 30,300,000
Landmark Dividend Growth Fund-F LLC | Acquisition from related party | 136-site acquisition
Related-Party Transactions
Number of tenant sites acquired (in sites) | site	136
Landmark Dividend Growth Fund-F LLC | Right of First Offer | 136-site acquisition
Related-Party Transactions
Number of tenant sites acquired (in sites) | site	136
Consideration paid for acquisition	$ 44,500,000
Landmark Dividend LLC | Management fees | Acquired Funds | Minimum
Related-Party Transactions
Management fee per asset per month (in dollars per property) | $ / property			45
Landmark Dividend LLC | Management fees | Acquired Funds | Maximum
Related-Party Transactions
Management fee per asset per month (in dollars per property) | $ / property			75
Landmark Dividend LLC | Management fees | Acquired Funds | Restatement
Related-Party Transactions
Management fees prior to acquisition				$ 76,080

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Information
Number of reportable segments | segment	3
Revenue
Rental revenue	$ 7,572,969	$ 6,024,127
Interest income on receivables	203,347	207,310
Total revenue	7,776,316	6,231,437
Expenses
Management fees to affiliate		76,080
Property operating	5,028	1,684
General and administrative	1,102,722	983,985
Acquisition-related	72,080	1,223,317
Amortization	2,002,284	1,538,380
Impairments		2,762,436
Total expenses	3,182,114	6,585,882
Other income and expenses
Interest expense	(2,347,491)	(1,886,720)
Unrealized loss on derivatives	(3,048,116)	(872,498)
Realized gain on sale	373,779	72,502
Total other income and expenses	(5,021,828)	(2,686,716)
Net loss	(427,626)	(3,041,161)
Assets	377,840,551		$ 383,756,480
Operating Segments | Wireless Communication
Revenue
Rental revenue	6,073,881	4,972,995
Interest income on receivables	203,347	207,310
Total revenue	6,277,228	5,180,305
Expenses
Management fees to affiliate		57,645
Property operating	5,028	1,684
Acquisition-related		902,594
Amortization	1,794,971	1,405,622
Impairments		2,762,436
Total expenses	1,799,999	5,129,981
Other income and expenses
Total other income and expenses	373,779
Net loss	4,851,008	50,324
Assets	305,958,376		308,997,560
Operating Segments | Outdoor Advertising
Revenue
Rental revenue	1,350,487	1,041,192
Total revenue	1,350,487	1,041,192
Expenses
Management fees to affiliate		18,435
Acquisition-related		21,126
Amortization	189,111	129,449
Total expenses	189,111	169,010
Other income and expenses
Total other income and expenses		72,502
Net loss	1,161,376	944,684
Assets	59,285,459		59,499,264
Operating Segments | Renewable Power Generation
Revenue
Rental revenue	148,601	9,940
Total revenue	148,601	9,940
Expenses
Amortization	18,202	3,309
Total expenses	18,202	3,309
Other income and expenses
Net loss	130,399	6,631
Assets	6,625,319		6,731,517
Corporate
Expenses
General and administrative	1,102,722	983,985
Acquisition-related	72,080	299,597
Total expenses	1,174,802	1,283,582
Other income and expenses
Total other income and expenses	(5,395,607)	(2,759,218)
Net loss	(6,570,409)	$ (4,042,800)
Assets	$ 5,971,397		$ 8,528,139

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2016USD ($)
Commitments and Contingencies
Real property interest subject to subordination	$ 42.8

Tenant Concentration (Details)

Tenant Concentration (Details) - Tenant Revenue - Concentration	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
T‑Mobile
Tenant Concentration
Percentage of revenue	15.90%	17.50%
Verizon
Tenant Concentration
Percentage of revenue	11.40%	11.40%
Sprint
Tenant Concentration
Percentage of revenue	12.00%	13.60%
AT&T Mobility
Tenant Concentration
Percentage of revenue	12.50%	12.50%
Crown Castle
Tenant Concentration
Percentage of revenue	11.30%	11.80%

Supplemental Cash Flow Inform54

Supplemental Cash Flow Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental Cash Flow Information
Capital contribution to fund general and administrative expense reimbursement	$ 799,954	$ 692,872
Cash flows related to interest paid
Cash paid for interest	$ 2,210,231	$ 1,473,343

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	May. 13, 2016	Apr. 21, 2016	Apr. 20, 2016	Jan. 28, 2016	Oct. 22, 2015	Jul. 21, 2015	Apr. 23, 2015	Mar. 31, 2016	Mar. 31, 2015
Subsequent Event
Cash distribution declared per unit (in dollars per share)		$ 0.3300		$ 0.3250	$ 0.3175	$ 0.3075	$ 0.2975	$ 0.3300	$ 0.2975
Subsequent event
Subsequent Event
Cash distribution declared per unit (in dollars per share)			$ 0.33
Quarterly distribution declared per unit , on an annualized basis (in dollars per share)			$ 1.32
Distribution paid (in dollars per unit)	$ 0.33