Landmark Infrastructure Partners (LMRK) 10-Q 2 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Entity Registrant Name	Landmark Infrastructure Partners LP
Entity Central Index Key	1,615,346
Document Type	10-Q
Document Period End Date	Jun. 30, 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	Q2
Common Units
Entity Common Stock, Shares Outstanding		12,155,154
Subordinated Units
Entity Common Stock, Shares Outstanding		3,135,109

CONSOLIDATED AND COMBINED BALAN

CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets
Land	$ 12,041,723	$ 12,041,723
Real property interests	358,803,767	358,074,190
Total land and real property interests	370,845,490	370,115,913
Accumulated amortization of real property interests	(17,757,074)	(14,114,307)
Land and net real property interests	353,088,416	356,001,606
Investments in receivables, net	11,970,843	12,135,786
Cash and cash equivalents	5,730,294	1,984,468	$ 401,892	$ 311,108
Restricted cash	955,000
Rent receivables, net	1,032,605	952,427
Due from Landmark and affiliates	1,198,779	2,205,853
Deferred loan costs, net	2,715,749	3,089,894
Deferred rent receivable	749,960	675,769
Other intangible assets, net	9,938,233	10,752,238
Other assets	233,341	1,206,949
Total assets	387,613,220	389,004,990
Liabilities and equity
Revolving credit facility	106,000,000	233,000,000
Secured Notes, net	112,641,184
Accounts payable and accrued liabilities	2,940,586	1,683,062
Other intangible liabilities, net	11,166,736	12,001,093
Prepaid rent	2,929,239	2,980,621
Derivative liabilities	5,587,087	736,231
Total liabilities	241,264,832	250,401,007
Commitments and contingencies (Note 14)
Total equity	146,348,388	138,603,983	192,997,254	149,191,265
Total liabilities and equity	387,613,220	389,004,990
Landmark Infrastructure Partners LP, Predecessor
Liabilities and equity
Total equity		5,248,510	54,986,513	44,749,002
Limited Partners | Preferred Units
Liabilities and equity
Total equity	17,832,324
Limited Partners | Common Units
Liabilities and equity
Total equity	174,260,628	179,045,366	118,844,836	74,683,957
Limited Partners | Subordinated Units
Liabilities and equity
Total equity	23,700,724	25,941,274	27,446,836	29,745,957
General Partner, Landmark
Liabilities and equity
Total equity	$ (69,445,288)	$ (71,631,167)	$ (8,280,931)	$ 12,349

CONSOLIDATED AND COMBINED BALA3

CONSOLIDATED AND COMBINED BALANCE SHEETS (Parenthetical) - Limited Partners - shares	Jun. 30, 2016	Dec. 31, 2015
Preferred Units
Preferred units issued (in units)	800,000	0
Preferred units outstanding (in units)	800,000	0
Common Units
Units issued (in units)	12,066,101	11,820,144
Units outstanding (in units)	12,066,101	11,820,144
Subordinated Units
Units issued (in units)	3,135,109
Units outstanding (in units)	3,135,109

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue
Rental revenue	$ 7,597,490	$ 6,447,809	$ 15,198,224	$ 12,471,935
Interest income on receivables	249,187	196,966	531,587	404,276
Total revenue	7,846,677	6,644,775	15,729,811	12,876,211
Expenses
Management fees to affiliate		75,672		151,752
Property operating	67,028	10,098	72,055	11,782
General and administrative	1,041,870	661,004	2,144,591	1,644,989
Acquisition-related	262,885	731,665	334,965	1,954,982
Amortization	2,239,712	1,717,840	4,244,868	3,256,222
Impairments		514,300		3,276,736
Total expenses	3,611,495	3,710,579	6,796,479	10,296,463
Other income and expenses
Interest expense	(2,367,026)	(2,045,883)	(4,714,516)	(3,932,603)
Unrealized gain (loss) on derivatives	(1,802,739)	412,760	(4,850,856)	(459,737)
Gain on sale of real property interests		9,524	373,779	82,026
Total other income and expenses	(4,169,765)	(1,623,599)	(9,191,593)	(4,310,314)
Net income (loss)	65,417	1,310,597	(258,261)	(1,730,566)
Less: Net income attributable to Predecessor	37,644	201,981	141,593	52,481
Net income (loss) attributable to limited partners	27,773	1,108,616	(399,854)	(1,783,047)
Net income (loss) per common and subordinated unitholders	(359,508)	1,108,616	(787,135)	(1,783,047)
Limited Partners | Common Units
Other income and expenses
Net income (loss) attributable to limited partners	(265,479)	952,474	(600,081)	(837,979)
Less: Distributions declared	$ (4,041,589)	$ (2,370,122)	$ (7,960,604)	$ (3,769,466)
Net income (loss) per common and subordinated unit
Units – basic (in dollars per share)	$ (0.02)	$ 0.16	$ (0.05)	$ (0.16)
Units – diluted (in dollars per share)	$ (0.02)	$ 0.16	$ (0.05)	$ (0.16)
Weighted average common and subordinated units outstanding
Units – basic (in shares)	11,914,525	6,090,688	11,872,092	5,401,007
Units – diluted (in shares)	15,049,634	6,090,688	15,007,201	5,401,007
Limited Partners | Subordinated Units
Other income and expenses
Net income (loss) attributable to limited partners	$ (94,029)	$ 156,142	$ (187,054)	$ (945,068)
Less: Distributions declared	$ (1,042,424)	$ (964,046)	$ (2,077,010)	$ (1,896,741)
Net income (loss) per common and subordinated unit
Units – basic (in dollars per share)	$ (0.03)	$ 0.05	$ (0.06)	$ (0.30)
Units – diluted (in dollars per share)	(0.03)	0.05	(0.06)	(0.30)
Units - basic and diluted (in dollars per share)	$ (0.03)	$ 0.05	$ (0.06)	$ (0.30)
Weighted average common and subordinated units outstanding
Units – basic (in shares)	3,135,109	3,135,109	3,135,109	3,135,109
Units – diluted (in shares)	3,135,109	3,135,109	3,135,109	3,135,109
Units - basic and diluted (in shares)	3,135,109	3,135,109	3,135,109	3,135,109
Limited Partners | Preferred Units
Other income and expenses
Net income (loss) attributable to limited partners			$ 382,222
Less: Distributions declared	$ (382,222)		$ (382,222)
Limited Partners | Common and Subordinated Units
Weighted average common and subordinated units outstanding
Cash distribution declared per unit (in dollars per share)	$ 0.3325	$ 0.3075	$ 0.6625	$ 0.6050
General Partner, Landmark
Other income and expenses
Net income (loss) attributable to limited partners			$ 5,059
Less: General partner's incentive distribution rights	$ (5,059)		$ (5,059)

CONSOLIDATED AND COMBINED STAT5

CONSOLIDATED AND COMBINED STATEMENTS OF PARTNERS' CAPITAL - USD ($)	Limited PartnersCommon Units	Limited PartnersSubordinated Units	Limited PartnersPreferred Units	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				3,135,109
Increase (decrease) in partners' capital
Net income (loss) from Drop-down Assets attributable to Predecessor				52,481		$ 52,481
Net investment of Drop-down Assets				(9,519,686)	10,237,511	717,825
Issuance of units, net (in units)	3,000,000
Issuance of Common Units, net	$ 46,942,876					46,942,876
Distributions	(2,031,518)	$ (1,354,053)				(3,385,571)
Capital contribution to fund general and administrative expense reimbursement				1,173,925		1,173,925
Unit-based compensation	$ 87,500					87,500
Unit-based compensation (in units)	5,050
Net income (loss) attributable to partners	$ (837,979)	(945,068)				(1,783,047)
Balance as of end of period at Jun. 30, 2015	$ 118,844,836	$ 27,446,836		(8,280,931)	54,986,513	$ 192,997,254
Balance as of end of period (in units) at Jun. 30, 2015	7,707,715	3,135,109				3,135,109
Balance as of beginning of period at Dec. 31, 2015	$ 179,045,366	$ 25,941,274		(71,631,167)	5,248,510	$ 138,603,983
Balance as of beginning of period (in units) at Dec. 31, 2015	11,820,144	3,135,109
Increase (decrease) in partners' capital
Net income (loss) from Drop-down Assets attributable to Predecessor				141,593		141,593
Net investment of Drop-down Assets				420,257	$ (5,248,510)	(4,828,253)
Issuance of Series A Preferred Units, net			$ 17,832,324			17,832,324
Issuance of units, net (in units)	236,117		800,000
Issuance of Common Units, net	$ 3,474,104					3,474,104
Distributions	(7,763,761)	$ (2,053,496)	$ (382,222)			(10,199,479)
Capital contribution to fund general and administrative expense reimbursement				1,618,970		1,618,970
Unit-based compensation	$ 105,000					105,000
Unit-based compensation (in units)	9,840
Net income (loss) attributable to partners	$ (600,081)	(187,054)	382,222	5,059		(399,854)
Balance as of end of period at Jun. 30, 2016	$ 174,260,628	$ 23,700,724	$ 17,832,324	$ (69,445,288)		$ 146,348,388
Balance as of end of period (in units) at Jun. 30, 2016	12,066,101	3,135,109	800,000

CONSOLIDATED AND COMBINED STAT6

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net loss	$ (258,261)	$ (1,730,566)
Adjustments to reconcile net loss to net cash provided by operating activities:
Unit-based compensation	105,000	87,500
Unrealized loss on derivatives	4,850,856	459,737
Amortization expense	4,244,868	3,256,222
Amortization of above-and below-market leases	(587,688)	(580,342)
Amortization of deferred loan costs	427,159	722,908
Amortization of discount on Secured Notes	144
Receivables interest accretion	(22,962)	(19,166)
Impairments		3,276,736
Gain on the sale of real property interests	(373,779)	(82,026)
Changes in operating assets and liabilities:
Rent receivables, net	(80,178)	(235,270)
Accounts payable and accrued liabilities	(500,207)	1,087,357
Deferred rent receivables	(74,191)	(139,218)
Prepaid rent	(51,382)	108,178
Due from Landmark and affiliates	1,715,593	(172,633)
Other assets	973,608	183,616
Net cash provided by operating activities	10,368,580	6,223,033
Investing activities
Acquisition of land	(1,228,939)	(3,324,549)
Acquisition of real property interests	(466,890)	(33,994,051)
Proceeds from sales of real property interests	1,789,448	223,487
Acquisition of receivables	(4,211,278)
Repayments of receivables	400,264	327,059
Net cash used in investing activities	(3,717,395)	(36,768,054)
Financing activities
Proceeds from the issuance of Common Units, net	2,001,608	46,942,876
Proceeds from the issuance of Series A Preferred Units, net	18,367,906
Proceeds from revolving credit facility	12,300,000	47,400,000
Proceeds from secured debt facilities		59,291,925
Proceeds the issuance of Secured Notes	116,582,709
Principal payments on revolving credit facility	(139,300,000)	(49,200,000)
Principal payments on secured debt facilities		(60,488,953)
Deferred loan costs	(3,286,426)	(581,339)
Changes in restricted cash	(955,000)
Capital contribution to fund general and administrative expense reimbursement	799,954	692,872
Distributions to limited partners	(9,817,257)	(3,385,571)
Consideration received from (paid to) General Partner associated with Drop-down Acquisitions	401,147	(10,036,005)
Net cash provided by (used in) financing activities	(2,905,359)	30,635,805
Net increase in cash and cash equivalents	3,745,826	90,784
Cash and cash equivalents at beginning of the period	1,984,468	311,108
Cash and cash equivalents at end of the period	$ 5,730,294	$ 401,892

Business

Business	6 Months Ended
	Jun. 30, 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 June 30, 2016, Landmark owns (a) our general partner; (b) 228,589 common units representing limited partnership interest in the Partnership (“Common Units”) and 3,135,109 subordinated units in us; and (c) all of our incentive distribution rights (“IDRs”).

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 the six months ended June 30, 2016 and for the year ended December 31, 2015, the Partnership completed one and eight drop-down acquisitions, respectively, from our Sponsor and affiliates (collectively the “Drop-down Acquisitions” or “Drop-down Assets”). The Drop-down Acquisitions were deemed to be transactions between entities under common control, which requires that the assets and liabilities transferred be reflected at the historical cost of the parent of the entities, with prior periods retroactively adjusted to furnish comparative information. Accordingly, the accompanying financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the Drop-down 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 Drop-down 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 Drop-down Assets as if the Drop-down Acquisitions occurred on the earliest date during which the Drop-down Assets were under common control. See further discussion in Note 3, Acquisitions 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 and six months ended June 30, 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 and six months ended June 30, 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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASU No. 2016-13”) . The ASU sets forth a current expected credit loss model which requires an entity to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This ASU is effective for annual and interim reporting periods beginning after December 15, 2019, and the guidance is to be applied using the modified-retrospective approach. The Partnership is currently assessing the impact of the adoption of this ASU on its consolidated financial statements. 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. The Partnership is 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	6 Months Ended
	Jun. 30, 2016
Acquisitions
Acquisitions	3. Acquisitions On March 4, 2015, 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, the Partnership 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, the Partnership completed an acquisition of 100 tenant sites and related real property interests, consisting of 81 wireless communication, 16 outdoor advertising and 3 renewable power generation sites, from 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, the Partnership completed an acquisition of an entity owning 193 tenant sites and related real property interests, consisting of 135 wireless communication, 57 outdoor advertising and 1 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, the Partnership 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. 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. On April 20, 2016, the Partnership completed an acquisition of 2 tenant sites and related real property interests and 1 investment in receivable, consisting of 1 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. The acquisitions from Landmark and affiliates described above in this Note 3 are collectively referred to as the “Drop-down Acquisitions,” and the acquired assets in the Drop-down Acquisitions are collectively referred to as the “Drop-down Assets.” The August 18, 2015 and both November 19, 2015 acquisitions are collectively referred to as the “Acquired Funds.” On June 30, 2016, the Partnership acquired directly from third parties 2 wireless communication tenant sites located in Australia in exchange for $0.1 million. Additionally, during the three and six months ended June 30, 2016, the Partnership completed direct third party acquisitions of 3 wireless communication tenant sites in exchange for 104,968 Common Units, valued at approximately $1.6 million, pursuant to our previously filed and effective registration statement on Form S-4, in which we may offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities (the “Unit Exchange Program”). The acquisitions made under the Unit Exchange Program are collectively referred to as the “Unit Exchange Acquisitions.” The assets and liabilities acquired from Landmark and affiliates are recorded at the historical cost of Landmark, as the Drop-down Acquisitions are deemed to be transactions between entities under common control with the statements of operations of the Partnership adjusted retroactively as if the Drop-down Acquisitions occurred on the earliest date during which the Drop-down Assets were under common control. Our historical financial statements have been retroactively adjusted to reflect the results of operations, financial position, and cash flows of the Drop-down Assets as if we owned the Drop-down Assets as of the date acquired by Landmark for all periods presented. The following tables present our results of operations and financial position reflecting the effect of the Drop-down Acquisitio ns on pre-acquisition periods. C onsolidated statement of operations for the three and six months ended June 30, 2016: Three months ended June 30, 2016 Six months ended June 30, 2016 Pre-Acquisition Pre-Acquisition Landmark results of the Landmark results of the Infrastructure Drop-down Consolidated Infrastructure Drop-down Consolidated Partners LP Acquisitions Results Partners LP Acquisitions Results Revenue Rental revenue $ $ $ $ $ $ Interest income on receivables Total revenue Expenses Property operating — — General and administrative — — Acquisition-related — — Amortization Total expenses Other income and expenses — — Net income (loss) $ $ $ $ $ $ C onsolidated statement of operations for the three months ended June 30, 2015 : Pre-Acquisition Landmark Pre-Acquisition Landmark results of the Infrastructure results of the Infrastructure Landmark First and Partners LP Post Second Partners LP Infrastructure Second Quarter (As Previously Reported Quarter (As Currently Partners LP Acquisitions August 6, 2015) Acquisitions 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 $ $ $ $ $ C onsolidated statement of operations for the six months ended June 30, 2015 : Pre-Acquisition Landmark Pre-Acquisition Landmark results of the Infrastructure results of the Infrastructure Landmark First and Partners LP Post Second Partners LP Infrastructure Second Quarter (As Previously Reported Quarter (As Currently Partners LP Acquisitions August 6, 2015) Acquisitions 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) $ $ $ $ $ Balance Sheet as of December 31, 2015: Landmark Infrastructure Pre-Acquisition Landmark Partners LP results of the Infrastructure (As Previously Reported Drop-down Partners LP February 16, 2016) Acquisitions (As Currently Reported) Assets Land $ $ $ Real property interests — Total land and real property interests Accumulated amortization of real property interest — Land and net real property interests Investments in receivables, net Cash and cash equivalents — Rent receivables, net — Due from Landmark and affiliates — Deferred loan cost, net — Deferred rent receivable Other intangible assets, net Other assets — Total assets $ $ $ Liabilities and equity Revolving credit facility $ $ — $ Accounts payable and accrued liabilities — Other intangible liabilities, net — Prepaid rent — Derivative liabilities — Total liabilities — Commitments and contingencies Equity Total liabilities and equity $ $ $ Consolidated summarized cash flows for the six months ended June 30, 2016: Pre-Acquisition Landmark results of the Infrastructure Drop-down Consolidated Partners LP Acquisitions Results Net cash provided by operating activities $ $ $ Net cash used in investing activities — Net cash used in financing activities Consolidated summarized cash flows for the six months ended June 30, 2015: Pre-Acquisition Landmark Pre-Acquisition Landmark results of the Infrastructure results of the Infrastructure Landmark First and Partners LP Post Second Partners LP Infrastructure Second Quarter (As Previously Reported Quarter (As Currently Partners LP Acquisitions August 6, 2015) Acquisitions 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 and Second Quarter Acquisitions include the retroactive adjustments to reflect the results of operations and cash flows of the March 4, 2015 and April 8, 2015 acquisitions prior to the acquisition date for the periods under common control. The Landmark Infrastructure Partners LP (As Previously Reported August 6, 2015) column refers to periods previously filed within the Partnership’s Form 10-Q as filed on August 6, 2015. The Pre-Acquisition results of the Post Second Quarter Acquisitions include the retroactive adjustments to reflect the results of operations and cash flows of the Drop-Down Acquisitions subsequent to the April 8, 2015 acquisition prior to the acquisition dates for the periods under common control. The Landmark Infrastructure Partners LP (As Previously Reported February 16, 2016) column refers to period previously filed within the Partnership’s Form 10-K as filed on February 16, 2016.

Real Property Interests

Real Property Interests	6 Months Ended
	Jun. 30, 2016
Real Property Interests
Real Property Interests	4. Real Property Interests The following table summarizes the Partnership’s real property interests: June 30, 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 upon completion of the sale . On March 30, 2016, the Partnership completed a sale of 12 wireless communication sites to Landmark, in exchange for cash consideration of $2.0 million. The assets were originally acquired by Landmark and sold to the Partnership during the July 21, 2015 and September 21, 2015 acquisitions. Landmark repurchased the pool of assets at the same purchase price sold to the Partnership. As the transaction is between entities under common control, the difference between the cash consideration and the net book value of the assets is allocated to the General Partner and no gain or loss is recognized. During the three and six months ended June 30, 2016, the Partnership completed the acquisitions as described in Note 3, Acquisitions , and paid total consideration of $ 8.0 million. During 2015, the Partnership completed the acquisitions as described in Note 3, Acquisitions and paid total consideration of $268.2 million. The Drop-down 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. During the six months ended June 30, 2016 the differences totaling $0.5 million between the total consideration of $8.0 million and the historical cost basis of $7.5 million were allocated to the General Partner . During 2015 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 preliminary allocation for the Partnership’s 2016 acquisitions and final allocation for the Partnership’s 2015 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 Period Land property interests intangibles lease intangibles lease intangibles Total 2016 $ $ $ $ — $ $ 2015 (1) (1) Prior-period financial information retroactively adjusted for Drop-down 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 June 30, 2016, are as follows: 2016 (six months) $ 2017 2018 2019 2020 Thereafter Total $ The weighted average remaining amortization period for non ‑perpetual real property interests is 49 years at June 30, 2016. During the three and six months ended June 30, 2015, two and thirteen , respectively, 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 June 30, 2016, the major ity of the MetroPCS tenant sites where we have received termination notices have been vacated. There was no impairment during the three and six months ended June 30, 2016. During the three and six months ended June 30, 2015, we recognized impairment charges totaling $0.5 million and $3.3 million, respectively. 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	6 Months Ended
	Jun. 30, 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: June 30, 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 $0.3 million and $0.6 million as an increase to rental revenue for the three and six months ended June 30, 2016, respectively, and $0.3 million and $0.6 million as an increase to rental revenue for the three and six months ended June 30, 2015, respectively. We recorded amortization of in ‑place lease intangibles of $0.3 million and $0.5 million as amortization expense for the three and six months ended June 30, 2016, respectively, and $0.3 million and $0.6 million as amortization expense for the three and six months ended June 30, 2015, respectively. Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of June 30, 2016 follows: Acquired Acquired Acquired in-place above-market below-market leases leases leases 2016 (six months) $ $ $ 2017 2018 2019 2020 Thereafter Total $ $ $

Investments in Receivables

Investments in Receivables	6 Months Ended
	Jun. 30, 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 April 20, 2016 and July 21, 2015 acquisitions, the Partnership acquired additional investments 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 $0.2 million and $0.5 million for the three and six months ended June 30, 2016, respectively, and $0.2 million and $0.4 million for the three and six months ended June 30, 2015, respectively. The following table reflects the activity in investments in receivables: June 30, 2016 December 31, 2015 Investments in receivables – beginning $ $ Acquisitions — Fair value adjustment Repayments Interest accretion Investments in receivables – ending $ $ Annual amounts due as of June 30, 2016, are as follows: 2016 (six months) $ 2017 2018 2019 2020 Thereafter Total $ Interest $ Principal Total $

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt
Debt	7. Debt The following table summarizes the Partnership’s debt: Maturity Outstanding Balance Principal Date June 30, 2016 December 31, 2015 Revolving credit facility $ November 19, 2019 $ $ Series 2016-1 Class A June 1, 2021 — Series 2016-1 Class B June 1, 2021 — Secured Notes — Discount on Secured Notes — Deferred loan costs — Secured Notes, net $ $ — Substantially all of our assets, excluding equity in and assets of unrestricted subsidiaries, after ‑acquired real property, and other customary exclusions, are pledged (or secured by mortgages), as collateral under our revolving credit facility. Our revolving credit facility contains various customary covenants and restrictive provisions. 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% . The revolving credit facility requires monthly interest payments and the outstanding debt balance is due upon maturity. As of June 30, 2016, there was $144.0 million of undrawn borrowing capacity, subject to compliance with certain financial covenants. As of June 30, 2016, the Partnership was in compliance with all financial covenants required under the revolving credit facility. On June 16, 2016, the Partnership completed a securitization transaction (the “Securitization”) involving 629 tenant sites and related real property interests (the “Secured Tenant Site Assets”) owned by certain unrestricted special purpose subsidiaries of the Partnership (the “Obligors”), through the issuance of the Series 2016-1 Secured Tenant Site Contract Revenue Notes, Class A and Class B (collectively, the “Secured Notes”), in an aggregate principal amount of $116.6 million. The net proceeds from the Securitization were used to pay down the revolving credit facility by $112.3 million. The Class B Notes are subordinated in right of payment to the Class A Notes. The Secured Notes were issued at a discount of $17,292 , which will be accreted and recognized to interest expense over the term of the Secured Notes. The Class A and Class B Secured Notes bear interest at a fixed note rate per annum of 3.52% and 7.02% , respectively. The Secured Notes are secured by (1) mortgages and deeds of trust on substantially all of the Secured Tenant Site Assets and their operating cash flows, (2) a security interest in substantially all of the personal property of the Obligors, and (3) the rights of the Obligors under a management agreement. Amounts due under the Secured Notes will be paid solely from the cash flows generated from the operation of the Secured Tenant Site Assets. The Partnership is required to make monthly payments of principal and interest on Class A Notes based on a 30 -year amortization period and monthly payments of interest only on Class B Notes, commencing in July 2016. On each payment date, commencing with the payment date occurring in July 2016, available funds will be used to repay the Class A Notes in an amount sufficient to pay the Class A monthly amortization amount. No other payments of principal will be required to be made prior to the anticipated repayment date in June 2021. If the DSCR, or debt service coverage ratio, generally calculated as the ratio of annualized net cash flow (as defined in the Indenture) to the amount of interest, servicing fees and trustee fees that we will be required to pay over the succeeding twelve payment dates, is 1.30 to 1.0 or less for one calendar month (the “Cash Trap DSCR”), then all cash flow in excess of amounts required to make debt service payments, to fund required reserves, to pay management fees and budgeted operating expenses and to make certain other payments required under the Indenture, referred to as Excess Cash Flow, will be deposited into a reserve account instead of being released to us. The funds in the reserve account will not be released unless and until the debt service coverage ratio exceeds the Cash Trap DSCR for two consecutive calendar months. Additionally, an “amortization period” commences if, as of the end of any calendar month, the debt service coverage ratio falls below 1.15 to 1.0 (the “Minimum DSCR”) and will continue to exist until the debt service coverage ratio exceeds the Minimum DSCR for two consecutive calendar months. During an amortization period, excess cash flow is applied to repay the Secured Notes. The Secured Notes have an anticipated repayment date of June 15, 2021 and a final repayment date of July 15, 2046. The Secured Notes may be prepaid in whole or in part at any time, provided such payment is accompanied by the applicable prepayment consideration. Except in certain limited circumstances described in the Indenture, prepayments (other than scheduled amortization payments) made more than twelve months prior to the anticipated repayment date of the Secured Notes are required to be accompanied by the applicable prepayment consideration. If the Secured Notes have not been paid in full upon the anticipated repayment date, additional interest will begin to accrue on the outstanding principal balance of the Secured Notes and such notes will begin to amortize on a monthly basis based on excess cash flows from the Secured Tenant Site Assets. The Partnership is subject to covenants customary for notes issued in rated securitizations. Among other things, the Obligors are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets. The organizational documents of the Guarantor and the Obligors were amended to contain provisions consistent with rating agency securitization criteria for special purpose entities, including the requirement that they maintain independent directors. As of June 30, 2016, the Partnership was in compliance with all financial covenants under the Secured Notes. The Secured Notes’ annual principal payment amounts due as of June 30, 2016, are as follows: 2016 (six months) $ 2017 2018 2019 2020 Thereafter Total $ The Partnership incurred interest expense of $2.4 million and $4.7 million for the three and six months ended June 30, 2016, respectively, and $2.0 million and $3.9 million for the three and six months ended June 30, 2015, respectively. At June 30, 2016 and December 31, 2015 we had interest payable of $0.3 million and $0.3 million, respectively. The Partnership recorded $0.2 million and $0.4 million of deferred loan costs amortization, which is included in interest expense, for the three and six months ended June 30, 2016, respectively, and $0.4 million and $0.7 million for the three and six months ended June 30, 2015, respectively. Prior-period information has been retroactively adjusted to include interest expense related to the Acquired Funds’ secured debt facilities of $0.9 million and $1.8 million for the three and six months ended June 30, 2015. Additionally, deferred loan costs amortization, which is included in interest expense, has been retroactively adjusted to include $0.2 million and $0.4 million for the three and six months ended June 30, 2015.

Interest Rate Swap Agreements

Interest Rate Swap Agreements	6 Months Ended
	Jun. 30, 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 June 30, 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 and six months ended June 30, 2016, the Partnership recorded a loss of $1.8 million and $4.9 million, respectively, and for the three and six months ended June 30, 2015, the Partnership recorded a gain of $0.4 million and a loss of $0.5 million, respectively, resulting from the change in fair value of the interest rate swap agreements, which is reflected as an unrealized gain (loss) on derivative financial instruments on the consolidated and combined statements of operations. Prior-period information has been retroactively adjusted to include an unrealized gain on derivative financial instruments related to the Acquired Funds’ interest rate swap agreements of $15,598 for the three months ended June 30, 2015 and an unrealized loss on derivative financial instruments of $83,013 for the six months ended June 30, 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 June 30, 2016. The following table summarizes the fair values of the interest rate swaps as a result 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	6 Months Ended
	Jun. 30, 2016
Equity
Equity	9. Equity The table below summarizes changes in the number of units outstanding for the six months ended June 30, 2016 and 2015 (in units): Series A Common Subordinated Preferred Balance at December 31, 2014 — Issuance of Common Units - May 20, 2015 — — Unit-based compensation — — Balance at June 30, 2015 — Balance at December 31, 2015 — Issuance of Series A Preferred Units - April 4, 2016 — — ATM Programs — — Unit Exchange Program — — Unit-based compensation — — Balance at June 30, 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 established a Common Unit at-the-market offering program (the “Common Unit ATM Program”) pursuant to which we may sell, from time to time, Common Units having an aggregate offering price of up to $50.0 million pursuant to our previously filed and effective registration statement on Form S-3. The net proceeds from sales under the Common Unit ATM Program will be used for general partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. During the three and six months ended June 30, 2016, the Partnership issued 131,149 Common Units under our Common Unit ATM Program, generating proceeds of approximately $2.1 million before issuance costs. On February 16, 2016, the Partnership filed a shelf registration statement on Form S-4 with the SEC. The shelf registration statement was declared effective on March 10, 2016 and permits us to offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities. During the three and six months ended June 30, 2016, under the Unit Exchange Program we completed acquisitions of three wireless communication tenant sites in exchange for 104,968 Common Units, valued at approximately $1.6 million, as described in Note 3, Acquisitions . On April 4, 2016, the Partnership completed a public offering of $20.0 million 8.0% Series A Cumulative Redeemable Perpetual Preferred Units (“Series A Preferred Units”), representing limited partner interests in the Partnership, at a price of $25.00 per unit. We received net proceeds of approximately $18.4 million after deducting underwriters’ discounts and offering expenses paid by us of $1.6 million. We used all 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 was 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 8.0% 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. On June 24, 2016, the Partnership established a Preferred Unit at-the-market offering program (the “Preferred Unit ATM Program” and together with the Common Unit ATM Program the “ATM Programs”) pursuant to which we may sell, from time to time, Preferred Units having an aggregate offering price of up to $40.0 million pursuant to our previously filed and effective registration statement on Form S-3. The net proceeds from sales under the Preferred Unit ATM Program will be used for general Partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. 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 for Common and Subordinated Units 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 June 30, 2016 (1) July 27, 2016 August 15, 2016 (1) On July 27, 2016, the board of directors of our General Partner declared a quarterly cash distribution of $0.3325 per common and subordinated unit, or $1.33 per unit on an annualized basis, including IDRs, but excluding distributions on Series A Preferred Units, for the quarter ended June 30, 2016. This distribution is payable on August 15, 2016 to common and subordinated unitholders of record as of August 8, 2016. T he table below summarizes the quarterly Series A Preferred Units distributions related to our quarterly financial results: Quarter Ended Declaration Date Distribution Date Distribution Per Unit Total Distribution June 30, 2016 June 16, 2016 July 15, 2016 $ $

Net Income (Loss) Per Limited P

Net Income (Loss) Per Limited Partner Unit	6 Months Ended
	Jun. 30, 2016
Net Income (Loss) Per Limited Partner Unit
Net Income (Loss) Per Limited Partner Unit	10. Net Income (Loss) Per Limited Partner Unit Landmark’s subordinated units and the General Partner’s incentive distribution rights meet the definition of a participating security and therefore we are required to compute income per unit using the two-class method under which any excess of distributions declared over net income shall be allocated to the partners based on their respective sharing of income specified in the Partnership Agreement. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income (loss) allocations used in the calculation of net income (loss) per unit. Net income (loss) per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income (loss), after deducting any Series A Preferred Unit distributions and General Partner incentive distributions, by the weighted-average number of outstanding common and subordinated units. Diluted net income (loss) per unit includes the effects of potentially dilutive units on our common and subordinated units. Net income (loss) related to the Drop-down Assets prior to the Partnership’s acquisition dates of each transaction is allocated to the General Partner. The calculation of the undistributed net loss attributable to common and subordinated unitholders for the three and six months ended June 30, 2016 and 2015 is as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Net income (loss) attributable to limited partners $ $ $ $ Less: Distributions declared on Series A Preferred Units — — General partner's incentive distribution rights — — Net income (loss) attributable to common and subordinated unitholders Distributions declared on common units Distributions declared on subordinated units Undistributed net loss $ $ $ $ The calculation of net income (loss) per common and subordinated unit for the three months ended June 30, 2016 and 2015 is as follows: Three months ended June 30, 2016 2015 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ $ $ $ Undistributed net loss Net income (loss) attributable to common and subordinated units - basic Net loss attributable to subordinated units — — — Net income (loss) attributable to common and subordinated units - diluted $ $ $ $ Weighted-average units outstanding: Basic Effect of diluted subordinated units — — — Diluted Net income (loss) per common and subordinated 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 June 30, 2016, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period. The calculation of net loss per unit for the six months ended June 30, 2016 and 2015 is as follows: Six months ended June 30, 2016 2015 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ $ $ $ Undistributed net loss Net income (loss) attributable to common and subordinated units - basic Net loss attributable to subordinated units — — — Net income (loss) attributable to common and subordinated units - diluted $ $ $ $ Weighted-average units outstanding: Basic Effect of diluted subordinated units — — — Diluted Net loss per common and subordinated 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 six months ended June 30, 2016, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 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. The fair value of the Partnership’s revolving credit facility is considered to approximate the carrying value because the interest payments are based on LIBOR rates that reset every month. The Partnership does not believe its credit risk has changed materially from the date the applicable LIBOR plus 2.50% was set for the revolving credit facility. Secured Notes: The Partnership determines fair value of its secured notes utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information. Quotes from brokers require judgment and are based on the brokers’ interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. The fair value of the Partnership’s Secured Notes approximates the carrying value as the Secured Notes were issued in June 2016. 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: June 30, 2016 December 31, 2015 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ $ $ $ Revolving credit facility Secured Notes, net — — Disclosure of the fair values of financial instruments is based on pertinent information available to the Partnership as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Partnership’s estimate of value at a future date could be materially different. As of June 30, 2016 and December 31, 2015, the Partnership measured the following assets and liabilities at fair value on a recurring basis: June 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016, Landmark reimbursed us $0.8 million and $1.6 million, respectively, for expenses related to certain general and administrative expenses that exceeded the cap, and $0.5 million and $1.2 million for the three and six months ended June 30, 2015, respectively. Patent License Agreement We entered into a Patent License Agreement (“License Agreement”) with American Infrastructure Funds, LLC (“AIF”), an affiliate of the controlling member of Landmark. Under the License Agreement, AIF granted us a nonexclusive, perpetual license to practice certain patented methods related to the apparatus and method for combining easements under a master limited partnership. We have agreed to pay AIF a license fee of $50,000 for the second year of the License Agreement, and thereafter, an amount equal to the greater of (i) one ‑tenth of one percent (0.1%) of our gross revenue received during such contract year; and (ii) $100,000 . During the three and six months ended June 30, 2016, we incurred $12,500 and $25,000 , respectively, 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 and six months ended June 30, 2015, financial information has been retroactively adjusted to include management fees of $75,672 and $151,752 , respectively, incurred by the Acquired Funds during the period prior to the acquisition by the Partnership. Secured Tenant Site Assets’ Management Fee In connection with the issuance of the Secured Notes, the Partnership entered into a management agreement, dated as of June 16, 2016 (the “Secured Notes Management Agreement”), with the General Partner. Pursuant to the Secured Notes Management Agreement, our General Partner will perform those functions reasonably necessary to maintain, manage and administer the Secured Tenant Site Assets for a monthly management fee equal to 1.5% of the Secured Tenant Site Assets’ operating revenue, as defined by the Secured Notes Management Agreement. The Secured Tenant Site Assets’ Management fee to Landmark will be treated as a capital distribution to Landmark. Landmark will reimburse us for the fees paid with the reimbursement treated as a capital contribution. As of June 30, 2016, no such fees have been incurred. Acquisition of Real Property Interests In connection with third party acquisitions, Landmark will be obligated to provide acquisition services to us, including asset identification, underwriting and due diligence, negotiation, documentation and closing, at the reasonable request of our General Partner, but we are under no obligation to utilize such services. We will pay Landmark reasonable fees, as mutually agreed to by Landmark and us, for providing these services. These fees will not be subject to the cap on general and administrative expenses described above. As of June 30, 2016, no such fees have been incurred. Due from Affiliates At June 30, 2016 and December 31, 2015, the General Partner and its affiliates owed $ 1.2 million and $2.2 million, respectively, to the Partnership primarily for the current quarter general and administrative reimbursement and for rents received on our behalf.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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) $ $ $ $ $ For the six months ended June 30, 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 six months ended June 30, 2015: Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ $ $ $ — $ Interest income on receivables — — — Total revenue — Expenses Management fees to affiliate — — Property operating — — General and administrative — — — Acquisition-related — Amortization — Impairments — — Total expenses Total other income and expenses — Net income (loss) $ $ $ $ $ The Partnership’s total assets by segment were: June 30, 2016 December 31, 2015 Segments Wireless communication $ $ Outdoor advertising Renewable power generation Corporate assets Total assets $ $

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2016, the Partnership had approximately $42.5 million of real property interest subject to subordination to lenders of the underlying property. To the extent a lender forecloses on a property the Partnership would take impairment charges for the book value of the asset and no longer be entitled to the revenue associated with the asset.

Tenant Concentration

Tenant Concentration	6 Months Ended
	Jun. 30, 2016
Tenant Concentration
Tenant Concentration	15. Tenant Concentration For the three and six months ended June 30, 2016 and 2015, the Partnership had the following tenant revenue concentrations: Three Months Ended June 30, Six Months Ended June 30, Tenant 2016 2015 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	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Information
Supplemental Cash Flow Information	16. Supplemental Cash Flow Information Noncash activities for the six months ended June 30, 2016 and 2015 were as follows: Six Months Ended June 30, 2016 2015 Capital contribution to fund general and administrative expense reimbursement $ $ Purchase price for acquisition of real property interests included in due to Landmark and affiliates — Unit Exchange Program acquisitions — Fair value adjustment of investments in receivables — Distributions payable to Series A Preferred Units — Offering costs in accounts payable and accrued liabilities — Deferred loan costs included in accounts payable and accrued liabilities — Cash flows related to interest paid was as follows: Six Months Ended June 30, 2016 2015 Cash paid for interest $ $

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events
Subsequent Events	17. Subsequent Events On July 27, 2016, the board of directors of our General Partner declared a quarterly cash distribution of $0.3325 per unit, or $1.33 per unit on an annualized basis, for the quarter ended June 30, 2016. This distribution is payable on August 15, 2016 to unitholders of record as of August 8, 2016. On August 1, 2016, the Partnership completed an acquisition of 59 tenant sites and related real property interests, consisting of 37 wireless communication, 4 outdoor advertising and 18 renewable power generation sites, from HoldCo, in exchange for cash consideration of $24.4 million. The purchase price was funded with $18.0 million of borrowings under the Partnership’s existing credit facility and available cash. Subsequent to June 30, 2016, the Partnership issued 89,053 Common Units and 63,657 Preferred Units under our existing ATM Programs, generating proceeds of approximately $1.5 million and $1.6 million, respectively, before issuance costs.

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 the six months ended June 30, 2016 and for the year ended December 31, 2015, the Partnership completed one and eight drop-down acquisitions, respectively, from our Sponsor and affiliates (collectively the “Drop-down Acquisitions” or “Drop-down Assets”). The Drop-down Acquisitions were deemed to be transactions between entities under common control, which requires that the assets and liabilities transferred be reflected at the historical cost of the parent of the entities, with prior periods retroactively adjusted to furnish comparative information. Accordingly, the accompanying financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the Drop-down 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 Drop-down 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 Drop-down Assets as if the Drop-down Acquisitions occurred on the earliest date during which the Drop-down Assets were under common control. See further discussion in Note 3, Acquisitions 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 and six months ended June 30, 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 and six months ended June 30, 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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASU No. 2016-13”) . The ASU sets forth a current expected credit loss model which requires an entity to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This ASU is effective for annual and interim reporting periods beginning after December 15, 2019, and the guidance is to be applied using the modified-retrospective approach. The Partnership is currently assessing the impact of the adoption of this ASU on its consolidated financial statements. 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. The Partnership is 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)	6 Months Ended
	Jun. 30, 2016
Acquisitions
Consolidated Statement of Operations	C onsolidated statement of operations for the three and six months ended June 30, 2016: Three months ended June 30, 2016 Six months ended June 30, 2016 Pre-Acquisition Pre-Acquisition Landmark results of the Landmark results of the Infrastructure Drop-down Consolidated Infrastructure Drop-down Consolidated Partners LP Acquisitions Results Partners LP Acquisitions Results Revenue Rental revenue $ $ $ $ $ $ Interest income on receivables Total revenue Expenses Property operating — — General and administrative — — Acquisition-related — — Amortization Total expenses Other income and expenses — — Net income (loss) $ $ $ $ $ $ C onsolidated statement of operations for the three months ended June 30, 2015 : Pre-Acquisition Landmark Pre-Acquisition Landmark results of the Infrastructure results of the Infrastructure Landmark First and Partners LP Post Second Partners LP Infrastructure Second Quarter (As Previously Reported Quarter (As Currently Partners LP Acquisitions August 6, 2015) Acquisitions 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 $ $ $ $ $ C onsolidated statement of operations for the six months ended June 30, 2015 : Pre-Acquisition Landmark Pre-Acquisition Landmark results of the Infrastructure results of the Infrastructure Landmark First and Partners LP Post Second Partners LP Infrastructure Second Quarter (As Previously Reported Quarter (As Currently Partners LP Acquisitions August 6, 2015) Acquisitions 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) $ $ $ $ $
Balance Sheet	Balance Sheet as of December 31, 2015: Landmark Infrastructure Pre-Acquisition Landmark Partners LP results of the Infrastructure (As Previously Reported Drop-down Partners LP February 16, 2016) Acquisitions (As Currently Reported) Assets Land $ $ $ Real property interests — Total land and real property interests Accumulated amortization of real property interest — Land and net real property interests Investments in receivables, net Cash and cash equivalents — Rent receivables, net — Due from Landmark and affiliates — Deferred loan cost, net — Deferred rent receivable Other intangible assets, net Other assets — Total assets $ $ $ Liabilities and equity Revolving credit facility $ $ — $ Accounts payable and accrued liabilities — Other intangible liabilities, net — Prepaid rent — Derivative liabilities — Total liabilities — Commitments and contingencies Equity Total liabilities and equity $ $ $
Consolidated Cash Flows	Consolidated summarized cash flows for the six months ended June 30, 2016: Pre-Acquisition Landmark results of the Infrastructure Drop-down Consolidated Partners LP Acquisitions Results Net cash provided by operating activities $ $ $ Net cash used in investing activities — Net cash used in financing activities Consolidated summarized cash flows for the six months ended June 30, 2015: Pre-Acquisition Landmark Pre-Acquisition Landmark results of the Infrastructure results of the Infrastructure Landmark First and Partners LP Post Second Partners LP Infrastructure Second Quarter (As Previously Reported Quarter (As Currently Partners LP Acquisitions August 6, 2015) Acquisitions 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)	6 Months Ended
	Jun. 30, 2016
Real Property Interests
Summary of the Partnership’s real property interests	June 30, 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 allocation of estimated fair values of the assets acquired and liabilities assumed	Investments in real In-place lease Above-market Below-market Period Land property interests intangibles lease intangibles lease intangibles Total 2016 $ $ $ $ — $ $ 2015 (1) Prior-period financial information retroactively adjusted for Drop-down Acquisitions made under common control. See Note 3 for additional information.
Schedule of future estimated amortization of real property interests	2016 (six months) $ 2017 2018 2019 2020 Thereafter Total $

Other Intangible Assets and L27

Other Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Other Intangible Assets and Liabilities
Summary of identifiable intangible assets, including above/below‑market lease intangibles	June 30, 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 (six months) $ $ $ 2017 2018 2019 2020 Thereafter Total $ $ $

Investments in Receivables (Tab

Investments in Receivables (Tables)	6 Months Ended
	Jun. 30, 2016
Investments in Receivables
Activity in investments in receivables	June 30, 2016 December 31, 2015 Investments in receivables – beginning $ $ Acquisitions — Fair value adjustment Repayments Interest accretion Investments in receivables – ending $ $
Annual amounts due	2016 (six months) $ 2017 2018 2019 2020 Thereafter Total $ Interest $ Principal Total $

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt
Schedule of Partnership's debt	Maturity Outstanding Balance Principal Date June 30, 2016 December 31, 2015 Revolving credit facility $ November 19, 2019 $ $ Series 2016-1 Class A June 1, 2021 — Series 2016-1 Class B June 1, 2021 — Secured Notes — Discount on Secured Notes — Deferred loan costs — Secured Notes, net $ $ —
Schedule of Secured Notes' annual amounts due	2016 (six months) $ 2017 2018 2019 2020 Thereafter Total $

Interest Rate Swap Agreements (

Interest Rate Swap Agreements (Tables)	6 Months Ended
	Jun. 30, 2016
Interest Rate Swap Agreements
Table summarizing terms and fair value of interest rate swaps	Date Notional Fixed Effective Maturity Fair Value Liability at Entered Value Rate Date Date June 30, 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 fair values 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)	6 Months Ended
	Jun. 30, 2016
Schedule of changes in the number of units outstanding	The table below summarizes changes in the number of units outstanding for the six months ended June 30, 2016 and 2015 (in units): Series A Common Subordinated Preferred Balance at December 31, 2014 — Issuance of Common Units - May 20, 2015 — — Unit-based compensation — — Balance at June 30, 2015 — Balance at December 31, 2015 — Issuance of Series A Preferred Units - April 4, 2016 — — ATM Programs — — Unit Exchange Program — — Unit-based compensation — — Balance at June 30, 2016
Limited Partners | Common and Subordinated Units
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 June 30, 2016 (1) July 27, 2016 August 15, 2016 (1) On July 27, 2016, the board of directors of our General Partner declared a quarterly cash distribution of $0.3325 per common and subordinated unit, or $1.33 per unit on an annualized basis, including IDRs, but excluding distributions on Series A Preferred Units, for the quarter ended June 30, 2016. This distribution is payable on August 15, 2016 to common and subordinated unitholders of record as of August 8, 2016.
Limited Partners | Preferred Units
Schedule of quarterly distributions related to quarterly financial results	Quarter Ended Declaration Date Distribution Date Distribution Per Unit Total Distribution June 30, 2016 June 16, 2016 July 15, 2016 $ $

Net Income (Loss) Per Limited32

Net Income (Loss) Per Limited Partner Unit (Tables)	6 Months Ended
	Jun. 30, 2016
Net Income (Loss) Per Limited Partner Unit
Schedule of calculation of undistributed net loss	Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Net income (loss) attributable to limited partners $ $ $ $ Less: Distributions declared on Series A Preferred Units — — General partner's incentive distribution rights — — Net income (loss) attributable to common and subordinated unitholders Distributions declared on common units Distributions declared on subordinated units Undistributed net loss $ $ $ $
Calculation of net income (loss) per unit	The calculation of net income (loss) per common and subordinated unit for the three months ended June 30, 2016 and 2015 is as follows: Three months ended June 30, 2016 2015 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ $ $ $ Undistributed net loss Net income (loss) attributable to common and subordinated units - basic Net loss attributable to subordinated units — — — Net income (loss) attributable to common and subordinated units - diluted $ $ $ $ Weighted-average units outstanding: Basic Effect of diluted subordinated units — — — Diluted Net income (loss) per common and subordinated 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 June 30, 2016, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period. The calculation of net loss per unit for the six months ended June 30, 2016 and 2015 is as follows: Six months ended June 30, 2016 2015 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ $ $ $ Undistributed net loss Net income (loss) attributable to common and subordinated units - basic Net loss attributable to subordinated units — — — Net income (loss) attributable to common and subordinated units - diluted $ $ $ $ Weighted-average units outstanding: Basic Effect of diluted subordinated units — — — Diluted Net loss per common and subordinated 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 six months ended June 30, 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 Instr33

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value of Financial Instruments
Table summarizing the carrying amounts and fair values of financial instruments which are not carried at fair value	June 30, 2016 December 31, 2015 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ $ $ $ Revolving credit facility Secured Notes, net — —
Assets and liabilities measured at fair value on a recurring basis	June 30, 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.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Information
Schedule of statement of operations by reportable segment	For the three months ended June 30, 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 June 30, 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) $ $ $ $ $ For the six months ended June 30, 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 six months ended June 30, 2015: Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ $ $ $ — $ Interest income on receivables — — — Total revenue — Expenses Management fees to affiliate — — Property operating — — General and administrative — — — Acquisition-related — Amortization — Impairments — — Total expenses Total other income and expenses — Net income (loss) $ $ $ $ $
Schedule of total assets by reportable segment	June 30, 2016 December 31, 2015 Segments Wireless communication $ $ Outdoor advertising Renewable power generation Corporate assets Total assets $ $

Tenant Concentration (Tables)

Tenant Concentration (Tables)	6 Months Ended
	Jun. 30, 2016
Tenant Concentration
Schedule of tenant revenue concentrations	Three Months Ended June 30, Six Months Ended June 30, Tenant 2016 2015 2016 2015 T-Mobile % % % % Verizon % % % % Sprint % % % % AT&T Mobility % % % % Crown Castle % % % %

Supplemental Cash Flow Inform36

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Information
Schedule of noncash activities	Six Months Ended June 30, 2016 2015 Capital contribution to fund general and administrative expense reimbursement $ $ Purchase price for acquisition of real property interests included in due to Landmark and affiliates — Unit Exchange Program acquisitions — Fair value adjustment of investments in receivables — Distributions payable to Series A Preferred Units — Offering costs in accounts payable and accrued liabilities — Deferred loan costs included in accounts payable and accrued liabilities —
Schedule of cash flows related to interest paid	Six Months Ended June 30, 2016 2015 Cash paid for interest $ $

Business (Details)

Business (Details) - shares	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Initial public offering and formation transactions
Number of units held			3,135,109	3,135,109
Limited Partners | Common Units
Initial public offering and formation transactions
Number of units held	12,066,101	11,820,144	7,707,715	4,702,665
Limited Partners | Common Units | Landmark Dividend LLC
Initial public offering and formation transactions
Number of units held	228,589
Limited Partners | Subordinated Units
Initial public offering and formation transactions
Number of units held	3,135,109	3,135,109	3,135,109	3,135,109
Limited Partners | Subordinated Units | Landmark Dividend LLC
Initial public offering and formation transactions
Number of units held	3,135,109

Basis of Presentation and Sum38

Basis of Presentation and Summary of Significant Accounting Policies (Details) - item	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Acquisition from related party | Landmark, General Partner and affiliates
Number of drop-down acquisitions	1	8

Acquisitions (Details)

Acquisitions (Details)

Jun. 30, 2016USD ($)siteshares

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

Jun. 30, 2016USD ($)siteshares

Jun. 30, 2016USD ($)siteshares

Dec. 31, 2015USD ($)shares

Mar. 10, 2016shares

Unit Exchange Program

Acquisitions

Issuance of units in connection with acquisition | $

$ 1,604,166

Limited Partners | Common Units

Acquisitions

Units issued (in units) | shares

12,066,101

12,066,101

12,066,101

11,820,144

Limited Partners | Common Units | Unit Exchange Program

Acquisitions

Units authorized (in units) | shares

5,000,000

5,000,000

5,000,000

5,000,000

Landmark, General Partner and affiliates | Acquisition from related party

Acquisitions

Cash consideration | $

$ 8,000,000

$ 8,000,000

$ 268,200,000

81-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party

Acquisitions

Number of tenant sites acquired (in sites)

81

Cash consideration | $

$ 25,200,000

Portion of purchase price funded by borrowings on credit facility | $

$ 24,000,000

81-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Wireless Communication

Acquisitions

Number of tenant sites acquired (in sites)

41

81-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Outdoor Advertising

Acquisitions

Number of tenant sites acquired (in sites)

39

73-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party

Acquisitions

Number of tenant sites acquired (in sites)

73

Cash consideration | $

$ 22,100,000

Portion of purchase price funded by borrowings on credit facility | $

$ 21,500,000

73-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Wireless Communication

Acquisitions

Number of tenant sites acquired (in sites)

45

73-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Outdoor Advertising

Acquisitions

Number of tenant sites acquired (in sites)

28

100-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party

Acquisitions

Number of tenant sites acquired (in sites)

100

Cash consideration | $

$ 35,700,000

Portion of purchase price funded by borrowings on credit facility | $

$ 35,500,000

100-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Wireless Communication

Acquisitions

Number of tenant sites acquired (in sites)

81

100-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Outdoor Advertising

Acquisitions

Number of tenant sites acquired (in sites)

16

100-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Renewable Power Generation

Acquisitions

Number of tenant sites acquired (in sites)

3

193-site acquisition | Landmark, General Partner and affiliates | Acquisition from related party | Limited Partners | Common Units

Acquisitions

Number of common units exchanged in acquisition | shares

171,737

193-site acquisition | Landmark Dividend Growth Fund-E LLC | Acquisition from related party

Acquisitions

Number of tenant sites acquired (in sites)

193

Cash consideration | $

$ 34,900,000

Repayment of indebtedness | $

$ 29,200,000

193-site acquisition | Landmark Dividend Growth Fund-E LLC | Acquisition from related party | Limited Partners | Common Units

Acquisitions

Number of common units exchanged in acquisition | shares

1,998,852

Issuance of units in connection with acquisition | $

$ 31,000,000

193-site acquisition | Landmark Dividend Growth Fund-E LLC | Acquisition from related party | Wireless Communication

Acquisitions

Number of tenant sites acquired (in sites)

135

193-site acquisition | Landmark Dividend Growth Fund-E LLC | Acquisition from related party | Outdoor Advertising

Acquisitions

Number of tenant sites acquired (in sites)

57

65-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party

Acquisitions

Number of tenant sites acquired (in sites)

65

Cash consideration | $

$ 20,300,000

Portion of purchase price funded by borrowings on credit facility | $

$ 20,000,000

65-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Wireless Communication

Acquisitions

Number of tenant sites acquired (in sites)

50

65-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Outdoor Advertising

Acquisitions

Number of tenant sites acquired (in sites)

13

65-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Renewable Power Generation

Acquisitions

Number of tenant sites acquired (in sites)

2

72-site acquisition | Landmark, General Partner and affiliates | Acquisition from related party | Limited Partners | Common Units

Acquisitions

Number of common units exchanged in acquisition | shares

123,405

Issuance of units in connection with acquisition | $

$ 1,900,000

72-site acquisition | Landmark Dividend Growth Fund-C LLC | Acquisition from related party

Acquisitions

Number of tenant sites acquired (in sites)

72

Cash consideration | $

$ 17,300,000

Repayment of indebtedness | $

$ 15,100,000

72-site acquisition | Landmark Dividend Growth Fund-C LLC | Acquisition from related party | Limited Partners | Common Units

Acquisitions

Number of common units exchanged in acquisition | shares

847,260

Issuance of units in connection with acquisition | $

$ 13,000,000

72-site acquisition | Landmark Dividend Growth Fund-C LLC | Acquisition from related party | Wireless Communication

Acquisitions

Number of tenant sites acquired (in sites)

67

72-site acquisition | Landmark Dividend Growth Fund-C LLC | Acquisition from related party | Outdoor Advertising

Acquisitions

Number of tenant sites acquired (in sites)

5

136-site acquisition | Landmark, General Partner and affiliates | Acquisition from related party | Limited Partners | Common Units

Acquisitions

Number of common units exchanged in acquisition | shares

217,133

Issuance of units in connection with acquisition | $

$ 3,300,000

136-site acquisition | Landmark Dividend Growth Fund-F LLC | Acquisition from related party

Acquisitions

Number of tenant sites acquired (in sites)

136

Cash consideration | $

$ 25,000,000

Repayment of indebtedness | $

$ 24,500,000

136-site acquisition | Landmark Dividend Growth Fund-F LLC | Acquisition from related party | Limited Partners | Common Units

Acquisitions

Number of common units exchanged in acquisition | shares

1,266,317

Issuance of units in connection with acquisition | $

$ 19,500,000

136-site acquisition | Landmark Dividend Growth Fund-F LLC | Acquisition from related party | Wireless Communication

Acquisitions

Number of tenant sites acquired (in sites)

99

136-site acquisition | Landmark Dividend Growth Fund-F LLC | Acquisition from related party | Outdoor Advertising

Acquisitions

Number of tenant sites acquired (in sites)

37

41-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party

Acquisitions

Number of tenant sites acquired (in sites)

41

Cash consideration | $

$ 24,200,000

Portion of purchase price funded by borrowings on credit facility | $

$ 24,000,000

41-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Wireless Communication

Acquisitions

Number of tenant sites acquired (in sites)

23

41-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Outdoor Advertising

Acquisitions

Number of tenant sites acquired (in sites)

16

41-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Renewable Power Generation

Acquisitions

Number of tenant sites acquired (in sites)

2

3-site acquisition | Limited Partners | Common Units | Unit Exchange Program

Acquisitions

Number of common units exchanged in acquisition | shares

104,968

104,968

Issuance of units in connection with acquisition | $

$ 1,600,000

$ 1,600,000

3-site acquisition | Wireless Communication | Unit Exchange Program

Acquisitions

Number of tenant sites acquired (in sites)

3

3

Issuance of units in connection with acquisition | $

$ 1,600,000

$ 1,600,000

3-site acquisition | Wireless Communication | Limited Partners | Common Units | Unit Exchange Program

Acquisitions

Number of common units exchanged in acquisition | shares

104,968

104,968

3-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party

Acquisitions

Number of tenant sites acquired (in sites)

2

Cash consideration | $

$ 6,300,000

Portion of purchase price funded by borrowings on credit facility | $

$ 6,300,000

3-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Wireless Communication

Acquisitions

Number of tenant sites acquired (in sites)

1

3-site acquisition | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Acquisition from related party | Renewable Power Generation

Acquisitions

Number of tenant sites acquired (in sites)

2

2-site acquisition | Wireless Communication | Unit Exchange Program

Acquisitions

Number of tenant sites acquired (in sites)

2

Cash consideration | $

$ 100,000

Acquisitions (Operations) (Deta

Acquisitions (Operations) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue
Rental revenue	$ 7,597,490	$ 6,447,809	$ 15,198,224	$ 12,471,935
Interest income on receivables	249,187	196,966	531,587	404,276
Total revenue	7,846,677	6,644,775	15,729,811	12,876,211
Expenses
Management fees to affiliate		75,672		151,752
Property operating	67,028	10,098	72,055	11,782
General and administrative	1,041,870	661,004	2,144,591	1,644,989
Acquisition-related	262,885	731,665	334,965	1,954,982
Amortization	2,239,712	1,717,840	4,244,868	3,256,222
Impairments		514,300		3,276,736
Total expenses	3,611,495	3,710,579	6,796,479	10,296,463
Other income and expenses	(4,169,765)	(1,623,599)	(9,191,593)	(4,310,314)
Net income (loss)	65,417	1,310,597	(258,261)	(1,730,566)
Less: Net income attributable to Predecessor	37,644	201,981	141,593	52,481
Net income (loss) attributable to limited partners	27,773	1,108,616	(399,854)	(1,783,047)
Landmark Infrastructure Partners LP
Revenue
Rental revenue	7,587,502	4,205,286	15,160,471	7,821,715
Interest income on receivables	220,815	194,544	424,160	401,854
Total revenue	7,808,317	4,399,830	15,584,631	8,223,569
Expenses
Property operating	67,028	8,894	72,055	8,894
General and administrative	1,041,870	651,071	2,144,591	1,635,056
Acquisition-related	262,885	173,755	334,965	473,353
Amortization	2,238,996	1,185,645	4,241,281	2,141,988
Impairments		514,300		3,276,736
Total expenses	3,610,779	2,533,665	6,792,892	7,536,027
Other income and expenses	(4,169,765)	(757,549)	(9,191,593)	(2,470,589)
Net income (loss)	27,773	1,108,616	(399,854)	(1,783,047)
Landmark Infrastructure Partners LP | As Previously Reported August 6, 2015
Revenue
Rental revenue		4,229,771		8,191,863
Interest income on receivables		194,544		401,854
Total revenue		4,424,315		8,593,717
Expenses
Property operating		8,894		8,894
General and administrative		651,071		1,635,056
Acquisition-related		173,755		1,367,072
Amortization		1,194,775		2,261,750
Impairments		514,300		3,276,736
Total expenses		2,542,795		8,549,508
Other income and expenses		(757,549)		(2,470,589)
Net income (loss)		1,123,971		(2,426,380)
Drop-down Acquisitions | Landmark, General Partner and affiliates | Acquisition from related party | Restatement
Revenue
Rental revenue	9,988		37,753
Interest income on receivables	28,372		107,427
Total revenue	38,360		145,180
Expenses
Amortization	716		3,587
Total expenses	716		3,587
Net income (loss)	$ 37,644		$ 141,593
First and Second Quarters Acquisitions | Landmark, General Partner and affiliates | Acquisition from related party | Restatement
Revenue
Rental revenue		24,485		370,148
Total revenue		24,485		370,148
Expenses
Acquisition-related				893,719
Amortization		9,130		119,762
Total expenses		9,130		1,013,481
Net income (loss)		15,355		(643,333)
Post Second Quarter Acquisitions | Landmark, General Partner and affiliates | Acquisition from related party | Restatement
Revenue
Rental revenue		2,218,038		4,280,072
Interest income on receivables		2,422		2,422
Total revenue		2,220,460		4,282,494
Expenses
Management fees to affiliate		75,672		151,752
Property operating		1,204		2,888
General and administrative		9,933		9,933
Acquisition-related		557,910		587,910
Amortization		523,065		994,472
Total expenses		1,167,784		1,746,955
Other income and expenses		(866,050)		(1,839,725)
Net income (loss)		$ 186,626		$ 695,814

Acquisitions (BalanceSheet) (De

Acquisitions (BalanceSheet) (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets
Land	$ 12,041,723	$ 12,041,723
Real property interests	358,803,767	358,074,190
Total land and real property interests	370,845,490	370,115,913
Accumulated amortization of real property interests	(17,757,074)	(14,114,307)
Land and net real property interests	353,088,416	356,001,606
Investments in receivables, net	11,970,843	12,135,786
Cash and cash equivalents	5,730,294	1,984,468	$ 401,892	$ 311,108
Rent receivables, net	1,032,605	952,427
Due from Landmark and affiliates	1,198,779	2,205,853
Deferred loan costs, net	2,715,749	3,089,894
Deferred rent receivable	749,960	675,769
Other intangible assets, net	9,938,233	10,752,238
Other assets	233,341	1,206,949
Total assets	387,613,220	389,004,990
Liabilities and equity
Revolving credit facility	106,000,000	233,000,000
Accounts payable and accrued liabilities	2,940,586	1,683,062
Other intangible liabilities, net	11,166,736	12,001,093
Prepaid rent	2,929,239	2,980,621
Derivative liabilities	5,587,087	736,231
Total liabilities	241,264,832	250,401,007
Commitments and contingencies
Equity	146,348,388	138,603,983	$ 192,997,254	$ 149,191,265
Total liabilities and equity	387,613,220	389,004,990
Landmark Infrastructure Partners LP | As Previously Reported February 16, 2016
Assets
Land		10,812,784
Real property interests		358,074,190
Total land and real property interests		368,886,974
Accumulated amortization of real property interests		(14,114,307)
Land and net real property interests		354,772,667
Investments in receivables, net		8,136,867
Cash and cash equivalents		1,984,468
Rent receivables, net		952,427
Due from Landmark and affiliates		2,205,853
Deferred loan costs, net		3,089,894
Deferred rent receivable		676,134
Other intangible assets, net		10,731,221
Other assets		1,206,949
Total assets		383,756,480
Liabilities and equity
Revolving credit facility		233,000,000
Accounts payable and accrued liabilities		1,683,062
Other intangible liabilities, net		12,001,093
Prepaid rent		2,980,621
Derivative liabilities		736,231
Total liabilities		250,401,007
Equity		133,355,473
Total liabilities and equity		383,756,480
Landmark, General Partner and affiliates
Assets
Due from Landmark and affiliates	$ 1,200,000	2,200,000
Drop-down Acquisitions | Landmark, General Partner and affiliates | Acquisition from related party | Restatement
Assets
Land		1,228,939
Total land and real property interests		1,228,939
Land and net real property interests		1,228,939
Investments in receivables, net		3,998,919
Deferred rent receivable		(365)
Other intangible assets, net		21,017
Total assets		5,248,510
Liabilities and equity
Equity		5,248,510
Total liabilities and equity		$ 5,248,510

Acquisitions ( Cash Flow) (Deta

Acquisitions ( Cash Flow) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flow
Net cash provided by (used in) operating activities	$ 10,368,580	$ 6,223,033
Net cash used in investing activities	(3,717,395)	(36,768,054)
Net cash provided by (used in) financing activities	(2,905,359)	30,635,805
Landmark Infrastructure Partners LP
Cash Flow
Net cash provided by (used in) operating activities	10,243,521	4,924,657
Net cash used in investing activities	(3,717,395)	(36,768,054)
Net cash provided by (used in) financing activities	(2,780,300)	31,934,181
Landmark Infrastructure Partners LP | As Previously Reported August 6, 2015
Cash Flow
Net cash provided by (used in) operating activities		4,374,278
Net cash used in investing activities		(36,768,054)
Net cash provided by (used in) financing activities		32,484,560
Drop-down Acquisitions | Landmark, General Partner and affiliates | Acquisition from related party | Restatement
Cash Flow
Net cash provided by (used in) operating activities	125,059
Net cash provided by (used in) financing activities	$ (125,059)
First and Second Quarters Acquisitions | Landmark, General Partner and affiliates | Acquisition from related party | Restatement
Cash Flow
Net cash provided by (used in) operating activities		(550,379)
Net cash provided by (used in) financing activities		550,379
Post Second Quarter Acquisitions | Landmark, General Partner and affiliates | Acquisition from related party | Restatement
Cash Flow
Net cash provided by (used in) operating activities		1,848,755
Net cash provided by (used in) financing activities		$ (1,848,755)

Real Property Interests (Detail

Real Property Interests (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Real Property Interests
Land	$ 12,041,723	$ 12,041,723
Real property interests – perpetual	88,290,114	88,496,491
Real property interests – finite life	270,513,653	269,577,699
Total land and real property interests	370,845,490	370,115,913
Accumulated amortization of real property interests	(17,757,074)	(14,114,307)
Land and net real property interests	$ 353,088,416	$ 356,001,606

Real Property Interests (Sale)

Real Property Interests (Sale) (Details)	Mar. 30, 2016USD ($)site	Mar. 22, 2016USD ($)site	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Sale
Gain on sale of real property interests			$ 9,524	$ 373,779	$ 82,026
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 interests		$ 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 interests	$ 0

Real Property Interests (Alloca

Real Property Interests (Allocation and Amortization) (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)site	Jun. 30, 2016USD ($)site	Jun. 30, 2015USD ($)site	Dec. 31, 2015USD ($)
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Below market lease intangibles	$ (15,836,155)		$ (15,836,155)		$ (15,799,840)
Future estimated aggregate amortization of real property interests
2016 (six months)	3,681,007		3,681,007
2,017	7,362,013		7,362,013
2,018	7,096,700		7,096,700
2,019	6,852,916		6,852,916
2,020	6,662,743		6,662,743
Thereafter	221,101,200		221,101,200
Total	252,756,579		$ 252,756,579
Weighted average remaining amortization period for non‑perpetual real property interests			49 years
Impairment
Recognized impairment charge		$ 514,300		$ 3,276,736
Landmark Infrastructure Partners LP
Impairment
Recognized impairment charge		$ 514,300		$ 3,276,736
Landmark, General Partner and affiliates | Acquisition from related party
Acquisitions
Cash consideration	8,000,000		$ 8,000,000		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	7,500,000		7,500,000		198,800,000
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Total	7,500,000		7,500,000		198,800,000
Landmark, General Partner and affiliates | Acquisition from related party | 2016 Acquisitions
Acquisitions
Amount treated as general partner distribution, difference between cash paid and historical cost of assets acquired			500,000
Historical cost basis	3,356,491		3,356,491
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land	1,228,939		1,228,939
Investments in real property interests	2,126,767		2,126,767
Below market lease intangibles	(73,859)		(73,859)
Total	3,356,491		3,356,491
Landmark, General Partner and affiliates | Acquisition from related party | Restatement | 2015 Acquisitions
Acquisitions
Historical cost basis					83,365,945
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land					6,148,413
Investments in real property interests					76,267,203
Below market lease intangibles					(4,030,559)
Total					83,365,945
Acquired in-place leases | Landmark, General Partner and affiliates | Acquisition from related party | 2016 Acquisitions
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	74,644		74,644
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					2,462,533
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		2		13
Number of real property interests foreclosed		$ 1		$ 1
Recognized impairment charge	$ 0	500,000	$ 0	3,300,000
Impaired real property interests		$ 0		$ 0
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 L46

Other Intangible Assets and Liabilities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Other Intangible Assets
Net amount	$ 9,938,233		$ 9,938,233		$ 10,752,238
Acquired below-market leases
Below market lease intangibles	(15,836,155)		(15,836,155)		(15,799,840)
Accumulated amortization	4,669,419		4,669,419		3,798,747
Net amount	(11,166,736)		(11,166,736)		(12,001,093)
Amortization recorded
Amortization of above-and below-market leases	300,000	$ 300,000	587,688	$ 580,342
Future amortization of acquired below-market leases
2016 (nine months)	(804,405)		(804,405)
2,017	(1,572,088)		(1,572,088)
2,018	(1,536,141)		(1,536,141)
2,019	(1,491,079)		(1,491,079)
2,020	(1,460,282)		(1,460,282)
Thereafter	(4,302,741)		(4,302,741)
Net amount	(11,166,736)		(11,166,736)		(12,001,093)
Acquired in-place leases
Other Intangible Assets
Gross amount	10,059,959		10,059,959		10,050,400
Accumulated amortization	(3,090,320)		(3,090,320)		(2,552,640)
Net amount	6,969,639		6,969,639		7,497,760
Amortization recorded
Amortization expense	300,000	$ 300,000	500,000	$ 600,000
Future amortization of lease intangibles
2016 (six months)	509,380		509,380
2,017	976,327		976,327
2,018	939,321		939,321
2,019	891,824		891,824
2,020	843,927		843,927
Thereafter	2,808,860		2,808,860
Acquired above-market leases
Other Intangible Assets
Gross amount	4,363,790		4,363,790		4,363,790
Accumulated amortization	(1,395,196)		(1,395,196)		(1,109,312)
Net amount	2,968,594		2,968,594		$ 3,254,478
Future amortization of lease intangibles
2016 (six months)	270,285		270,285
2,017	467,351		467,351
2,018	352,821		352,821
2,019	307,960		307,960
2,020	246,896		246,896
Thereafter	$ 1,323,281		$ 1,323,281

Investments in Receivables (Det

Investments in Receivables (Details) - USD ($)	Apr. 20, 2016	Jul. 21, 2015	Nov. 19, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule of Investments
Interest income recognized				$ 249,187	$ 196,966	$ 531,587	$ 404,276
Activity in investments in receivables
Investments in receivables – beginning						12,135,786
Repayments						(400,264)	(327,059)
Interest accretion						22,962	19,166
Investments in receivables – ending				11,970,843		11,970,843		$ 12,135,786
Loans Receivable
Schedule of Investments
Discount rate	8.65%	8.65%	8.75%
Payment collection period, minimum			2 years
Payment collection period, maximum			99 years
Interest income recognized				200,000	$ 200,000	500,000	400,000
Activity in investments in receivables
Investments in receivables – beginning						12,135,786	$ 8,665,274	8,665,274
Acquisitions								4,130,200
Fair value adjustment						212,359		11,862
Repayments						(400,264)		(695,948)
Interest accretion						22,962		24,398
Investments in receivables – ending				11,970,843		11,970,843		$ 12,135,786
Annual amounts of investments in receivables due
2016 (six months)				952,976		952,976
2,017				1,976,916		1,976,916
2,018				1,798,004		1,798,004
2,019				1,317,446		1,317,446
2,020				1,300,584		1,300,584
Thereafter				15,709,303		15,709,303
Total				23,055,229		23,055,229
Interest				11,084,386		11,084,386
Principal				$ 11,970,843		$ 11,970,843

Debt (Details)

Debt (Details)	Jun. 16, 2016USD ($)siteitem	Nov. 19, 2014	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Debt
Outstanding Balance			$ 106,000,000		$ 106,000,000		$ 233,000,000
Secured Notes, net			112,641,184		112,641,184
Restricted cash			955,000		955,000
Interest
Debt interest expense			2,400,000	$ 2,000,000	4,700,000	$ 3,900,000
Interest payable			300,000		300,000		300,000
Deferred loan costs amortization					427,159	722,908
Interest expense.
Interest
Deferred loan costs amortization			200,000	400,000	400,000	700,000
Senior secured revolving credit facility
Debt
Principal			250,000,000		250,000,000
Outstanding Balance			106,000,000		106,000,000		$ 233,000,000
Undrawn borrowing capacity			144,000,000		144,000,000
Repayment of debt	$ 112,300,000
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 Notes
Debt
Secured notes	116,600,000		116,600,000		116,600,000
Debt discount	$ (17,292)		(17,148)		(17,148)
Deferred loan costs			(3,941,668)		(3,941,668)
Secured Notes, net			112,641,184		112,641,184
Number of tenant site assets in securitization transaction | site	629
Deferred loan costs incurred			3,941,668		3,941,668
Amortization period	30 years
Number of succeeding payment dates | item	12
Number of calendar months to maintain maximum debt service coverage ratio | item	1
Number of consecutive calendar months | item	2
Number of minimum months relating to prepayments	12 months
Annual amounts due
2016 (six months)			582,600		582,600
2,017			1,746,600		1,746,600
2,018			2,913,000		2,913,000
2,019			4,083,000		4,083,000
2,020			5,249,400		5,249,400
Thereafter			102,025,400		102,025,400
Total	$ 116,600,000		116,600,000		116,600,000
Secured Notes | Minimum
Debt
Debt service coverage ratio (as a percent)	1.15%
Secured Notes | Maximum
Debt
Debt service coverage ratio (as a percent)	1.30%
Series 2016-1 Class A
Debt
Secured notes			91,500,000		91,500,000
Annual amounts due
Total			$ 91,500,000		$ 91,500,000
Series 2016-1 Class A | Minimum
Debt
Interest rate (as a percent)			3.52%		3.52%
Series 2016-1 Class B
Debt
Secured notes			$ 25,100,000		$ 25,100,000
Annual amounts due
Total			$ 25,100,000		$ 25,100,000
Series 2016-1 Class B | Maximum
Debt
Interest rate (as a percent)			7.02%		7.02%
Acquired Funds Secured Debt Facilities | Acquired Funds | Restatement
Interest
Debt interest expense				900,000		1,800,000
Acquired Funds Secured Debt Facilities | Acquired Funds | Interest expense. | Restatement
Interest
Deferred loan costs amortization				$ 200,000		$ 400,000

Interest Rate Swap Agreements49

Interest Rate Swap Agreements (Details)	Mar. 31, 2016USD ($)item	Mar. 23, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value Liability			$ (5,587,087)		$ (5,587,087)		$ (736,231)
Unrealized gain (loss)			(1,802,739)	$ 412,760	(4,850,856)	$ (459,737)
Agreement entered into March 23, 2016 effective date December 24, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value		$ 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
Fixed rate	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
Fixed rate	4.13%
Period	3 years
Interest Rate Swap Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss)			(1,800,000)	400,000	(4,900,000)	(500,000)
Interest Rate Swap Agreement | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value			$ 70,000,000		$ 70,000,000
Fixed rate			4.02%		4.02%
Interest Rate Swap Agreement | Agreement effective date April 13, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value			$ 25,000,000		$ 25,000,000
Fixed rate			3.79%		3.79%
Interest Rate Swap Agreement | Agreement effective date October 1, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value			$ 50,000,000		$ 50,000,000
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]
Notional value			$ 50,000,000		$ 50,000,000
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]
Notional value			$ 20,000,000		$ 20,000,000
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]
Notional value			$ 25,000,000		$ 25,000,000
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					$ (798,543)
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					(138,905)
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					(955,672)
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					(59,091)
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					37,568
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					$ 41,301
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					$ (2,480,317)
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					(823,369)
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					(4,039,788)
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					(1,562,708)
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					(561,369)
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					$ (706,320)
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					$ 28,972
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					197,020
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					513,667
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					646,567
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					318,617
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					$ 390,563
Interest Rate Swap Agreement | Decrease of 100 Basis Points
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, assumed increase (decrease) in interest rates					(100.00%)
Interest Rate Swap Agreement | Decrease of 100 Basis Points | Agreement effective date December 24, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative					$ (2,687,634)
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					(924,635)
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					(5,325,652)
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					(2,494,040)
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					(932,826)
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					(1,184,799)
Interest Rate Swap Agreement | Restatement | Acquired Funds
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss)				$ 15,598		$ (83,013)
Level 2 inputs | Interest Rate Swap Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value Liability			$ (5,587,087)		(5,587,087)		(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			(1,589,585)		(1,589,585)		(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			(464,482)		(464,482)		(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			(2,315,764)		(2,315,764)		$ (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			(708,101)		(708,101)
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			(225,867)		(225,867)
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			$ (283,288)		$ (283,288)

Equity (Details)

Equity (Details)	Aug. 15, 2016$ / shares	Jul. 27, 2016USD ($)$ / shares	Jul. 15, 2016$ / shares	Jun. 24, 2016USD ($)	Jun. 16, 2016USD ($)$ / shares	Apr. 20, 2016USD ($)$ / shares	Apr. 04, 2016USD ($)$ / sharesshares	Feb. 16, 2016USD ($)	Jan. 28, 2016USD ($)$ / shares	Dec. 30, 2015USD ($)	Nov. 19, 2015shares	Oct. 22, 2015USD ($)$ / shares	Jul. 21, 2015USD ($)$ / shares	May 20, 2015USD ($)$ / sharesshares	Apr. 23, 2015USD ($)$ / shares	Aug. 02, 2016USD ($)shares	Jun. 30, 2016USD ($)site$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2016USD ($)site$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Mar. 10, 2016shares	Dec. 31, 2015shares
Increase (decrease) in partners' capital
Balance as of beginning of period (in units)																				3,135,109
Balance as of end of period (in units)																		3,135,109		3,135,109
Partnership Equity
Proceeds from Issuance of Common Limited Partners Units | $																			$ 2,001,608	$ 46,942,876
Proceeds from Issuance of Preferred Limited Partners Units | $																			$ 18,367,906
Limited Partners | Common Units
Increase (decrease) in partners' capital
Balance as of beginning of period (in units)																12,066,101			11,820,144	4,702,665
Issuance of units, net (in units)																			236,117	3,000,000
Unit-based compensation (in units)																			9,840	5,050
Balance as of end of period (in units)																	12,066,101	7,707,715	12,066,101	7,707,715
Partnership Equity
Units issued (in units)																	12,066,101		12,066,101			11,820,144
Distributions
Minimum quarterly distribution per unit (in dollars per share) | $ / shares																			$ 0.2875
Distributions declared | $																	$ 4,041,589	$ 2,370,122	$ 7,960,604	$ 3,769,466
Limited Partners | Subordinated Units
Increase (decrease) in partners' capital
Balance as of beginning of period (in units)																3,135,109			3,135,109	3,135,109
Balance as of end of period (in units)																	3,135,109	3,135,109	3,135,109	3,135,109
Partnership Equity
Units issued (in units)																	3,135,109		3,135,109
Distributions
Arrearages in distribution accrued or payable | $																	$ 0		$ 0
Distributions declared | $																	$ 1,042,424	$ 964,046	$ 2,077,010	$ 1,896,741
Limited Partners | Preferred Units
Increase (decrease) in partners' capital
Balance as of beginning of period (in units)																800,000
Issuance of units, net (in units)							800,000												800,000
Balance as of end of period (in units)																	800,000		800,000
Partnership Equity
Dividend rate (as a percent)																			8.00%
Distributions
Distribution per unit (in dollars per share) | $ / shares					$ 0.5611
Distributions declared | $					$ 448,880												$ 382,222		$ 382,222
Stated liquidation preference (in dollars per share) | $ / shares																	$ 25		$ 25
Distribution paid (in dollars per unit) | $ / shares			$ 0.5611
Limited Partners | Common and Subordinated Units
Distributions
Distribution per unit (in dollars per share) | $ / shares						$ 0.3300			$ 0.3250			$ 0.3175	$ 0.3075		$ 0.2975		$ 0.3325	$ 0.3075	$ 0.6625	$ 0.6050
Distributions declared | $						$ 4,953,601			$ 4,863,655			$ 4,077,232	$ 3,334,168		$ 2,332,038
Limited Partners | Common and Subordinated Units | Subsequent event
Distributions
Distribution per unit (in dollars per share) | $ / shares		$ 0.3325
Distributions declared | $		$ 5,089,072
Quarterly distribution declared per unit , on an annualized basis (in dollars per share) | $ / shares		$ 1.33
Limited Partners | Common and Subordinated Units | Forecast | Subsequent event
Distributions
Distribution paid (in dollars per unit) | $ / shares	$ 0.3325
Public Offering | Limited Partners | Common Units
Increase (decrease) in partners' capital
Issuance of units, net (in units)														3,000,000						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
Proceeds from Issuance of Common Limited Partners Units | $														$ 46,900,000
Offering costs | $														$ 3,300,000
Public Offering | Limited Partners | Preferred Units
Partnership Equity
Unit offering price (in dollars per share) | $ / shares							$ 25
Offering costs | $							$ 1,600,000
Dividend rate (as a percent)							8.00%
Issuance of units, net | $							$ 20,000,000
Proceeds from Issuance of Preferred Limited Partners Units | $							$ 18,400,000
At The Market Issuance Sales Agreement | Limited Partners | Common Units
Increase (decrease) in partners' capital
Issuance of units, net (in units)																			131,149
Partnership Equity
Units issued (in units)																	131,149		131,149
Proceeds from issuance of unit, before costs | $																			$ 2,100,000
At The Market Issuance Sales Agreement | Limited Partners | Common Units | Subsequent event
Increase (decrease) in partners' capital
Issuance of units, net (in units)																89,053
Partnership Equity
Proceeds from issuance of unit, before costs | $																$ 1,500,000
At The Market Issuance Sales Agreement | Limited Partners | Common Units | Maximum
Partnership Equity
Aggregate offering price | $								$ 50,000,000
At The Market Issuance Sales Agreement | Limited Partners | Preferred Units
Partnership Equity
Aggregate offering price | $				$ 40,000,000
At The Market Issuance Sales Agreement | Limited Partners | Preferred Units | Subsequent event
Increase (decrease) in partners' capital
Issuance of units, net (in units)																63,657
Partnership Equity
Proceeds from issuance of unit, before costs | $																$ 1,600,000
Universal Shelf Registration Statement | Limited Partners | Maximum
Partnership Equity
Aggregate offering price | $										$ 250,000,000
Unit Exchange Program
Partnership Equity
Issuance of units in connection with acquisition | $																			$ 1,604,166
Unit Exchange Program | Limited Partners | Common Units
Increase (decrease) in partners' capital
Unit Exchange Program																			104,968
Partnership Equity
Units authorized (in units)																	5,000,000		5,000,000		5,000,000
Acquired Funds | Private Placement | Limited Partners | Common Units
Partnership Equity
Number of common units exchanged in acquisition											4,112,429
Acquired Funds | Private Placement | Limited Partners | Common Units | Landmark, General Partner and affiliates
Partnership Equity
Number of common units exchanged in acquisition											512,275
3-site acquisition | Unit Exchange Program | Wireless Communication
Partnership Equity
Issuance of units in connection with acquisition | $																	$ 1,600,000		$ 1,600,000
Number of tenant sites acquired (in sites) | site																	3		3
3-site acquisition | Unit Exchange Program | Limited Partners | Common Units
Partnership Equity
Issuance of units in connection with acquisition | $																	$ 1,600,000		$ 1,600,000
Number of common units exchanged in acquisition																	104,968		104,968
3-site acquisition | Unit Exchange Program | Limited Partners | Common Units | Wireless Communication
Partnership Equity
Number of common units exchanged in acquisition																	104,968		104,968

Net Income (Loss) Per Limited51

Net Income (Loss) Per Limited Partner Unit (Undistributed net loss) (Details) - USD ($)	Jun. 16, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income (loss) attributable to partners:
Net income (loss) attributable to limited partners - basic		$ 27,773	$ 1,108,616	$ (399,854)	$ (1,783,047)
Net income (loss) per common and subordinated unitholders		(359,508)	1,108,616	(787,135)	(1,783,047)
Undistributed net loss		(5,443,521)	(2,225,552)	(10,824,749)	(7,449,254)
Limited Partners | Preferred Units
Net income (loss) attributable to partners:
Net income (loss) attributable to limited partners - basic				382,222
Less: Distributions declared	$ (448,880)	(382,222)		(382,222)
Limited Partners | Common Units
Net income (loss) attributable to partners:
Net income (loss) attributable to limited partners - basic		(265,479)	952,474	(600,081)	(837,979)
Less: Distributions declared		(4,041,589)	(2,370,122)	(7,960,604)	(3,769,466)
Undistributed net loss		(4,307,068)	(1,417,648)	(8,560,685)	(4,607,445)
Limited Partners | Subordinated Units
Net income (loss) attributable to partners:
Net income (loss) attributable to limited partners - basic		(94,029)	156,142	(187,054)	(945,068)
Less: Distributions declared		(1,042,424)	(964,046)	(2,077,010)	(1,896,741)
Undistributed net loss		(1,136,453)	$ (807,904)	(2,264,064)	$ (2,841,809)
General Partner, Landmark
Net income (loss) attributable to partners:
Net income (loss) attributable to limited partners - basic				5,059
Less: General partner's incentive distribution rights		$ (5,059)		$ (5,059)

Net Income (Loss) Per Limited52

Net Income (Loss) Per Limited Partner Unit (Net income per unit) (Details)	Jun. 16, 2016USD ($)	Apr. 20, 2016USD ($)	Jan. 28, 2016USD ($)	Oct. 22, 2015USD ($)	Jul. 21, 2015USD ($)	Apr. 23, 2015USD ($)	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2016USD ($)item$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares
Net income (loss) attributable to partners:
Undistributed net loss							$ (5,443,521)	$ (2,225,552)	$ (10,824,749)	$ (7,449,254)
Net income (loss) attributable to partners							27,773	1,108,616	(399,854)	(1,783,047)
Limited Partners | Common Units
Net income (loss) attributable to partners:
Distributions declared							4,041,589	2,370,122	7,960,604	3,769,466
Undistributed net loss							(4,307,068)	(1,417,648)	(8,560,685)	(4,607,445)
Net income (loss) attributable to partners							(265,479)	952,474	(600,081)	(837,979)
Net loss attributable to subordinated units							(94,029)		(187,054)
Net income (loss) attributable to limited partners - diluted							$ (359,508)	$ 952,474	$ (787,135)	$ (837,979)
Weighted-average units outstanding
Basic (in shares) | shares							11,914,525	6,090,688	11,872,092	5,401,007
Effect of diluted subordinated units (in shares) | shares							3,135,109		3,135,109
Units – diluted (in shares) | shares							15,049,634	6,090,688	15,007,201	5,401,007
Net income (loss) per limited partner unit
Basic | $ / shares							$ (0.02)	$ 0.16	$ (0.05)	$ (0.16)
Diluted | $ / shares							$ (0.02)	$ 0.16	$ (0.05)	$ (0.16)
Number of common units that will convert from each outstanding subordinated unit | item									1
Number of units converted | shares							3,135,109		3,135,109
Limited Partners | Subordinated Units
Net income (loss) attributable to partners:
Distributions declared							$ 1,042,424	$ 964,046	$ 2,077,010	$ 1,896,741
Undistributed net loss							(1,136,453)	(807,904)	(2,264,064)	(2,841,809)
Net income (loss) attributable to partners							(94,029)	156,142	(187,054)	(945,068)
Net income (loss) attributable to limited partners - diluted							$ (94,029)	$ 156,142	$ (187,054)	$ (945,068)
Weighted-average units outstanding
Basic (in shares) | shares							3,135,109	3,135,109	3,135,109	3,135,109
Units – diluted (in shares) | shares							3,135,109	3,135,109	3,135,109	3,135,109
Net income (loss) per limited partner unit
Basic | $ / shares							$ (0.03)	$ 0.05	$ (0.06)	$ (0.30)
Diluted | $ / shares							$ (0.03)	$ 0.05	$ (0.06)	$ (0.30)
Limited Partners | Common and Subordinated Units
Net income (loss) attributable to partners:
Distributions declared		$ 4,953,601	$ 4,863,655	$ 4,077,232	$ 3,334,168	$ 2,332,038
Limited Partners | Preferred Units
Net income (loss) attributable to partners:
Distributions declared	$ 448,880						$ 382,222		$ 382,222
Net income (loss) attributable to partners									382,222
General Partner, Landmark
Net income (loss) attributable to partners:
Net income (loss) attributable to partners									$ 5,059

Fair Value of Financial Instr53

Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Fair Value of Financial Instruments
Derivative Liabilities	$ 5,587,087	$ 736,231
Carrying Amount
Fair Value of Financial Instruments
Investment in receivables, net	11,970,843	12,135,786
Level 3 inputs | Fair Value
Fair Value of Financial Instruments
Investment in receivables, net	12,025,667	12,400,960
Recurring | Level 2 inputs
Fair Value of Financial Instruments
Derivative Liabilities	5,587,087	736,231
Senior secured revolving credit facility | Carrying Amount
Fair Value of Financial Instruments
Credit facility	106,000,000	233,000,000
Senior secured revolving credit facility | Level 3 inputs | Fair Value
Fair Value of Financial Instruments
Credit facility	106,000,000	$ 233,000,000
Secured Notes | Carrying Amount
Fair Value of Financial Instruments
Secured notes, net	112,641,184
Secured Notes | Level 2 inputs | Fair Value
Fair Value of Financial Instruments
Secured notes, net	$ 112,641,184

Related-Party Transactions (Det

Related-Party Transactions (Details)	Jun. 16, 2016	Nov. 19, 2015USD ($)site	Aug. 18, 2015USD ($)site	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)$ / property$ / yr	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Related-Party Transactions
Due from Landmark and affiliates				$ 1,198,779		$ 1,198,779		$ 2,205,853
Secured Notes Management Agreement
Related-Party Transactions
Management fee (as a percent)	1.50%
Landmark, General Partner and affiliates
Related-Party Transactions
Due from Landmark and affiliates				1,200,000		1,200,000		$ 2,200,000
Landmark, General Partner and affiliates | Capped reimbursement for certain general and administrative expenses
Related-Party Transactions
Quarterly cap						$ 162,500
Percentage of revenue (as a percent)						3.00%
Expiration of quarterly cap, measurement period, minimum revenue						$ 80,000,000
Reimbursement of expenses that exceeded the cap				800,000	$ 500,000	$ 1,600,000	$ 1,200,000
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		$ 25,000
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					$ 75,672		$ 151,752

Segment Information (Details)

Segment Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)segment	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Information
Number of reportable segments | segment			3
Revenue
Rental revenue	$ 7,597,490	$ 6,447,809	$ 15,198,224	$ 12,471,935
Interest income on receivables	249,187	196,966	531,587	404,276
Total revenue	7,846,677	6,644,775	15,729,811	12,876,211
Expenses
Management fees to affiliate		75,672		151,752
Property operating	67,028	10,098	72,055	11,782
General and administrative	1,041,870	661,004	2,144,591	1,644,989
Acquisition-related	262,885	731,665	334,965	1,954,982
Amortization expense	2,239,712	1,717,840	4,244,868	3,256,222
Impairments		514,300		3,276,736
Total expenses	3,611,495	3,710,579	6,796,479	10,296,463
Other income and expenses
Interest expense	(2,367,026)	(2,045,883)	(4,714,516)	(3,932,603)
Unrealized gain (loss) on derivatives	(1,802,739)	412,760	(4,850,856)	(459,737)
Realized gain on sale		9,524	373,779	82,026
Total other income and expenses	(4,169,765)	(1,623,599)	(9,191,593)	(4,310,314)
Net income (loss)	65,417	1,310,597	(258,261)	(1,730,566)
Assets	387,613,220		387,613,220		$ 389,004,990
Operating Segments | Wireless Communication
Revenue
Rental revenue	6,069,496	5,323,369	12,147,180	10,296,362
Interest income on receivables	153,097	196,966	356,442	404,276
Total revenue	6,222,593	5,520,335	12,503,622	10,700,638
Expenses
Management fees to affiliate		57,352		114,997
Property operating	53,159	6,632	58,186	8,316
Acquisition-related	2,250	532,648	2,250	1,435,242
Amortization expense	2,034,016	1,566,619	3,831,595	2,972,244
Impairments		222,224		2,984,659
Total expenses	2,089,425	2,385,475	3,892,031	7,515,458
Other income and expenses
Total other income and expenses		9,524	373,779	9,524
Net income (loss)	4,133,168	3,144,384	8,985,370	3,194,704
Assets	305,718,332		305,718,332		308,997,560
Operating Segments | Outdoor Advertising
Revenue
Rental revenue	1,361,417	1,101,670	2,711,901	2,142,863
Total revenue	1,361,417	1,101,670	2,711,901	2,142,863
Expenses
Management fees to affiliate		18,320		36,755
Property operating	7,681	3,466	7,681	3,466
Acquisition-related		25,261		46,387
Amortization expense	187,230	142,789	376,342	272,238
Impairments		292,076		292,077
Total expenses	194,911	481,912	384,023	650,923
Other income and expenses
Total other income and expenses				72,502
Net income (loss)	1,166,506	619,758	2,327,878	1,564,442
Assets	59,216,532		59,216,532		59,499,264
Operating Segments | Renewable Power Generation
Revenue
Rental revenue	166,577	22,770	339,143	32,710
Interest income on receivables	96,090		175,145
Total revenue	262,667	22,770	514,288	32,710
Expenses
Property operating	6,188		6,188
Amortization expense	18,466	8,432	36,931	11,740
Total expenses	24,654	8,432	43,119	11,740
Other income and expenses
Net income (loss)	238,013	14,338	471,169	20,970
Assets	12,002,644		12,002,644		11,980,027
Corporate
Expenses
General and administrative	1,041,870	661,004	2,144,591	1,644,989
Acquisition-related	260,635	173,756	332,715	473,353
Total expenses	1,302,505	834,760	2,477,306	2,118,342
Other income and expenses
Total other income and expenses	(4,169,765)	(1,633,123)	(9,565,372)	(4,392,340)
Net income (loss)	(5,472,270)	$ (2,467,883)	(12,042,678)	$ (6,510,682)
Assets	$ 10,675,712		$ 10,675,712		$ 8,528,139

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2016USD ($)
Commitments and Contingencies
Real property interest subject to subordination	$ 42.5

Tenant Concentration (Details)

Tenant Concentration (Details) - Tenant Revenue - Concentration	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
T‑Mobile
Tenant Concentration
Percentage of revenue	15.70%	17.50%	15.80%	17.50%
Verizon
Tenant Concentration
Percentage of revenue	11.70%	11.30%	11.50%	11.30%
Sprint
Tenant Concentration
Percentage of revenue	11.90%	13.00%	11.90%	13.30%
AT&T Mobility
Tenant Concentration
Percentage of revenue	13.10%	13.50%	12.80%	13.00%
Crown Castle
Tenant Concentration
Percentage of revenue	11.40%	11.70%	11.30%	11.70%

Supplemental Cash Flow Inform58

Supplemental Cash Flow Information (Details) - USD ($)	Jun. 16, 2016	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Noncash activities
Capital contribution to fund general and administrative expense reimbursement			$ 819,016	$ 481,053
Offering costs in accounts payable and accrued liabilities			667,252
Deferred loan costs included in accounts payable and accrued liabilities			708,257
Cash flows related to interest paid
Cash paid for interest			4,480,874	$ 3,157,996
Limited Partners | Preferred Units
Noncash activities
Distributions payable	$ 448,880	$ 382,222	382,222
Investments in receivables. | Loans Receivable
Noncash activities
Fair value adjustment of investments in receivables			212,359
Unit Exchange Program
Noncash activities
Unit Exchange Program acquisitions			1,604,166
Landmark, General Partner and affiliates
Noncash activities
Purchase price for acquisition of real property interests included in due to Landmark and affiliates			$ 110,497

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions

Aug. 15, 2016$ / shares

Aug. 01, 2016USD ($)site

Jul. 27, 2016$ / shares

Jul. 15, 2016$ / shares

Jun. 16, 2016$ / shares

Apr. 20, 2016$ / shares

Apr. 04, 2016shares

Jan. 28, 2016$ / shares

Oct. 22, 2015$ / shares

Jul. 21, 2015$ / shares

Apr. 23, 2015$ / shares

Aug. 02, 2016USD ($)shares

Jun. 30, 2016$ / shares

Jun. 30, 2015$ / shares

Jun. 30, 2016USD ($)$ / sharesshares

Jun. 30, 2015$ / sharesshares

Limited Partners | Common and Subordinated Units

Subsequent Event

Cash distribution declared per unit (in dollars per share)

$ 0.3300

$ 0.3250

$ 0.3175

$ 0.3075

$ 0.2975

$ 0.3325

$ 0.3075

$ 0.6625

$ 0.6050

Limited Partners | Common and Subordinated Units | Subsequent event

Subsequent Event

Cash distribution declared per unit (in dollars per share)

$ 0.3325

Quarterly distribution declared per unit , on an annualized basis (in dollars per share)

$ 1.33

Limited Partners | Common and Subordinated Units | Forecast | Subsequent event

Subsequent Event

Distribution paid (in dollars per unit)

$ 0.3325

Limited Partners | Common Units

Subsequent Event

Issuance of units, net (in units) | shares

236,117

3,000,000

Limited Partners | Preferred Units

Subsequent Event

Cash distribution declared per unit (in dollars per share)

$ 0.5611

Distribution paid (in dollars per unit)

$ 0.5611

Issuance of units, net (in units) | shares

800,000

800,000

Limited Partners | At The Market Issuance Sales Agreement | Common Units

Subsequent Event

Issuance of units, net (in units) | shares

131,149

Proceeds from issuance of unit, before costs | $

$ 2.1

Limited Partners | At The Market Issuance Sales Agreement | Common Units | Subsequent event

Subsequent Event

Issuance of units, net (in units) | shares

89,053

Proceeds from issuance of unit, before costs | $

$ 1.5

Limited Partners | At The Market Issuance Sales Agreement | Preferred Units | Subsequent event

Subsequent Event

Issuance of units, net (in units) | shares

63,657

Proceeds from issuance of unit, before costs | $

$ 1.6

Acquisition from related party | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Subsequent event

Subsequent Event

Number of tenant sites acquired (in sites) | site

59

Cash consideration | $

$ 24.4

Portion of purchase price funded by borrowings on credit facility | $

$ 18

Acquisition from related party | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Wireless Communication | Subsequent event

Subsequent Event

Number of tenant sites acquired (in sites) | site

37

Acquisition from related party | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Outdoor Advertising | Subsequent event

Subsequent Event

Number of tenant sites acquired (in sites) | site

4

Acquisition from related party | Landmark Infrastructure Holding Company LLC (“HoldCo”) | Renewable Power Generation | Subsequent event

Subsequent Event

Number of tenant sites acquired (in sites) | site

18