Landmark Infrastructure Partners (LMRK) 10-Q 2 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Entity Registrant Name	Landmark Infrastructure Partners LP
Entity Central Index Key	1,615,346
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Common Units
Limited Partners Units		19,784,989
Subordinated Units
Limited Partners Units		3,135,109

CONSOLIDATED AND COMBINED BALAN

CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets
Land	$ 99,343	$ 88,845
Real property interests	578,079	490,030
Total land and real property interests	677,422	578,875
Accumulated amortization of real property interests	(34,548)	(25,967)
Land and net real property interests	642,874	552,908
Investments in receivables, net	21,066	17,440
Cash and cash equivalents	13,400	2,711
Restricted cash	1,031	2,851
Rent receivables, net	4,267	2,372
Due from Landmark and affiliates	804	566
Deferred loan costs, net	3,691	2,797
Deferred rent receivable	4,182	1,379
Derivative assets	1,390	1,860
Other intangible assets, net	17,463	15,730
Other assets	1,384	2,446
Total assets	711,552	603,060
Liabilities and equity
Revolving credit facility	333,000	224,500
Secured notes, net	111,777	112,435
Accounts payable and accrued liabilities	4,751	4,374
Other intangible liabilities, net	12,865	13,061
Prepaid rent	4,694	3,984
Derivative liabilities	18	376
Total liabilities	467,105	358,730
Commitments and contingencies (Note 14)
Accumulated other comprehensive income (loss)	716	(509)
Total partners' equity	244,344	244,330
Noncontrolling interests	103
Total equity	244,447	244,330
Total liabilities and equity	711,552	603,060
Limited Partners | Preferred Units Series A
Liabilities and equity
Limited partners	33,129	19,393
Total equity	33,129	19,393
Limited Partners | Preferred Units Series B
Liabilities and equity
Limited partners	56,632	44,256
Total equity	56,632	44,256
Limited Partners | Common Units
Liabilities and equity
Limited partners	282,577	294,296
Total equity	282,577	294,296
Limited Partners | Subordinated Units
Liabilities and equity
Limited partners	19,887	22,524
Total equity	19,887	22,524
General Partner
Liabilities and equity
General Partner	(148,597)	(135,630)
Total equity	$ (148,597)	$ (135,630)

CONSOLIDATED AND COMBINED BALA3

CONSOLIDATED AND COMBINED BALANCE SHEETS (Parenthetical) - Limited Partners - shares	Sep. 30, 2017	Dec. 31, 2016
Preferred units
Preferred units issued (in shares)	2,368,927	1,840,000
Preferred units outstanding (in shares)	2,368,927	1,840,000
Preferred Units Series A
Preferred units
Preferred units issued (in shares)	1,426,461	863,957
Preferred units outstanding (in shares)	1,426,461	863,957
Common Units
Common and subordinated units
Units issued (in shares)	19,749,563	19,450,555
Units outstanding (in shares)	19,749,563	19,450,555
Subordinated Units
Common and subordinated units
Units issued (in shares)	3,135,109	3,135,109
Units outstanding (in shares)	3,135,109	3,135,109

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016		Sep. 30, 2017	Sep. 30, 2016
Revenue
Rental revenue		$ 13,499	$ 10,052	[1]	$ 38,143	$ 29,557	[1]
Expenses
Management fees to affiliate	[1]		50			196
Property operating		86	23	[1]	247	97	[1]
General and administrative		1,422	632	[1]	4,267	2,777	[1]
Acquisition-related		255	987	[1]	1,007	1,414	[1]
Amortization		3,458	2,869	[1]	9,826	8,175	[1]
Impairments			1,235	[1]	848	1,235	[1]
Total expenses		5,221	5,796	[1]	16,195	13,894	[1]
Other income and expenses
Interest and other income		430	350	[1]	1,168	909	[1]
Interest expense		(4,777)	(3,663)	[1]	(12,931)	(10,282)	[1]
Loss on early extinguishment of debt	[1]		(1,703)			(1,703)
Realized loss on derivatives	[1]		(99)			(99)
Unrealized gain (loss) on derivatives		(61)	1,231	[1]	(111)	(3,736)	[1]
Gain on sale of real property interests	[1]					374
Total other income and expenses		(4,408)	(3,884)	[1]	(11,874)	(14,537)	[1]
Income before income tax expense		3,870	372	[1]	10,074	1,126	[1]
Income tax expense		72			72
Net income		3,798	372	[1]	10,002	1,126	[1]
Less: Pre-acquisition net income (loss) from Drop-down Assets	[1]		(1,102)			52
Less: Net income attributable to noncontrolling interest		4			11
Net income attributable to limited partners		3,794	1,474	[1]	9,991	1,074	[1]
Less: Distributions declared to preferred unitholders		(1,818)	(951)	[1]	(4,672)	(1,334)	[1]
Less: General partner's incentive distribution rights		(109)	(27)	[1]	(295)	(32)	[1]
Net income (loss) attributable to common and subordinated unitholders		$ 1,867	$ 496	[1]	$ 5,024	$ (292)	[1]
Net income (loss) per common and subordinated unit
Common units – basic		$ 0.08	$ 0.06	[1]	$ 0.22	$ 0.02	[1]
Common units – diluted		0.08	0.06	[1]	0.22	(0.02)	[1]
Subordinated units – basic and diluted		$ 0.08	$ (0.10)	[1]	$ 0.22	$ (0.16)	[1]
Weighted average common and subordinated units outstanding
Common units – basic		19,750	13,427	[1]	19,620	12,394	[1]
Common units – diluted		22,885	13,427	[1]	22,755	15,529	[1]
Subordinated units – basic and diluted		3,135	3,135	[1]	3,135	3,135	[1]
Cash distributions declared per common and subordinated unit		$ 0.3575	$ 0.3375	[1]	$ 1.0650	$ 1	[1]
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

CONSOLIDATED AND COMBINED STAT5

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016		Sep. 30, 2017	Sep. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income		$ 3,798	$ 372	[1]	$ 10,002	$ 1,126	[1]
Other comprehensive income:
Foreign currency translation adjustment		705	31	[1]	1,225	29	[1]
Other comprehensive income		705	31	[1]	1,225	29	[1]
Comprehensive income		4,503	403	[1]	11,227	1,155	[1]
Less: Comprehensive income (loss) attributable to Drop-down Assets	[1]		(1,071)			81
Less: Comprehensive income attributable to noncontrolling interest		4			11
Comprehensive income attributable to limited partners		$ 4,499	$ 1,474	[1]	$ 11,216	$ 1,074	[1]
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

CONSOLIDATED AND COMBINED STAT6

CONSOLIDATED AND COMBINED STATEMENTS OF PARTNERS' CAPITAL - USD ($) $ in Thousands		Total		Limited PartnersCommon Units	Limited PartnersSubordinated Units	Limited PartnersPreferred Units Series A	Limited PartnersPreferred Units Series B	General Partner	Accumulated Other Comprehensive Income	Noncontrolling Interest
Balance at Dec. 31, 2015		$ 157,362		$ 179,045	$ 25,942			$ (47,633)	$ 8
Balance (in units) at Dec. 31, 2015				11,820,144	3,135,109
Increase (decrease) in partners' capital
Pre-acquisition net income loss from Drop-down Assets		52	[1]					52
Net investment of Drop-down Assets		(86,894)						(86,894)
Foreign currency translation adjustment		29	[1]						29
Distributions		(16,240)		$ (11,805)	$ (3,096)	$ (809)	$ (525)	(5)
Capital contribution to fund general and administrative expense reimbursement		2,034						2,034
Issuance of Preferred Units, net		63,698				$ 19,442	$ 44,256
Issuance of Units, net (in units)				4,108,000		864,000	1,840,000
Issuance of Common Units, net		72,970		$ 72,970
Unit-based compensation		105		$ 105
Unit-based compensation (in units)				9,840
Net income	[1]	1,126
Net income (loss) attributable to partners		1,074	[1]	$ 223	(515)	$ 809	$ 525	32
Balance at Sep. 30, 2016		194,190		$ 240,538	$ 22,331	$ 19,442	$ 44,256	(132,414)	37
Balance (in units) at Sep. 30, 2016				15,938,248	3,135,109	863,657	1,840,000
Balance at Dec. 31, 2016		244,330		$ 294,296	$ 22,524	$ 19,393	$ 44,256	(135,630)	(509)
Balance (in units) at Dec. 31, 2016				19,450,555	3,135,109	863,957	1,840,000
Increase (decrease) in partners' capital
Net investment of Drop-down Assets		(16,023)						(16,023)
Foreign currency translation adjustment		1,225							1,225
Distributions		(29,023)		$ (20,761)	$ (3,315)	$ (1,660)	$ (3,012)	(264)		$ (11)
Capital contribution to fund general and administrative expense reimbursement		3,025						3,025
Issuance of Preferred Units, net		26,112				$ 13,736	$ 12,376
Issuance of Units, net (in units)				292,000		563,000	529,000
Issuance of Common Units, net		4,591		$ 4,591
Issuance of non-controlling interests, net		103								103
Unit-based compensation		105		$ 105
Unit-based compensation (in units)				6,798
Net income		10,002		$ 4,346	678	$ 1,660	$ 3,012	295		11
Net income (loss) attributable to partners		9,991
Balance at Sep. 30, 2017		$ 244,447		$ 282,577	$ 19,887	$ 33,129	$ 56,632	$ (148,597)	$ 716	$ 103
Balance (in units) at Sep. 30, 2017				19,749,563	3,135,109	1,426,461	2,368,927
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

CONSOLIDATED AND COMBINED STAT7

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016
Operating activities
Net income		$ 10,002	$ 1,126	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Unit-based compensation		105	105	[1]
Unrealized loss on derivatives		111	3,736	[1]
Loss on early extinguishment of debt	[1]		1,703
Amortization expense		9,826	8,175	[1]
Amortization of above- and below- market lease		(964)	(1,023)	[1]
Amortization of deferred loan costs		1,515	1,256	[1]
Amortization of discount on secured notes		3
Receivables interest accretion		(7)	(30)	[1]
Impairments		848	1,235	[1]
Gain on sale of real property interests	[1]		(374)
Allowance for doubtful accounts		79	114	[1]
Changes in operating assets and liabilities:
Rent receivables, net		(1,981)	5	[1]
Accounts payable and accrued liabilities		48	(292)	[1]
Deferred rent receivables		(304)	(259)	[1]
Prepaid rent		697	273	[1]
Due from Landmark and affiliates		319	1,507	[1]
Other assets		1,191	316	[1]
Net cash provided by operating activities		21,488	17,573	[1]
Investing activities
Acquisition of land		(9,995)	(6,609)	[1]
Acquisition of real property interests and construction activities		(88,843)	(54,163)	[1]
Proceeds from sales of real property interests	[1]		1,789
Acquisition of receivables		(4,389)	(9,284)	[1]
Repayments of receivables		868	671	[1]
Net cash used in investing activities		(102,359)	(67,596)	[1]
Financing activities
Proceeds from the issuance of Common Units, net	[1]		6,729
Proceeds from the issuance of Preferred Units, net		26,112	64,069	[1]
Proceeds from the issuance of non-controlling interests, net		103
Proceeds from revolving credit facility		108,500	134,300	[1]
Proceeds from the issuance of secured notes	[1]		116,583
Principal payments on revolving credit facility	[1]		(188,300)
Principal payments on secured debt facilities	[1]		(76,235)
Principal payments on secured notes		(1,165)	(291)	[1]
Deferred loan costs		(1,906)	(3,950)	[1]
Changes in restricted cash		1,820	(1,179)	[1]
Capital contribution to fund general and administrative expense reimbursement		2,573	1,619	[1]
Distributions to non-controlling interests		(11)
Consideration received from (paid to) General Partner associated with Drop-down Acquisitions		(16,023)	13,400	[1]
Net cash provided by financing activities		91,403	51,390	[1]
Effect of changes in foreign currency exchange rates on cash and cash equivalents		157	(4)	[1]
Net increase in cash and cash equivalents		10,689	1,363	[1]
Cash and cash equivalents at beginning of the period		2,711	1,984	[1]
Cash and cash equivalents at end of the period		13,400	3,347	[1]
Limited Partners | Preferred Units
Financing activities
Distributions to limited partners		(4,260)	(449)	[1]
Limited Partners | Common and Subordinated Units
Financing activities
Distributions to limited partners		$ (24,340)	$ (14,906)	[1]
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Business

Business	9 Months Ended
	Sep. 30, 2017
Limited Liability Company Or Limited Partnership Business Organization And Operations [Abstract]
Business	1. Business Landmark Infrastructure Partners LP (the “Partnership”) was formed on July 28, 2014 by Landmark Dividend LLC (“Landmark” or “Sponsor”) to own and manage a portfolio of real property interest and infrastructure assets that are leased to companies in the wireless communication, outdoor advertising and renewable power generation industries. In addition, the Partnership owns certain interests in receivables associated with similar assets. The Partnership is a master limited partnership organized in the State of Delaware and has been publicly traded since its initial public offering on November 19, 2014 (the “IPO”). On July 31, 2017, the Partnership completed changes to its’ organizational structure by transferring substantially all of its assets to a wholly owned subsidiary, Landmark Infrastructure Inc., a Delaware corporation (“REIT Subsidiary”), which is intended to qualify as a real estate investment trust (“REIT”), under the Internal Revenue Code of 1986, as amended. References in this report to “Landmark Infrastructure Partners LP,” the “partnership,” “we,” “our,” “us,” or like terms for time periods prior to our IPO, refer to our predecessor for accounting purposes (our “Predecessor”) and for time periods subsequent to the IPO, refer to Landmark Infrastructure Partners LP. Our operations are managed by the board of directors and executive officers of Landmark Infrastructure Partners GP LLC, our general partner (the “General Partner”). As of September 30, 2017, the Sponsor and affiliates own (a) our general partner; (b) 318,053 common units representing limited partnership interest in the Partnership (“Common Units”) and 3,135,109 subordinated units in us; and (c) all of our incentive distribution rights (“IDRs”).

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidated and Combined Financial Statements During the year ended December 31, 2016, the Partnership completed five drop-down acquisitions, respectively, from our Sponsor and affiliates (collectively the “2016 Drop-down Acquisitions” or “2016 Drop-down Assets”). The 2016 Drop-down Acquisitions are deemed to be transactions between entities under common control, which prior to the adoption of ASU No. 2017-01, on April 1, 2017, as described below, required assets and liabilities transferred be reflected at the historical cost of the parent of the entities, with prior periods retroactively adjusted to furnish comparative information. Accordingly, the accompanying financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the 2016 Drop-down Assets prior to the acquisition dates during the periods the assets were under common control. The differences between the cash consideration of each acquisition and the historical cost basis were allocated to the General Partner. In accordance with the adoption of ASU No. 2017-01, drop-down acquisitions no longer meet the definition of a business and do not require to be retroactively adjusted. As such, drop-down acquisitions from the Sponsor and affiliates subsequent to April 1, 2017 are accounted for prospectively as transfers of net assets in the period in which the transfer occurs at the net carrying value. Any differences between the cash consideration and the net carrying value of the transfer of net assets will be allocated to the General Partner. Our results of operations, cash flows, assets and liabilities consist of the consolidated Landmark Infrastructure Partners LP activities and balances with retroactive adjustments of the combined results of operations, cash flows, assets and liabilities of the Drop-down Assets as if the Drop-down Acquisitions occurred on the earliest date during which the Drop-down Assets were under common control. All intercompany transactions and account balances have been eliminated. See further discussion in Note 3, Acquisitions The unaudited interim consolidated and combined financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (the “FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under the Accounting Standards Updates (“ASUs”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. Financial information for the three and nine months ended September 30, 2017 and 2016 included in these Notes to the Consolidated and Combined Financial Statements is derived from our unaudited financial statements. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Operating results for the nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. All references to tenant sites are unaudited. Use of Estimates The preparation of the consolidated and combined financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated and combined financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Recently Issued Accounting Standards Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standard Codification. The Partnership considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are not expected to have a material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash (Topic 230) In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Acquisitions	3. Acquisitions Drop-down Acquisitions During the nine months ended September 30, 2017 and for the year ended December 31, 2016, the Partnership completed three and five drop-down acquisitions, respectively, from our Sponsor and affiliates (collectively referred to as the “Drop-down Acquisitions”). Certain real property interests and financing assets included in the Drop-down Acquisitions completed by the Partnership during 2016 were part of the right of first offer assets acquired from Landmark Dividend Growth Fund-G LLC (“Fund G”). All other Drop-down Acquisitions have been made directly from our Sponsor or from a wholly-owned subsidiary of our Sponsor. The following table presents the Drop-down Acquisitions completed by the Partnership during 2017 and 2016: Number of Tenant Sites Consideration (in millions) Acquisition Date Source Wireless Communication Outdoor Advertising Renewable Power Generation Total Investments in Receivables Borrowings and Available Cash Common Units Total September 28, 2017 Sponsor 39 10 — 49 — $ 33.3 $ — $ 33.3 September 8, 2017 Sponsor (1) — — 1 1 — 1.6 — 1.6 July 28, 2017 Sponsor 30 1 1 32 2 22.0 — 22.0 June 8, 2017 Sponsor (1) 30 9 2 41 — 24.7 — 24.7 April 28, 2017 Sponsor (2) — 1 — 1 — 4.3 — 4.3 April 28, 2017 Fund G (2) — 1 — 1 — 3.8 3.5 7.3 March 31, 2017 Fund G (2) — 1 — 1 — 7.5 — 7.5 2017 Acquisitions 99 23 4 126 2 $ 97.2 $ 3.5 $ 100.7 December 22, 2016 Sponsor 28 5 2 35 2 $ 13.6 $ — $ 13.6 August 30, 2016 Sponsor 28 5 30 63 — 21.1 — 21.1 August 30, 2016 Fund G 214 171 1 386 5 75.6 64.7 140.3 August 1, 2016 Sponsor 37 4 12 53 6 24.4 — 24.4 April 20, 2016 Sponsor 1 — 1 2 1 6.3 — 6.3 2016 Acquisitions 308 185 46 539 14 $ 141.0 $ 64.7 $ 205.7 (1) In connection with the June 8, 2017 Drop-down acquisition from our Sponsor, the Partnership entered into a contractual obligation to acquire one tenant site and related real property interest. On September 8, 2017, the Partnership completed the acquisition for cash consideration of $1.6 million. (2) In connection with the August 30, 2016 Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. The Partnership acquired one of these tenant sites and related real property interests on March 31, 2017 for cash consideration of $7.5 million and the remaining tenant site for $3.8 million on April 28, 2017. Upon completion of the full $11.3 million acquisition, the Partnership issued 221,729 Common Units to Fund G on April 28, 2017. The assets and liabilities acquired from our Sponsor and affiliates are recorded at the historical cost of Landmark, as the Drop-down Acquisitions are deemed to be transactions between entities under common control with the statements of operations, prior to the adoption of ASU No. 2017-01 on April 1, 2017, of the Partnership adjusted retroactively as if the Drop-down Acquisitions completed prior to April 1, 2017 occurred on the earliest date during which the Drop-down Assets were under common control. Our historical financial statements have been retroactively adjusted to reflect the results of operations, financial position, and cash flows of the Drop-down Assets prior to April 1, 2017 as if we owned the assets as of the date acquired by Landmark for all periods presented. The following tables present our results of operations and financial position reflecting the effect of the Drop-down Acquisitions prior to April 1, 2017 on pre-acquisition periods. Consolidated statement of operations for the three months ended September 30, 2016 (in thousands): Landmark Infrastructure Partners LP Pre-Acquisition results of the Acquisitions Prior to September 30, 2016 Landmark Infrastructure Partners LP (As Previously Reported November 3, 2016) Pre-Acquisition results of the Acquisitions Post September 30, 2016 Landmark Infrastructure Partners LP (As Currently Reported) Revenue Rental revenue $ 8,505 $ 1,526 $ 10,031 $ 21 $ 10,052 Expenses Management fees to affiliate — 50 50 — 50 Property operating 23 — 23 — 23 General and administrative 632 — 632 — 632 Acquisition-related 875 112 987 — 987 Amortization 2,475 390 2,865 4 2,869 Impairments 1,235 — 1,235 — 1,235 Total expenses 5,240 552 5,792 4 5,796 Other income and expenses (1,791 ) (2,093 ) (3,884 ) — (3,884 ) Net income (loss) 1,474 (1,119 ) 355 17 372 Other comprehensive income — — — 31 31 Comprehensive income (loss) $ 1,474 $ (1,119 ) $ 355 $ 48 $ 403 Consolidated statement of operations for the nine months ended September 30, 2016 (in thousands): Landmark Infrastructure Partners LP Pre-Acquisition results of the Acquisitions Prior to September 30, 2016 Landmark Infrastructure Partners LP (As Previously Reported November 3, 2016) Pre-Acquisition results of the Acquisitions Post September 30, 2016 Landmark Infrastructure Partners LP (As Currently Reported) Revenue Rental revenue $ 23,665 $ 5,828 $ 29,493 $ 64 $ 29,557 Expenses Management fees to affiliate — 196 196 — 196 Property operating 95 2 97 — 97 General and administrative 2,777 — 2,777 — 2,777 Acquisition-related 1,210 204 1,414 — 1,414 Amortization 6,716 1,453 8,169 6 8,175 Impairments 1,235 — 1,235 — 1,235 Total expenses 12,033 1,855 13,888 6 13,894 Other income and expenses (10,558 ) (3,979 ) (14,537 ) — (14,537 ) Net income (loss) 1,074 (6 ) 1,068 58 1,126 Other comprehensive income — — — 29 29 Comprehensive income (loss) $ 1,074 $ (6 ) $ 1,068 $ 87 $ 1,155 Consolidated summarized cash flows for the nine months ended September 30, 2016 (in thousands): Landmark Infrastructure Partners LP Pre-Acquisition results of the Acquisitions Prior to September 30, 2016 Landmark Infrastructure Partners LP (As Previously Reported November 3, 2016) Pre-Acquisition results of the Acquisitions Post September 30, 2016 Landmark Infrastructure Partners LP (As Currently Reported) Net cash provided by operating activities $ 15,136 $ 2,374 $ 17,510 $ 63 $ 17,573 Net cash used in investing activities (67,596 ) — (67,596 ) — (67,596 ) Net cash provided by (used in) financing activities 53,827 (2,374 ) 51,453 (63 ) 51,390 The Pre-Acquisition results of the Acquisitions Prior to September 30, 2016 include the retroactive adjustments to reflect the results of operations and cash flows of the Drop-down Acquisitions made during 2016 prior to September 30, 2016 for the periods under common control. The Landmark Infrastructure Partners LP (As Previously Reported November 3, 2016) column refers to periods previously filed within the Partnership’s Form 10-Q as filed on November 3, 2016. The Pre-Acquisition results of the Acquisitions Post September 30, 2016 include the retroactive adjustments to reflect the results of operations and cash flows of the Drop-down Acquisitions made during 2016 post September 30, 2016 for the periods under common control. The June 8, 2017, July 28, 2017 and September 28, 2017 drop-down acquisitions are a transfer of net assets between entities under common control as the acquisitions do not meet the definition of a business in accordance with ASU No. 2017-01. The transfer of net assets is accounted for prospectively in the period in which the transfer occurs at the net carrying value, and prior periods will not be retroactively adjusted. Any differences between the cash consideration and the net carrying value of the transfer of net assets will be allocated to the General Partner. Third Party Acquisitions During the nine months ended September 30, 2017 and the year ended December 31, 2016, the Partnership completed several direct third-party acquisitions. Third-party acquisitions include acquisitions in exchange for Common Units pursuant to our previously filed and effective registration statement on Form S-4, in which we may offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities (the “Unit Exchange Program” or “UEP”). The following table presents direct third-party acquisitions completed by the Partnership during the nine months ended September 30, 2017 and the year ended December 31, 2016: No. of Tenant Sites Consideration (in millions) Acquisition Description Wireless Communication Outdoor Advertising Renewable Power Generation Total Investments in Receivables Borrowings and Available Cash Common Units Total First Quarter International 3 4 — 7 — $ 3.6 $ — $ 3.6 UEP 1 — — 1 — — 0.1 0.1 Domestic 5 3 — 8 — 1.2 — 1.2 Total 9 7 — 16 — $ 4.8 $ 0.1 $ 4.9 Second Quarter International 2 4 — 6 1 $ 9.0 $ — $ 9.0 UEP 3 1 — 4 — — 1.0 1.0 Domestic 1 — — 1 — 0.5 — 0.5 Total 6 5 — 11 1 $ 9.5 $ 1.0 $ 10.5 Third Quarter International — 2 — 2 — $ 4.1 $ — $ 4.1 Domestic 3 — — 3 — 0.8 — 0.8 Total 3 2 — 5 — $ 4.9 $ — $ 4.9 2017 Total 18 14 — 32 1 19.2 1.1 20.3 Second Quarter International 2 — — 2 — $ 0.1 $ — $ 0.1 UEP 3 — — 3 — — 1.6 1.6 Total 5 — — 5 — $ 0.1 $ 1.6 $ 1.7 Third Quarter International 4 1 — 5 — $ 4.4 $ — $ 4.4 UEP 1 — — 1 — — 0.1 0.1 Total 5 1 — 6 — $ 4.4 $ 0.1 $ 4.5 Fourth Quarter International 6 5 — 11 — $ 2.0 $ — $ 2.0 UEP 1 1 — 2 — — 0.9 0.9 Domestic 8 2 6 16 — 76.6 — 76.6 Total 15 8 6 29 — $ 78.6 $ 0.9 $ 79.5 2016 Total 25 9 6 40 — $ 83.1 $ 2.6 $ 85.7

Real Property Interests

Real Property Interests	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Real Property Interests	4. Real Property Interests The following table summarizes the Partnership’s real property interests: September 30, 2017 December 31, 2016 Land $ 99,343 $ 88,845 Real property interests – perpetual 116,358 99,911 Real property interests – finite life 459,477 390,119 Real property interests – construction in progress 2,244 — Total land and real property interests 677,422 578,875 Accumulated amortization of real property interests (34,548 ) (25,967 ) Land and net real property interests $ 642,874 $ 552,908 On March 22, 2016, the Partnership completed a sale of one wireless communication site to a third party in exchange for cash consideration of $0.8 million. We recognized a gain on sale of real property interest of $0.4 million upon completion of the sale. On March 30, 2016, the Partnership completed a sale of 12 wireless communication sites to Landmark, in exchange for cash consideration of $2.0 million. The assets were originally acquired by Landmark and sold to the Partnership during the July 21, 2015 and September 21, 2015 acquisitions. Landmark repurchased the pool of assets at the same purchase price sold to the Partnership. As the transaction is between entities under common control, the difference between the cash consideration and the net book value of the assets is allocated to the General Partner and no gain or loss is recognized. During the nine months ended September 30, 2017 and the year ended December 31, 2016, the Partnership paid total consideration of $100.7 million and $205.7 million, respectively, for Drop-down Acquisitions. The Drop-down Acquisitions are deemed to be transactions between entities under common control. Drop-down Acquisitions prior to the adoption of ASU No. 2017-01 on April 1, 2017 required the assets and liabilities to be transferred at the historical cost of the parent of the entities and historical periods retroactively adjusted. During the year ended December 31, 2016 the difference between the total consideration of $205.7 million and the historical cost basis of $141.1 million, respectively, was allocated to the General Partner. For Drop-down Acquisitions after April 1, 2017, t he transfer of net assets is accounted for prospectively in the period in which the transfer occurs at the net carrying value, and prior periods will not be retroactively adjusted. During 2017, the Partnership started to deploy an ecosystem of technologies that provide smart enabled infrastructure (“Flex Grid”) including the Zero Site microgrid solution and digital outdoor advertising kiosks across North America. The Zero Site is a self-contained, neutral-host smart pole designed for wireless carrier and other wireless operator collocation. The Zero Site is designed for macro, mini macro and small cell deployments and will support Internet of Things (IoT), carrier densification needs, private LTE networks and other wireless solutions. As of September 30, 2017, the Partnership incurred $2.2 million of construction in progress related to the deployment of the Flex Grid solution. In December 2016, the Partnership formed a joint venture to acquire real property interests that are leased to companies in the outdoor advertising industry located in Europe. Our venture partner provides acquisition opportunities and asset management services to the consolidated joint venture. As of September 30, 2017, the consolidated joint venture had seven tenant sites and one investment in receivable with total assets of $18.4 million. During the three and nine months ended September 30, 2017 the consolidated joint venture generated rental revenue of $0.3 million and $0.4 million, respectively. The Partnership applies the business combination method to all acquired investments of real property interests for transactions that meet the definition of a business combination. The fair value of the assets acquired and liabilities assumed is typically determined by using Level III valuation methods. The most sensitive assumption is the discount rate used to discount the estimated cash flows from the real estate rights. For purposes of the computation of fair value assigned to the various tangible and intangible assets, the Partnership assigned discount rates ranging between 6% and 20%. The following table summarizes final allocations for acquisitions during the nine months ended September 30, 2017 and the year ended December 31, 2016 of estimated fair values of the assets acquired and liabilities assumed (in thousands). Prior-period financial information, has been retroactively adjusted for transactions between entities under common control prior to April 1, 2017. Investments in real In-place lease Above-market Below-market Period Land property interests intangibles lease intangibles lease intangibles Total 2017 $ 10,126 $ 86,422 $ 2,820 $ 721 $ (1,365 ) $ 98,724 2016 75,959 34,096 4,003 972 (864 ) 114,166 Future estimated aggregate amortization of real property interests for each of the five succeeding fiscal years and thereafter as of September 30, 2017, are as follows (in thousands): 2017 (three months) $ 3,218 2018 12,594 2019 12,239 2020 11,678 2021 11,087 Thereafter 374,113 Total $ 424,929 The weighted average remaining amortization period for non ‑ During the nine months ended September 30, 2017, six of the Partnership’s real property interests were impaired as a result of termination notices received. There was no impairment during the three months ended September 30, 2017. During the three and nine months ended September 30, 2016, eight of the Partnership’s real property interests were impaired as a result of termination notices received. During the nine months ended September 30, 2017, we recognized impairment charges totaling $0.8 million. During the three and nine months ended September 30, 2016 we recognized impairment charges totaling $1.2 million. The carrying value of each real property interest was determined to have a fair value of zero.

Other Intangible Assets and Lia

Other Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2017
Other Intangible Assets And Liabilities [Abstract]
Other Intangible Assets and Liabilities	5. Other Intangible Assets and Liabilities The following table summarizes our identifiable intangible assets, including above/below‑market lease intangibles (in thousands): September 30, 2017 December 31, 2016 Acquired in-place lease Gross amount $ 19,533 $ 16,729 Accumulated amortization (5,690 ) (4,491 ) Net amount $ 13,843 $ 12,238 Acquired above-market leases Gross amount $ 6,249 $ 5,523 Accumulated amortization (2,629 ) (2,031 ) Net amount $ 3,620 $ 3,492 Total other intangible assets, net $ 17,463 $ 15,730 Acquired below-market leases Gross amount $ (20,733 ) $ (19,366 ) Accumulated amortization 7,868 6,305 Total other intangible liabilities, net $ (12,865 ) $ (13,061 ) We recorded net amortization of above ‑ Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of September 30, 2017 follows (in thousands): Acquired in-place leases Acquired above-market Acquired below-market 2017 (three months) $ 422 $ 189 $ (516 ) 2018 1,631 618 (2,046 ) 2019 1,548 497 (1,990 ) 2020 1,472 414 (1,927 ) 2021 1,403 342 (1,786 ) Thereafter 7,367 1,560 (4,600 ) Total $ 13,843 $ 3,620 $ (12,865 )

Investments in Receivables

Investments in Receivables	9 Months Ended
	Sep. 30, 2017
Notes Receivable Net [Abstract]
Investments in Receivables	6. Investments in Receivables As a result of the transfer of investments in receivables from the Predecessor to the Partnership, which met the conditions to be accounted for as a sale in accordance with ASC 860, Transfers and Servicing Interest income recognized on the receivables totaled $0.4 million and $1.2 million for the three and nine months ended September 30, 2017, respectively, and $0.4 million and $0.9 million for the three and nine months ended September 30, 2016, respectively. The following table reflects the activity in investments in receivables (in thousands): September 30, 2017 December 31, 2016 Investments in receivables – beginning $ 17,440 $ 12,136 Acquisitions 4,389 5,934 Fair value adjustment — 239 Repayments (868 ) (905 ) Interest accretion 7 36 Foreign currency translation adjustment 98 — Investments in receivables – ending $ 21,066 $ 17,440 Annual amounts due as of September 30, 2017, are as follows (in thousands): 2017 (three months) $ 737 2018 2,763 2019 2,292 2020 2,285 2021 2,348 Thereafter 30,756 Total $ 41,181 Interest $ 20,115 Principal 21,066 Total $ 41,181

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	7. Debt The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date September 30, 2017 December 31, Revolving credit facility November 19, 2019 $ 333,000 $ 224,500 Series 2016-1 Class A 3.52% June 1, 2021 (1) $ 89,753 $ 90,917 Series 2016-1 Class B 7.02% June 1, 2021 (1) 25,100 25,100 Secured notes 114,853 116,017 Discount on secured notes (13 ) (15 ) Deferred loan costs (3,063 ) (3,567 ) Secured notes, net $ 111,777 $ 112,435 (1) Maturity date reflects anticipated repayment date; final legal maturity is July 15, 2046. Revolving Credit Facility Substantially all of our assets, excluding equity in and assets of unrestricted subsidiaries, are pledged (or secured by mortgages), as collateral under our revolving credit facility. Our revolving credit facility contains various customary covenants and restrictive provisions. Borrowings under the revolving credit facility bear interest at our option at a variable rate per annum equal to either: • a base rate, which will be the highest of (i) the administrative agent’s prime rate in effect on such day, (ii) the federal funds rate in effect on such day plus 0.50%, and (iii) an adjusted one month LIBOR plus 1.0%, in each case, plus an applicable margin of 1.50%; or • an adjusted one-month LIBOR plus an applicable margin of 2.50%. The revolving credit facility requires monthly interest payments and the outstanding debt balance is due upon maturity. On June 1, 2017, we exercised our option to increase the available commitments under our revolving credit facility for an additional $85 million, resulting in aggregate commitments of $367 million under the revolving credit facility. Additionally, as part of the Partnership’s organization structure change on July 31, 2017, the Partnership entered into a Second Amended and Restated Credit Agreement related to its revolving credit facility to add new subsidiaries as borrowers and added certain subsidiaries as guarantors. As of September 30, 2017, there was $34 million of undrawn borrowing capacity, subject to compliance with certain financial covenants. As of September 30, 2017, the Partnership was in compliance with all financial covenants required under the revolving credit facility. Secured Notes On June 16, 2016, the Partnership completed a securitization transaction involving certain tenant sites and related real property interests owned by certain unrestricted special purpose subsidiaries of the Partnership (the “Obligors”), through the issuance of the Series 2016-1 Secured Tenant Site Contract Revenue Notes, Class A and Class B, in an aggregate principal amount of $116.6 million. The net proceeds from the Securitization were used to pay down the revolving credit facility by $112.3 million. The Class B Notes are subordinated in right of payment to the Class A Notes. The secured notes were issued at a discount of $17,292, which will be accreted and recognized to interest expense over the term of the secured notes. The Class A and Class B secured notes bear interest at a fixed note rate per annum of 3.52% and 7.02%, respectively. The secured notes are secured by (1) mortgages and deeds of trust on certain tenant sites and their operating cash flows, (2) a security interest in substantially all of the personal property of the Obligors, and (3) the rights of the Obligors under a management agreement. The Partnership is required to make monthly payments of principal and interest on Class A Notes based on a 30-year amortization period and monthly payments of interest only on Class B Notes, commencing in July 2016. On each payment date, commencing with the payment date occurring in July 2016, available funds will be used to repay the Class A Notes in an amount sufficient to pay the Class A monthly amortization amount. No other payments of principal will be required to be made prior to the anticipated repayment date in June 2021. The Partnership is subject to covenants customary for notes issued in rated securitizations. Among other things, the Obligors are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets. As of September 30, 2017, the Partnership was in compliance with all financial covenants under the secured notes. The secured notes’ annual principal payment amounts due as of September 30, 2017, are as follows (in thousands): 2017 (three months) $ 582 2018 2,913 2019 4,083 2020 5,250 2021 102,025 Total $ 114,853 Interest Expense The Partnership incurred interest expense of $4.8 million and $12.9 million for the three and nine months ended September 30, 2017, respectively, and $3.7 million and $10.3 million for the three and nine months ended September 30, 2016, respectively. At September 30, 2017 and December 31, 2016 we had interest payable of $0.4 million and $0.4 million, respectively. Additionally, the Partnership recorded deferred loan costs amortization, which is included in interest expense, of $0.6 million and $1.5 million for three and nine months ended September 30, 2017, respectively, and $0.5 million and $1.3 million for the three and nine months ended September 30, 2016, respectively. Drop-down Acquisitions Interest expense for the three and nine months ended September 30, 2016 includes retroactive adjustments of $0.5 million and $2.5 million, respectively, associated with the Fund G secured debt facility. Additionally, deferred loan costs amortization, which is included in interest expense, has been retroactively adjusted to include $0.1 million and $0.4 million for the three and nine months ended September 30, 2016, respectively.

Interest Rate Swap Agreements

Interest Rate Swap Agreements	9 Months Ended
	Sep. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swap Agreements	8. Interest Rate Swap Agreements The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements (in thousands, except percentages): Date Notional Fixed Effective Maturity Fair Value Asset (Liability) at Entered Value Rate Date Date September 30, 2017 December 31, 2016 December 24, 2014 $ 70,000 4.02 % 12/24/2014 12/24/2018 $ (18 ) $ (376 ) February 5, 2015 25,000 3.79 4/13/2015 4/13/2019 101 13 August 24, 2015 50,000 4.24 10/1/2015 10/1/2022 328 354 March 23, 2016 50,000 4.17 12/24/2018 12/24/2021 434 720 March 31, 2016 20,000 4.06 12/24/2018 12/24/2021 233 347 March 31, 2016 25,000 4.13 4/13/2019 4/13/2022 268 426 June 12, 2017 50,000 4.56 3/2/2018 9/2/2024 26 — $ 1,372 $ 1,484 During the three and nine months ended September 30, 2017, the Partnership recorded a loss of less than $0.1 million and a loss of $0.1 million, respectively, and for the three and nine months ended September 30, 2016, the Partnership recorded a gain of $1.2 million and a loss of $3.7 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 Fund G’s interest rate swap agreement of $0.2 million and $0.1 million for the three and nine months ended September 30, 2016, respectively. Fund G’s interest rate swap agreement was terminated in connection with the repayment of Fund G’s secured indebtedness. The fair value of the interest rate swap agreements are derived based on Level 2 inputs. To illustrate the effect of movements in the interest rate market, the Partnership performed a market sensitivity analysis on its outstanding interest rate swap agreements. The Partnership applied various basis point spreads to the underlying interest rate curve of the derivative in order to determine the instruments’ change in fair value at September 30, 2017. The following table summarizes the fair values of the interest rate swaps as a result of the analysis performed (in thousands): Effects of Change in Interest Rates Date Entered Maturity Date +50 Basis Points -50 Basis Points +100 Basis Points -100 Basis Points December 24, 2014 12/24/2018 $ 389 $ (430 ) $ 794 $ (844 ) February 5, 2015 4/13/2019 287 (87 ) 472 (277 ) August 24, 2015 10/1/2022 1,478 (853 ) 2,596 (2,068 ) March 23, 2016 12/24/2021 1,127 (277 ) 1,797 (1,011 ) March 31, 2016 12/24/2021 511 (49 ) 778 (342 ) March 31, 2016 4/13/2022 612 (83 ) 943 (449 ) June 12, 2017 9/2/2024 1,486 (1,544 ) 2,916 (3,149 )

Equity

Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Equity	9. Equity The table below summarizes changes in the number of units outstanding for the nine months ended September 30, 2017 and 2016 (in units): Series A Series B Common Subordinated Preferred Preferred Balance as of December 31, 2015 11,820,144 3,135,109 — — Issuance of Common Units 3,592,430 — — — Issuance of Preferred Units — — 800,000 1,840,000 ATM Programs 405,156 — 63,657 — Unit Exchange Program 110,678 — — — Unit-based compensation 9,840 — — — Balance as of September 30, 2016 15,938,248 3,135,109 863,657 1,840,000 Balance as of December 31, 2016 19,450,555 3,135,109 863,957 1,840,000 Issuance of units to Fund G - April 28, 2017 221,729 — — — ATM Programs — — 562,504 528,927 Unit Exchange Program 70,481 — — — Unit-based compensation 6,798 — — — Balance as of September 30, 2017 19,749,563 3,135,109 1,426,461 2,368,927 On December 3, 2015, the Partnership filed a universal shelf registration statement on Form S-3 with the SEC. The shelf registration statement was declared effective by the SEC on December 30, 2015 and permits us to issue and sell common and preferred units, from time to time, representing limited partner interests in us and debt securities up to an aggregate amount of $250.0 million. Additionally, on February 23, 2017, the Partnership filed a universal shelf registration statement on Form S-3 with the SEC. The shelf registration statement was declared effective by the SEC on March 27, 2017 and permits us to issue and sell common and preferred units, from time to time, representing limited partner interests in us and debt securities up to an aggregate amount of $750.0 million. Common Units On February 16, 2016, the Partnership established a Common Unit at-the-market offering program (the “Common Unit ATM Program”) pursuant to which we may sell, from time to time, Common Units having an aggregate offering price of up to $50.0 million pursuant to our previously filed and effective registration statement on Form S-3. The net proceeds from sales under the Common Unit ATM Program will be used for general partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. No Common Units were issued under the Common Unit ATM Program during the nine months ended September 30, 2017. During the nine months ended September 30, 2016, the Partnership issued 405,156 Common Units under the Common Unit ATM Program generating proceeds of approximately $6.9 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 nine months ended September 30, 2017 and 2016, under the Unit Exchange Program, we completed an acquisition of five and four tenant sites in exchange for 70,481 and 110,678 Common Units, valued at approximately $1.1 million and $1.7 million, respectively. On October 19, 2016, the Partnership completed a public offering of 3,450,000 Common Units, which includes the full exercise of the underwriters’ option to purchase 450,000 Common Units, at a price to the public of $16.30 per Common Unit, or $15.53 per Common Unit net of the underwriters’ discount. We received net proceeds of $53.3 million after deducting the underwriters’ discount and offering expenses paid by us of $2.9 million. The net proceeds from the offering were used to repay a portion of the borrowings under our revolving credit facility. In connection with the Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. Upon completion of the acquisitions, the Partnership issued 221,729 Common Units to Fund G on April 28, 2017, as described in Note 3, Acquisitions Subordinated Units Our Partnership Agreement provides that, during the subordination period, the Common Units have the right to receive distributions of available cash from operating surplus each quarter in an amount equal to $0.2875 per Common Unit, which amount is defined in our Partnership Agreement as the minimum quarterly distribution, plus any arrearages in the payment of the minimum quarterly distribution on the Common Units from prior quarters, before any distributions of available cash from operating surplus may be made on the subordinated units. These units are deemed “subordinated” because for a period of time, referred to as the subordination period, the subordinated units are not entitled to receive any distributions until the Common Units have received the minimum quarterly distribution plus any arrearages in the payment of the minimum quarterly distribution on the Common Units from prior quarters. Furthermore, no arrearages will accrue or be payable on the subordinated units. The practical effect of the subordinated units is to increase the likelihood that, during the subordination period, there will be available cash to be distributed on the Common Units. Preferred Units On April 4, 2016, the Partnership completed a public offering of $20.0 million of 8.0% Series A Cumulative Redeemable Perpetual Preferred Units (“Series A Preferred Units”), representing limited partner interests in the Partnership, at a price of $25.00 per unit. We received net proceeds of approximately $18.4 million after deducting underwriters’ discounts and offering expenses paid by us of $1.6 million. We used all net proceeds to repay a portion of the borrowings under our revolving credit facility. Distributions on the Series A Preferred Units are cumulative from the date of original issuance and will be payable quarterly in arrears on the 15th day of January, April, July and October of each year, when, as and if declared by the board of directors of our General Partner. Distributions on the Series A Preferred Units will accumulate at a rate of 8.0% per annum per $25.00 stated liquidation preference per Series A Preferred Unit. In connection with the closing of the Series A Preferred Unit offering, on April 4, 2016, the Partnership executed the Second Amended and Restated Agreement of Limited Partnership of Landmark Infrastructure Partners LP for the purpose of updating the form of Partnership Agreement and defining the preferences, rights, powers and duties of holders of Series A Preferred Units. On June 24, 2016, the Partnership established a Series A Preferred Unit at-the-market offering program (the “Series A Preferred Unit ATM Program”) pursuant to which we may sell, from time to time, Series A Preferred Units having an aggregate offering price of up to $40.0 million pursuant to our previously filed and effective registration statement on Form S-3. The net proceeds from sales under the Series A Preferred Unit ATM Program will be used for general Partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. During the nine months ended September 30, 2017, the Partnership issued 562,504 Series A Preferred Units under our Series A Preferred Unit ATM Program, generating proceeds of approximately $14.1 million before issuance costs. During the nine months ended September 30, 2016, the Partnership issued 63,657 Series A Preferred Units under our Series A Preferred Unit ATM Program, generating proceeds of approximately $1.6 million before issuance costs. On August 8, 2016, the Partnership completed a public offering of $46.0 million of 7.9% Series B Cumulative Redeemable Perpetual Preferred Units, at a price of $25.00 per unit, representing limited partner interests in the Partnership (“Series B Preferred Units” and together with the Series A Preferred Units “Preferred Units”). The Partnership issued 1,840,000 Series B Preferred Units, which included the full exercise of the underwriters’ option to purchase an additional 240,000 Series B Preferred Units. We received net proceeds of approximately $44.3 million after deducting underwriters’ discounts and offering expenses paid by us of $1.5 million. We used all net proceeds to repay a portion of the borrowings under our revolving credit facility. Distributions on the Series B Preferred Units are cumulative from the date of the original issuance and will be payable quarterly in arrears on the 15th day of February, May, August and November of each year, when, as and if declared by the board of directors of our General Partner. Distributions on the Series B Preferred Units will accumulate at a rate of 7.9% per annum per $25.00 stated liquidation preference per Series B Preferred Unit. The Series B Preferred Units will rank on parity to our Series A Preferred Units with respect to distributions and distributions upon a liquidation event. In connection with the closing of the Series B Preferred Unit offering, on August 8, 2016, the Partnership executed the Third Amended and Restated Agreement of Limited Partnership of Landmark Infrastructure Partners LP (the “Partnership Agreement”) for the purpose of updating the form of Partnership Agreement and defining the preferences, rights, powers and duties of holders of Series B Preferred Units. The Preferred Units represent perpetual equity interests in us, and they have no maturity or mandatory redemption date and will remain outstanding indefinitely unless redeemed by the Partnership or converted into Common Units in connection with a change in control, as described in the Partnership Agreement. On March 30, 2017, the Partnership established a Series B Preferred Unit at-the-market offering program (the “Series B Preferred Unit ATM Program” and together with the Series A Preferred Unit ATM Program and Common Unit ATM Program the “ATM Programs”) pursuant to which we may sell, from time to time, Series B Preferred Units having an aggregate offering price of up to $50.0 million pursuant to our previously filed and effective registration statement on Form S-3. The net proceeds from sales under the Series B Preferred Unit ATM Program will be used for general Partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. During the nine months ended September 30, 2017, the Partnership issued 528,927 Series B Preferred Units under our Series B Preferred Unit ATM Program, generating proceeds of approximately $13.3 million before issuance costs. No Series B Preferred Units were issued under our Series B Preferred Unit ATM Program during the nine months ended September 30, 2016. Distributions The table below summarizes the quarterly distributions related to our quarterly financial results: Total Distribution Distribution Quarter Ended Declaration Date Distribution Date Per Unit (in thousands) Common and Subordinated Units March 31, 2016 April 20, 2016 May 13, 2016 $ 0.3300 $ 4,954 June 30, 2016 July 27, 2016 August 15, 2016 0.3325 5,089 September 30, 2016 October 26, 2016 November 15, 2016 0.3375 7,628 December 31, 2016 January 25, 2017 February 15, 2017 0.3500 7,985 March 31, 2017 April 20, 2017 May 15, 2017 0.3525 8,133 June 30, 2017 July 19, 2017 August 14, 2017 0.3550 8,222 September 30, 2017 October 18, 2017 November 14, 2017 0.3575 8,303 Series A Preferred Units June 30, 2016 June 16, 2016 July 15, 2016 $ 0.5611 $ 449 September 30, 2016 September 22, 2016 October 17, 2016 0.5000 432 December 31, 2016 December 16, 2016 January 17, 2017 0.5000 432 March 31, 2017 March 16, 2017 April 17, 2017 0.5000 432 June 30, 2017 June 22, 2017 July 17, 2017 0.5000 555 September 30, 2017 September 21, 2017 October 16, 2017 0.5000 713 Series B Preferred Units September 30, 2016 October 20, 2016 November 15, 2016 $ 0.5322 $ 979 December 31, 2016 January 20, 2017 February 15, 2017 0.4938 909 March 31, 2017 April 20, 2017 May 15, 2017 0.4938 934 June 30, 2017 July 19, 2017 August 15, 2017 0.4938 990 September 30, 2017 October 18, 2017 November 15, 2017 0.4938 1,203

Net Income (Loss) Per Limited P

Net Income (Loss) Per Limited Partner Unit	9 Months Ended
	Sep. 30, 2017
Earnings Per Unit [Abstract]
Net Income (Loss) Per Limited Partner Unit	10. Net Income (Loss) Per Limited Partner Unit Landmark’s subordinated units and the General Partner’s incentive distribution rights meet the definition of a participating security and therefore we are required to compute income per unit using the two-class method under which any excess of distributions declared over net income shall be allocated to the partners based on their respective sharing of income specified in the Partnership Agreement. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income (loss) allocations used in the calculation of net income (loss) per unit. Net income (loss) per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income (loss), after deducting any Preferred Unit distributions and General Partner incentive distributions, by the weighted-average number of outstanding common and subordinated units. Diluted net income (loss) per unit includes the effects of potentially dilutive units on our common and subordinated units. Net income (loss) related to the Drop-down Assets prior to the Partnership’s acquisition dates of each transaction is allocated to the General Partner. The calculation of the undistributed net loss attributable to common and subordinated unitholders for the three and nine months ended September 30, 2017 and 2016 follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income attributable to limited partners $ 3,794 $ 1,474 $ 9,991 $ 1,074 Less: Distributions declared on Preferred Units (1,818 ) (951 ) (4,672 ) (1,334 ) General partner's incentive distribution rights (109 ) (27 ) (295 ) (32 ) Net income (loss) attributable to common and subordinated unitholders 1,867 496 5,024 (292 ) Distributions declared on common units (7,073 ) (6,544 ) (21,024 ) (14,504 ) Distributions declared on subordinated units (1,121 ) (1,058 ) (3,339 ) (3,135 ) Undistributed net loss $ (6,327 ) $ (7,106 ) $ (19,339 ) $ (17,931 ) The calculation of net income (loss) per common and subordinated unit for the three months ended September 30, 2017 and 2016 follows (in thousands, except per unit data): Three Months Ended September 30, 2017 2016 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ 7,073 $ 1,121 $ 6,544 $ 1,058 Undistributed net loss (5,460 ) (867 ) (5,739 ) (1,367 ) Net income (loss) attributable to common and subordinated units - basic 1,613 254 805 (309 ) Net income attributable to subordinated units 254 — — — Net income (loss) attributable to common and subordinated units - diluted $ 1,867 $ 254 $ 805 $ (309 ) Weighted-average units outstanding: Basic 19,750 3,135 13,427 3,135 Effect of diluted subordinated units 3,135 — — — Diluted 22,885 3,135 13,427 3,135 Net income (loss) per common and subordinated unit: Basic $ 0.08 $ 0.08 $ 0.06 $ (0.10 ) Diluted (1) $ 0.08 $ 0.08 $ 0.06 $ (0.10 ) (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 September 30, 2017, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period. The calculation of net income (loss) per common and subordinated unit for the nine months ended September 30, 2017 and 2016 follows (in thousands, except per unit data): Nine Months Ended September 30, 2017 2016 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ 21,024 $ 3,339 $ 14,504 $ 3,135 Undistributed net loss (16,678 ) (2,661 ) (14,281 ) (3,650 ) Net income (loss) attributable to common and subordinated units - basic 4,346 678 223 (515 ) Net income (loss) attributable to subordinated units 678 — (515 ) — Net income (loss) attributable to common and subordinated units - diluted $ 5,024 $ 678 $ (292 ) $ (515 ) Weighted-average units outstanding: Basic 19,620 3,135 12,394 3,135 Effect of diluted subordinated units 3,135 — 3,135 — Diluted 22,755 3,135 15,529 3,135 Net income (loss) per common and subordinated unit: Basic $ 0.22 $ 0.22 $ 0.02 $ (0.16 ) Diluted (1) $ 0.22 $ 0.22 $ (0.02 ) $ (0.16 ) (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 nine months ended September 30, 2017 and 2016, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	11. Fair Value of Financial Instruments The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Partnership’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transaction will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non‑orderly trades. The Partnership evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value: Cash and cash equivalents, rent receivables, net and accounts payable and accrued liabilities : The carrying values of these balances approximate their fair values because of the short‑term nature of these instruments. Revolving credit facility : The fair value of the Partnership’s revolving credit facility is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan‑to‑value ratio, type of collateral and other credit enhancements. Additionally, since a quoted price in an active market is generally not available for the instrument or an identical instrument, the Partnership measures fair value using a valuation technique that is consistent with the principles of fair value measurement which typically considers what management believes is a market participant rate for a similar instrument. The Partnership classifies these inputs as Level 3 inputs. The fair value of the Partnership’s revolving credit facility is considered to approximate the carrying value because the interest payments are based on LIBOR rates that reset every month. The Partnership does not believe its credit risk has changed materially from the date the applicable LIBOR plus 2.50% was set for the revolving credit facility. Secured notes : The Partnership determines fair value of its secured notes utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information. Quotes from brokers require judgment and are based on the brokers’ interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. Investments in receivables : The Partnership’s investments in receivables are presented in the accompanying consolidated and combined balance sheets at their amortized cost net of recorded reserves and not at fair value. The fair values of the receivables were estimated using an internal valuation model that considered the expected cash flow of the receivables and estimated yield requirements by market participants with similar characteristics, including remaining loan term, and credit enhancements. The Partnership classifies these inputs as Level 3 inputs. Interest rate swap agreements : The Partnership’s interest rate swap agreements are presented at fair value on the accompanying consolidated and combined balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable and unobservable inputs. A majority of the inputs are observable with the only unobservable inputs relating to the lack of performance risk on the part of the Partnership or the counter party to the instrument. As such, the Partnership classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market‑based inputs, including the interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risk to the contracts, are incorporated in the fair values to account for potential nonperformance risk. The table below summarizes the carrying amounts and fair values of financial instruments which are not carried at fair value on the face of the financial statements (in thousands): September 30, 2017 December 31, 2016 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 21,066 $ 22,233 $ 17,440 $ 17,550 Revolving credit facility 333,000 333,000 224,500 224,500 Secured notes, net 111,777 112,917 112,435 112,608 Disclosure of the fair values of financial instruments is based on pertinent information available to the Partnership as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Partnership’s estimate of value at a future date could be materially different. As of September 30, 2017 and December 31, 2016, the Partnership measured the following assets and liabilities at fair value on a recurring basis (in thousands): September 30, 2017 December 31, 2016 Derivative Assets (1) $ 1,390 $ 1,860 Derivative Liabilities (1) 18 376 (1) Fair value is calculated using level 2 inputs. Level 2 inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations in which significant inputs and significant value drivers are observable in active markets.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related-Party Transactions	12. Related‑Party Transactions General and Administrative Reimbursement Under our omnibus agreement, we are required to reimburse Landmark for expenses related to certain general and administrative services Landmark provides to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $80.0 million and (ii) November 19, 2019. The full amount of general and administrative expenses incurred will be reflected on our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected on our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in the amount of general and administrative expenses. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for us or on our behalf and expenses allocated to our general partner by its affiliates. For the three and nine months ended September 30, 2017, Landmark reimbursed us $1.0 million and $3.0 million, respectively, for expenses related to certain general and administrative expenses that exceeded the cap, and $0.4 million and $2.0 million during the three and nine months ended September 30, 2016, respectively. Patent License Agreement We entered into a Patent License Agreement (“License Agreement”) with American Infrastructure Funds, LLC (“AIF”), an affiliate of the controlling member of Landmark. Under the License Agreement, AIF granted us a nonexclusive, perpetual license to practice certain patented methods related to the apparatus and method for combining easements under a master limited partnership. We have agreed to pay AIF a license fee of $50,000 for the second year of the License Agreement, and thereafter, an amount equal to the greater of (i) one ‑ Right of First Offer Certain other investment funds managed by Landmark have granted us a right of first offer (“ROFO”) on real property interests that they currently own or acquire in the future before selling or transferring those assets to any third party. During the year ended December 31, 2016, the Partnership completed the following ROFO acquisitions: Common Units Total No. Total No. of Total Total Issued to Acquired of Tenant Investments in Consideration Common Units Landmark Acquisition Date Fund Sites Receivables (in millions) Issued and Affiliates August 30, 2016 Fund G 386 5 $ 140.3 3,592,430 25,220 Various (1) Fund G 2 — 11.3 221,729 221,729 (1) In connection with the Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. The Partnership acquired one of these tenant sites and related real property interests on March 31, 2017 for cash consideration of $7.5 million and the remaining additional tenant site for $3.8 million on April 28, 2017. Upon completion of the full acquisition, the Partnership issued to Fund G on April 28, 2017. See further discussion in Note 3, Acquisitions Management Fee In accordance with the limited liability company agreements for each of the funds, Landmark or its affiliates were paid a management fee ranging from $45 to $75 per asset per month for providing various services to the funds. Upon execution of the omnibus agreement and completion of the closing of the IPO, Landmark’s right to receive this management fee has been terminated and we will instead reimburse Landmark for certain general and administrative expenses incurred by Landmark pursuant to the omnibus agreement, subject to a cap, as described above. For the three and nine months ended September 30, 2016, financial information has been retroactively adjusted to include management fees of $0.1 million and $0.2 million, respectively, incurred by Fund G during the period prior to the acquisition by the Partnership. Secured Tenant Site Assets’ Management Fee In connection with the issuance of the secured notes, the Partnership entered into a management agreement, dated as of June 16, 2016 (the “Secured Notes Management Agreement”), with the General Partner. Pursuant to the Secured Notes Management Agreement, our General Partner will perform those functions reasonably necessary to maintain, manage and administer the Secured Tenant Site Assets for a monthly management fee equal to 1.5% of the Secured Tenant Site Assets’ operating revenue, as defined by the Secured Notes Management Agreement. The Secured Tenant Site Assets’ Management fee to Landmark will be treated as a capital distribution to Landmark. Landmark will reimburse us for the fees paid with the reimbursement treated as a capital contribution. We incurred $4,569 and $13,817 of Secured Tenant Site Assets’ management fees during the three and nine months ended September 30, 2017, respectively, and $4,259 during the three and nine months ended September 30, 2016, respectively. Acquisition of Real Property Interests In connection with third party acquisitions, Landmark will be obligated to provide acquisition services to us, including asset identification, underwriting and due diligence, negotiation, documentation and closing, at the reasonable request of our General Partner, but we are under no obligation to utilize such services. We will pay Landmark reasonable fees, as mutually agreed to by Landmark and us, for providing these services. These fees will not be subject to the cap on general and administrative expenses described above. As of September 30, 2017, no such fees have been incurred. Penteon Partnership On June 13, 2017, the Partnership and its Sponsor entered into a partnership with Penteon Corporation to deploy a nationwide Low Power Wide Area Network (LPWAN) based on the global open standard called LoRaWAN™ and utilizing the real property interests controlled by the Sponsor and the Partnership. As part of the agreement, the Sponsor owns a warrant to purchase up to approximately 25% of Penteon’s preferred stock. As of September 30, 2017, the Partnership has paid $0.2 million to Penteon related to the deployment of LPWAN on its sites. Incentive Distribution Rights Cash distributions will be made to our General Partner in respect of its ownership of all IDRs, which entitle our General Partner to receive increasing percentages, up to a maximum of 50%, of the available cash we distribute from operating surplus (as defined in our Partnership Agreement) in excess of $0.2875 per unit per quarter. Accordingly, based on the cash distribution declared, our General Partner will receive 15% of the cash distribution in excess of our second target distribution as defined in our Partnership agreement for the quarter ended September 30, 2017. Due from Affiliates At September 30, 2017 and December 31, 2016, the General Partner and its affiliates owed $0.8 million and $0.6 million, respectively, to the Partnership primarily for the current quarter general and administrative reimbursement and for rents received on our behalf.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segment Information	13. Segment Information The Partnership had three reportable segments, wireless communication, outdoor advertising and renewable power generation for all periods presented. The Partnership’s wireless communication segment consists of leasing infrastructure and real property interests and providing financing to companies in the wireless communication industry in the United States, Canada, and Australia. The Partnership’s outdoor advertising segment consists of leasing real property interests to companies in the outdoor advertising industry in the United States, Canada, Australia, and the United Kingdom. The Partnership’s renewable power generation segment consists of leasing real property interests and providing financing to companies in the renewable power industry in the United States. Items that are not included in any of the reportable segments are included in the corporate category. The reportable segments are strategic business units that offer different products and services. They are commonly managed as all three businesses require similar marketing and business strategies. Because our tenant lease arrangements are mostly effectively triple-net, we evaluate our segments based on revenue. We believe this measure provides investors relevant and useful information because it is presented on an unlevered basis. The statements of operations for the reportable segments are as follows: For the three months ended September 30, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 8,502 $ 3,134 $ 1,863 $ — $ 13,499 Expenses Property operating 14 49 23 — 86 General and administrative — — — 1,422 1,422 Acquisition-related — — — 255 255 Amortization 2,744 572 142 — 3,458 Total expenses 2,758 621 165 1,677 5,221 Total other income and expenses 175 65 190 (4,838 ) (4,408 ) Income (loss) before income tax expense 5,919 2,578 1,888 (6,515 ) 3,870 Income tax expense — — — 72 72 Net income (loss) $ 5,919 $ 2,578 $ 1,888 $ (6,587 ) $ 3,798 For the three months ended September 30, 2016 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 7,539 $ 2,063 $ 450 $ — $ 10,052 Expenses Management fees to affiliate 28 21 1 — 50 Property operating — 13 10 — 23 General and administrative — — — 632 632 Acquisition-related 115 25 — 847 987 Amortization 2,427 345 97 — 2,869 Impairments 1,130 105 — — 1,235 Total expenses 3,700 509 108 1,479 5,796 Total other income and expenses 177 — 173 (4,234 ) (3,884 ) Net income (loss) $ 4,016 $ 1,554 $ 515 $ (5,713 ) $ 372 For the nine months ended September 30, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 24,705 $ 7,693 $ 5,745 $ — $ 38,143 Expenses Property operating 32 93 122 — 247 General and administrative — — — 4,267 4,267 Acquisition-related 14 174 — 819 1,007 Amortization 8,058 1,352 416 — 9,826 Impairments 645 203 — — 848 Total expenses 8,749 1,822 538 5,086 16,195 Total other income and expenses 545 79 544 (13,042 ) (11,874 ) Income (loss) before income tax expense 16,501 5,950 5,751 (18,128 ) 10,074 Income tax expense — — — 72 72 Net income (loss) $ 16,501 $ 5,950 $ 5,751 $ (18,200 ) $ 10,002 For the nine months ended September 30, 2016 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 22,455 $ 6,113 $ 989 $ — $ 29,557 Expenses Management fees to affiliate 112 83 1 — 196 Property operating 56 25 16 — 97 General and administrative — — — 2,777 2,777 Acquisition-related 202 25 8 1,179 1,414 Amortization 7,024 965 186 — 8,175 Impairments 1,130 105 — — 1,235 Total expenses 8,524 1,203 211 3,956 13,894 Total other income and expenses 921 — 362 (15,820 ) (14,537 ) Net income (loss) $ 14,852 $ 4,910 $ 1,140 $ (19,776 ) $ 1,126 The Partnership’s total assets by segment were (in thousands): September 30, 2017 December 31, 2016 Segments Wireless communication $ 421,856 $ 394,991 Outdoor advertising 156,976 92,660 Renewable power generation 108,512 103,052 Corporate assets 24,208 12,357 Total assets $ 711,552 $ 603,060

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies The Partnership’s commitments and contingencies include customary claims and obligations incurred in the normal course of business. In the opinion of management, these matters will not have a material effect on the Partnership’s combined financial position. There has been consolidation in the wireless communication industry historically that has led to certain lease terminations. The past consolidation in the wireless industry has led to rationalization of wireless networks and reduced demand for tenant sites. We believe the impact of past consolidation is already reflected in our occupancy rates. The impact of any future consolidation in the wireless communication industry and 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 September 30, 2017, the Partnership had a $6.1 million commitment to acquire and deploy the Zero Site microgrid solution across North America, a self-contained neutral-host smart pole designed for wireless carrier and other wireless operator colocation. As of September 30, 2017, the Partnership had approximately $78.5 million of real property interests subject to subordination to lenders of the underlying property. To the extent a lender forecloses on a property the Partnership would take impairment charges for the book value of the asset and no longer be entitled to the revenue associated with the asset. Substantially all of our tenant sites are subject to triple net or effectively triple-net lease arrangements, which require the tenant or the underlying property owner to pay all utilities, property taxes, insurance and repair and maintenance costs. Our overall financial results could be impacted to the extent the owners of the fee interest in the real property or our tenants do not satisfy their obligations.

Tenant Concentration

Tenant Concentration	9 Months Ended
	Sep. 30, 2017
Risks And Uncertainties [Abstract]
Tenant Concentration	15. Tenant Concentration For the three and nine months ended September 30, 2017 and 2016, the Partnership had the following tenant revenue concentrations: Three Months Ended September 30, Nine Months Ended September 30, Tenant 2017 2016 2017 2016 T-Mobile 11.4 % 14.2 % 12.0 % 14.4 % AT&T Mobility 10.6 % 12.8 % 11.2 % 13.3 % Sprint 9.1 % 11.8 % 9.8 % 12.0 % Crown Castle 8.9 % 10.8 % 9.3 % 11.0 % 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	9 Months Ended
	Sep. 30, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	16. Supplemental Cash Flow Information Noncash activities for the nine months ended September 30, 2017 and 2016 were as follows (in thousands): Nine Months Ended September 30, 2017 2016 Capital contribution to fund general and administrative expense reimbursement $ 996 $ 415 Purchase price for acquisitions included in due to Landmark and affiliates 146 179 Unit Exchange Program acquisitions 1,099 1,708 Distributions payable to preferred unitholders 1,212 885 Offering costs included in accounts payable and accrued liabilities — 502 Deferred loan costs included in accounts payable and accrued liabilities — 235 Purchase price for acquisitions included in accounts payable 285 405 Cash flows related to interest paid was as follows (in thousands): Nine Months Ended September 30, 2017 2016 Cash paid for interest $ 11,420 $ 9,239

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events Subsequent to September 30, 2017, the Partnership issued 35,426 Common Units, 38,867 Series A, and 67,466 Series B Preferred Units under our existing ATM Programs, generating proceeds of $0.6 million, $1.0 million, and $1.7 million before issuance costs, respectively.

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidated and Combined Financial Statements	Basis of Presentation and Principles of Consolidated and Combined Financial Statements During the year ended December 31, 2016, the Partnership completed five drop-down acquisitions, respectively, from our Sponsor and affiliates (collectively the “2016 Drop-down Acquisitions” or “2016 Drop-down Assets”). The 2016 Drop-down Acquisitions are deemed to be transactions between entities under common control, which prior to the adoption of ASU No. 2017-01, on April 1, 2017, as described below, required assets and liabilities transferred be reflected at the historical cost of the parent of the entities, with prior periods retroactively adjusted to furnish comparative information. Accordingly, the accompanying financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the 2016 Drop-down Assets prior to the acquisition dates during the periods the assets were under common control. The differences between the cash consideration of each acquisition and the historical cost basis were allocated to the General Partner. In accordance with the adoption of ASU No. 2017-01, drop-down acquisitions no longer meet the definition of a business and do not require to be retroactively adjusted. As such, drop-down acquisitions from the Sponsor and affiliates subsequent to April 1, 2017 are accounted for prospectively as transfers of net assets in the period in which the transfer occurs at the net carrying value. Any differences between the cash consideration and the net carrying value of the transfer of net assets will be allocated to the General Partner. Our results of operations, cash flows, assets and liabilities consist of the consolidated Landmark Infrastructure Partners LP activities and balances with retroactive adjustments of the combined results of operations, cash flows, assets and liabilities of the Drop-down Assets as if the Drop-down Acquisitions occurred on the earliest date during which the Drop-down Assets were under common control. All intercompany transactions and account balances have been eliminated. See further discussion in Note 3, Acquisitions The unaudited interim consolidated and combined financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (the “FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under the Accounting Standards Updates (“ASUs”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. Financial information for the three and nine months ended September 30, 2017 and 2016 included in these Notes to the Consolidated and Combined Financial Statements is derived from our unaudited financial statements. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Operating results for the nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. All references to tenant sites are unaudited.
Use of Estimates	Use of Estimates The preparation of the consolidated and combined financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated and combined financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standard Codification. The Partnership considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are not expected to have a material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash (Topic 230) In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2017
Business Acquisition [Line Items]
Consolidated Statement of Operations	Consolidated statement of operations for the three months ended September 30, 2016 (in thousands): Landmark Infrastructure Partners LP Pre-Acquisition results of the Acquisitions Prior to September 30, 2016 Landmark Infrastructure Partners LP (As Previously Reported November 3, 2016) Pre-Acquisition results of the Acquisitions Post September 30, 2016 Landmark Infrastructure Partners LP (As Currently Reported) Revenue Rental revenue $ 8,505 $ 1,526 $ 10,031 $ 21 $ 10,052 Expenses Management fees to affiliate — 50 50 — 50 Property operating 23 — 23 — 23 General and administrative 632 — 632 — 632 Acquisition-related 875 112 987 — 987 Amortization 2,475 390 2,865 4 2,869 Impairments 1,235 — 1,235 — 1,235 Total expenses 5,240 552 5,792 4 5,796 Other income and expenses (1,791 ) (2,093 ) (3,884 ) — (3,884 ) Net income (loss) 1,474 (1,119 ) 355 17 372 Other comprehensive income — — — 31 31 Comprehensive income (loss) $ 1,474 $ (1,119 ) $ 355 $ 48 $ 403 Consolidated statement of operations for the nine months ended September 30, 2016 (in thousands): Landmark Infrastructure Partners LP Pre-Acquisition results of the Acquisitions Prior to September 30, 2016 Landmark Infrastructure Partners LP (As Previously Reported November 3, 2016) Pre-Acquisition results of the Acquisitions Post September 30, 2016 Landmark Infrastructure Partners LP (As Currently Reported) Revenue Rental revenue $ 23,665 $ 5,828 $ 29,493 $ 64 $ 29,557 Expenses Management fees to affiliate — 196 196 — 196 Property operating 95 2 97 — 97 General and administrative 2,777 — 2,777 — 2,777 Acquisition-related 1,210 204 1,414 — 1,414 Amortization 6,716 1,453 8,169 6 8,175 Impairments 1,235 — 1,235 — 1,235 Total expenses 12,033 1,855 13,888 6 13,894 Other income and expenses (10,558 ) (3,979 ) (14,537 ) — (14,537 ) Net income (loss) 1,074 (6 ) 1,068 58 1,126 Other comprehensive income — — — 29 29 Comprehensive income (loss) $ 1,074 $ (6 ) $ 1,068 $ 87 $ 1,155
Consolidated Cash Flows	Consolidated summarized cash flows for the nine months ended September 30, 2016 (in thousands): Landmark Infrastructure Partners LP Pre-Acquisition results of the Acquisitions Prior to September 30, 2016 Landmark Infrastructure Partners LP (As Previously Reported November 3, 2016) Pre-Acquisition results of the Acquisitions Post September 30, 2016 Landmark Infrastructure Partners LP (As Currently Reported) Net cash provided by operating activities $ 15,136 $ 2,374 $ 17,510 $ 63 $ 17,573 Net cash used in investing activities (67,596 ) — (67,596 ) — (67,596 ) Net cash provided by (used in) financing activities 53,827 (2,374 ) 51,453 (63 ) 51,390
Drop-down Acquisitions
Business Acquisition [Line Items]
Schedule of Acquisitions	Number of Tenant Sites Consideration (in millions) Acquisition Date Source Wireless Communication Outdoor Advertising Renewable Power Generation Total Investments in Receivables Borrowings and Available Cash Common Units Total September 28, 2017 Sponsor 39 10 — 49 — $ 33.3 $ — $ 33.3 September 8, 2017 Sponsor (1) — — 1 1 — 1.6 — 1.6 July 28, 2017 Sponsor 30 1 1 32 2 22.0 — 22.0 June 8, 2017 Sponsor (1) 30 9 2 41 — 24.7 — 24.7 April 28, 2017 Sponsor (2) — 1 — 1 — 4.3 — 4.3 April 28, 2017 Fund G (2) — 1 — 1 — 3.8 3.5 7.3 March 31, 2017 Fund G (2) — 1 — 1 — 7.5 — 7.5 2017 Acquisitions 99 23 4 126 2 $ 97.2 $ 3.5 $ 100.7 December 22, 2016 Sponsor 28 5 2 35 2 $ 13.6 $ — $ 13.6 August 30, 2016 Sponsor 28 5 30 63 — 21.1 — 21.1 August 30, 2016 Fund G 214 171 1 386 5 75.6 64.7 140.3 August 1, 2016 Sponsor 37 4 12 53 6 24.4 — 24.4 April 20, 2016 Sponsor 1 — 1 2 1 6.3 — 6.3 2016 Acquisitions 308 185 46 539 14 $ 141.0 $ 64.7 $ 205.7 (1) In connection with the June 8, 2017 Drop-down acquisition from our Sponsor, the Partnership entered into a contractual obligation to acquire one tenant site and related real property interest. On September 8, 2017, the Partnership completed the acquisition for cash consideration of $1.6 million. (2) In connection with the August 30, 2016 Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. The Partnership acquired one of these tenant sites and related real property interests on March 31, 2017 for cash consideration of $7.5 million and the remaining tenant site for $3.8 million on April 28, 2017. Upon completion of the full $11.3 million acquisition, the Partnership issued 221,729 Common Units to Fund G on April 28, 2017.
Third Party Acquisitions
Business Acquisition [Line Items]
Schedule of Acquisitions	No. of Tenant Sites Consideration (in millions) Acquisition Description Wireless Communication Outdoor Advertising Renewable Power Generation Total Investments in Receivables Borrowings and Available Cash Common Units Total First Quarter International 3 4 — 7 — $ 3.6 $ — $ 3.6 UEP 1 — — 1 — — 0.1 0.1 Domestic 5 3 — 8 — 1.2 — 1.2 Total 9 7 — 16 — $ 4.8 $ 0.1 $ 4.9 Second Quarter International 2 4 — 6 1 $ 9.0 $ — $ 9.0 UEP 3 1 — 4 — — 1.0 1.0 Domestic 1 — — 1 — 0.5 — 0.5 Total 6 5 — 11 1 $ 9.5 $ 1.0 $ 10.5 Third Quarter International — 2 — 2 — $ 4.1 $ — $ 4.1 Domestic 3 — — 3 — 0.8 — 0.8 Total 3 2 — 5 — $ 4.9 $ — $ 4.9 2017 Total 18 14 — 32 1 19.2 1.1 20.3 Second Quarter International 2 — — 2 — $ 0.1 $ — $ 0.1 UEP 3 — — 3 — — 1.6 1.6 Total 5 — — 5 — $ 0.1 $ 1.6 $ 1.7 Third Quarter International 4 1 — 5 — $ 4.4 $ — $ 4.4 UEP 1 — — 1 — — 0.1 0.1 Total 5 1 — 6 — $ 4.4 $ 0.1 $ 4.5 Fourth Quarter International 6 5 — 11 — $ 2.0 $ — $ 2.0 UEP 1 1 — 2 — — 0.9 0.9 Domestic 8 2 6 16 — 76.6 — 76.6 Total 15 8 6 29 — $ 78.6 $ 0.9 $ 79.5 2016 Total 25 9 6 40 — $ 83.1 $ 2.6 $ 85.7

Real Property Interests (Tables

Real Property Interests (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Summary of the Partnership's real property interests	The following table summarizes the Partnership’s real property interests: September 30, 2017 December 31, 2016 Land $ 99,343 $ 88,845 Real property interests – perpetual 116,358 99,911 Real property interests – finite life 459,477 390,119 Real property interests – construction in progress 2,244 — Total land and real property interests 677,422 578,875 Accumulated amortization of real property interests (34,548 ) (25,967 ) Land and net real property interests $ 642,874 $ 552,908
Schedule of allocation of estimated fair values of the assets acquired and liabilities assumed	The following table summarizes final allocations for acquisitions during the nine months ended September 30, 2017 and the year ended December 31, 2016 of estimated fair values of the assets acquired and liabilities assumed (in thousands). Prior-period financial information, has been retroactively adjusted for transactions between entities under common control prior to April 1, 2017. Investments in real In-place lease Above-market Below-market Period Land property interests intangibles lease intangibles lease intangibles Total 2017 $ 10,126 $ 86,422 $ 2,820 $ 721 $ (1,365 ) $ 98,724 2016 75,959 34,096 4,003 972 (864 ) 114,166
Schedule of future estimated amortization of real property interests	Future estimated aggregate amortization of real property interests for each of the five succeeding fiscal years and thereafter as of September 30, 2017, are as follows (in thousands): 2017 (three months) $ 3,218 2018 12,594 2019 12,239 2020 11,678 2021 11,087 Thereafter 374,113 Total $ 424,929

Other Intangible Assets and L28

Other Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2017
Other Intangible Assets And Liabilities [Abstract]
Summary of identifiable intangible assets, including above/below market lease intangibles	The following table summarizes our identifiable intangible assets, including above/below‑market lease intangibles (in thousands): September 30, 2017 December 31, 2016 Acquired in-place lease Gross amount $ 19,533 $ 16,729 Accumulated amortization (5,690 ) (4,491 ) Net amount $ 13,843 $ 12,238 Acquired above-market leases Gross amount $ 6,249 $ 5,523 Accumulated amortization (2,629 ) (2,031 ) Net amount $ 3,620 $ 3,492 Total other intangible assets, net $ 17,463 $ 15,730 Acquired below-market leases Gross amount $ (20,733 ) $ (19,366 ) Accumulated amortization 7,868 6,305 Total other intangible liabilities, net $ (12,865 ) $ (13,061 )
Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter	Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of September 30, 2017 follows (in thousands): Acquired in-place leases Acquired above-market Acquired below-market 2017 (three months) $ 422 $ 189 $ (516 ) 2018 1,631 618 (2,046 ) 2019 1,548 497 (1,990 ) 2020 1,472 414 (1,927 ) 2021 1,403 342 (1,786 ) Thereafter 7,367 1,560 (4,600 ) Total $ 13,843 $ 3,620 $ (12,865 )

Investments in Receivables (Tab

Investments in Receivables (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Receivable Net [Abstract]
Activity in investments in receivables	The following table reflects the activity in investments in receivables (in thousands): September 30, 2017 December 31, 2016 Investments in receivables – beginning $ 17,440 $ 12,136 Acquisitions 4,389 5,934 Fair value adjustment — 239 Repayments (868 ) (905 ) Interest accretion 7 36 Foreign currency translation adjustment 98 — Investments in receivables – ending $ 21,066 $ 17,440
Annual amounts due	Annual amounts due as of September 30, 2017, are as follows (in thousands): 2017 (three months) $ 737 2018 2,763 2019 2,292 2020 2,285 2021 2,348 Thereafter 30,756 Total $ 41,181 Interest $ 20,115 Principal 21,066 Total $ 41,181

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Partnership's debt	The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date September 30, 2017 December 31, Revolving credit facility November 19, 2019 $ 333,000 $ 224,500 Series 2016-1 Class A 3.52% June 1, 2021 (1) $ 89,753 $ 90,917 Series 2016-1 Class B 7.02% June 1, 2021 (1) 25,100 25,100 Secured notes 114,853 116,017 Discount on secured notes (13 ) (15 ) Deferred loan costs (3,063 ) (3,567 ) Secured notes, net $ 111,777 $ 112,435 (1) Maturity date reflects anticipated repayment date; final legal maturity is July 15, 2046.
Schedule of 'secured notes' annual amounts due	The secured notes’ annual principal payment amounts due as of September 30, 2017, are as follows (in thousands): 2017 (three months) $ 582 2018 2,913 2019 4,083 2020 5,250 2021 102,025 Total $ 114,853

Interest Rate Swap Agreements (

Interest Rate Swap Agreements (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Table summarizing terms and fair value of interest rate swaps	The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements (in thousands, except percentages): Date Notional Fixed Effective Maturity Fair Value Asset (Liability) at Entered Value Rate Date Date September 30, 2017 December 31, 2016 December 24, 2014 $ 70,000 4.02 % 12/24/2014 12/24/2018 $ (18 ) $ (376 ) February 5, 2015 25,000 3.79 4/13/2015 4/13/2019 101 13 August 24, 2015 50,000 4.24 10/1/2015 10/1/2022 328 354 March 23, 2016 50,000 4.17 12/24/2018 12/24/2021 434 720 March 31, 2016 20,000 4.06 12/24/2018 12/24/2021 233 347 March 31, 2016 25,000 4.13 4/13/2019 4/13/2022 268 426 June 12, 2017 50,000 4.56 3/2/2018 9/2/2024 26 — $ 1,372 $ 1,484
Table summarizing fair values of sensitivity analysis	The following table summarizes the fair values of the interest rate swaps as a result of the analysis performed (in thousands): Effects of Change in Interest Rates Date Entered Maturity Date +50 Basis Points -50 Basis Points +100 Basis Points -100 Basis Points December 24, 2014 12/24/2018 $ 389 $ (430 ) $ 794 $ (844 ) February 5, 2015 4/13/2019 287 (87 ) 472 (277 ) August 24, 2015 10/1/2022 1,478 (853 ) 2,596 (2,068 ) March 23, 2016 12/24/2021 1,127 (277 ) 1,797 (1,011 ) March 31, 2016 12/24/2021 511 (49 ) 778 (342 ) March 31, 2016 4/13/2022 612 (83 ) 943 (449 ) June 12, 2017 9/2/2024 1,486 (1,544 ) 2,916 (3,149 )

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Schedule of changes in the number of units outstanding	The table below summarizes changes in the number of units outstanding for the nine months ended September 30, 2017 and 2016 (in units): Series A Series B Common Subordinated Preferred Preferred Balance as of December 31, 2015 11,820,144 3,135,109 — — Issuance of Common Units 3,592,430 — — — Issuance of Preferred Units — — 800,000 1,840,000 ATM Programs 405,156 — 63,657 — Unit Exchange Program 110,678 — — — Unit-based compensation 9,840 — — — Balance as of September 30, 2016 15,938,248 3,135,109 863,657 1,840,000 Balance as of December 31, 2016 19,450,555 3,135,109 863,957 1,840,000 Issuance of units to Fund G - April 28, 2017 221,729 — — — ATM Programs — — 562,504 528,927 Unit Exchange Program 70,481 — — — Unit-based compensation 6,798 — — — Balance as of September 30, 2017 19,749,563 3,135,109 1,426,461 2,368,927
Schedule of quarterly distributions related to quarterly financial results	The table below summarizes the quarterly distributions related to our quarterly financial results: Total Distribution Distribution Quarter Ended Declaration Date Distribution Date Per Unit (in thousands) Common and Subordinated Units March 31, 2016 April 20, 2016 May 13, 2016 $ 0.3300 $ 4,954 June 30, 2016 July 27, 2016 August 15, 2016 0.3325 5,089 September 30, 2016 October 26, 2016 November 15, 2016 0.3375 7,628 December 31, 2016 January 25, 2017 February 15, 2017 0.3500 7,985 March 31, 2017 April 20, 2017 May 15, 2017 0.3525 8,133 June 30, 2017 July 19, 2017 August 14, 2017 0.3550 8,222 September 30, 2017 October 18, 2017 November 14, 2017 0.3575 8,303 Series A Preferred Units June 30, 2016 June 16, 2016 July 15, 2016 $ 0.5611 $ 449 September 30, 2016 September 22, 2016 October 17, 2016 0.5000 432 December 31, 2016 December 16, 2016 January 17, 2017 0.5000 432 March 31, 2017 March 16, 2017 April 17, 2017 0.5000 432 June 30, 2017 June 22, 2017 July 17, 2017 0.5000 555 September 30, 2017 September 21, 2017 October 16, 2017 0.5000 713 Series B Preferred Units September 30, 2016 October 20, 2016 November 15, 2016 $ 0.5322 $ 979 December 31, 2016 January 20, 2017 February 15, 2017 0.4938 909 March 31, 2017 April 20, 2017 May 15, 2017 0.4938 934 June 30, 2017 July 19, 2017 August 15, 2017 0.4938 990 September 30, 2017 October 18, 2017 November 15, 2017 0.4938 1,203

Net Income (Loss) Per Limited33

Net Income (Loss) Per Limited Partner Unit (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Unit [Abstract]
Schedule of calculation of undistributed net loss	The calculation of the undistributed net loss attributable to common and subordinated unitholders for the three and nine months ended September 30, 2017 and 2016 follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income attributable to limited partners $ 3,794 $ 1,474 $ 9,991 $ 1,074 Less: Distributions declared on Preferred Units (1,818 ) (951 ) (4,672 ) (1,334 ) General partner's incentive distribution rights (109 ) (27 ) (295 ) (32 ) Net income (loss) attributable to common and subordinated unitholders 1,867 496 5,024 (292 ) Distributions declared on common units (7,073 ) (6,544 ) (21,024 ) (14,504 ) Distributions declared on subordinated units (1,121 ) (1,058 ) (3,339 ) (3,135 ) Undistributed net loss $ (6,327 ) $ (7,106 ) $ (19,339 ) $ (17,931 )
Calculation of net income (loss) per unit	The calculation of net income (loss) per common and subordinated unit for the three months ended September 30, 2017 and 2016 follows (in thousands, except per unit data): Three Months Ended September 30, 2017 2016 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ 7,073 $ 1,121 $ 6,544 $ 1,058 Undistributed net loss (5,460 ) (867 ) (5,739 ) (1,367 ) Net income (loss) attributable to common and subordinated units - basic 1,613 254 805 (309 ) Net income attributable to subordinated units 254 — — — Net income (loss) attributable to common and subordinated units - diluted $ 1,867 $ 254 $ 805 $ (309 ) Weighted-average units outstanding: Basic 19,750 3,135 13,427 3,135 Effect of diluted subordinated units 3,135 — — — Diluted 22,885 3,135 13,427 3,135 Net income (loss) per common and subordinated unit: Basic $ 0.08 $ 0.08 $ 0.06 $ (0.10 ) Diluted (1) $ 0.08 $ 0.08 $ 0.06 $ (0.10 ) (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 September 30, 2017, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period. The calculation of net income (loss) per common and subordinated unit for the nine months ended September 30, 2017 and 2016 follows (in thousands, except per unit data): Nine Months Ended September 30, 2017 2016 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ 21,024 $ 3,339 $ 14,504 $ 3,135 Undistributed net loss (16,678 ) (2,661 ) (14,281 ) (3,650 ) Net income (loss) attributable to common and subordinated units - basic 4,346 678 223 (515 ) Net income (loss) attributable to subordinated units 678 — (515 ) — Net income (loss) attributable to common and subordinated units - diluted $ 5,024 $ 678 $ (292 ) $ (515 ) Weighted-average units outstanding: Basic 19,620 3,135 12,394 3,135 Effect of diluted subordinated units 3,135 — 3,135 — Diluted 22,755 3,135 15,529 3,135 Net income (loss) per common and subordinated unit: Basic $ 0.22 $ 0.22 $ 0.02 $ (0.16 ) Diluted (1) $ 0.22 $ 0.22 $ (0.02 ) $ (0.16 ) (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 nine months ended September 30, 2017 and 2016, includes the full effect of the conversion of Landmark’s subordinated units into 3,135,109 of Common Units at the beginning of the period.

Fair Value of Financial Instr34

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Table summarizing the carrying amounts and fair values of financial instruments which are not carried at fair value	The table below summarizes the carrying amounts and fair values of financial instruments which are not carried at fair value on the face of the financial statements (in thousands): September 30, 2017 December 31, 2016 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 21,066 $ 22,233 $ 17,440 $ 17,550 Revolving credit facility 333,000 333,000 224,500 224,500 Secured notes, net 111,777 112,917 112,435 112,608
Assets and liabilities measured at fair value on a recurring basis	As of September 30, 2017 and December 31, 2016, the Partnership measured the following assets and liabilities at fair value on a recurring basis (in thousands): September 30, 2017 December 31, 2016 Derivative Assets (1) $ 1,390 $ 1,860 Derivative Liabilities (1) 18 376 (1) Fair value is calculated using level 2 inputs. Level 2 inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations in which significant inputs and significant value drivers are observable in active markets.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Schedule of Right of First Offer acquisitions	During the year ended December 31, 2016, the Partnership completed the following ROFO acquisitions: Common Units Total No. Total No. of Total Total Issued to Acquired of Tenant Investments in Consideration Common Units Landmark Acquisition Date Fund Sites Receivables (in millions) Issued and Affiliates August 30, 2016 Fund G 386 5 $ 140.3 3,592,430 25,220 Various (1) Fund G 2 — 11.3 221,729 221,729 (1) In connection with the Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. The Partnership acquired one of these tenant sites and related real property interests on March 31, 2017 for cash consideration of $7.5 million and the remaining additional tenant site for $3.8 million on April 28, 2017. Upon completion of the full acquisition, the Partnership issued to Fund G on April 28, 2017.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Schedule of statement of operations by reportable segment	For the three months ended September 30, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 8,502 $ 3,134 $ 1,863 $ — $ 13,499 Expenses Property operating 14 49 23 — 86 General and administrative — — — 1,422 1,422 Acquisition-related — — — 255 255 Amortization 2,744 572 142 — 3,458 Total expenses 2,758 621 165 1,677 5,221 Total other income and expenses 175 65 190 (4,838 ) (4,408 ) Income (loss) before income tax expense 5,919 2,578 1,888 (6,515 ) 3,870 Income tax expense — — — 72 72 Net income (loss) $ 5,919 $ 2,578 $ 1,888 $ (6,587 ) $ 3,798 For the three months ended September 30, 2016 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 7,539 $ 2,063 $ 450 $ — $ 10,052 Expenses Management fees to affiliate 28 21 1 — 50 Property operating — 13 10 — 23 General and administrative — — — 632 632 Acquisition-related 115 25 — 847 987 Amortization 2,427 345 97 — 2,869 Impairments 1,130 105 — — 1,235 Total expenses 3,700 509 108 1,479 5,796 Total other income and expenses 177 — 173 (4,234 ) (3,884 ) Net income (loss) $ 4,016 $ 1,554 $ 515 $ (5,713 ) $ 372 For the nine months ended September 30, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 24,705 $ 7,693 $ 5,745 $ — $ 38,143 Expenses Property operating 32 93 122 — 247 General and administrative — — — 4,267 4,267 Acquisition-related 14 174 — 819 1,007 Amortization 8,058 1,352 416 — 9,826 Impairments 645 203 — — 848 Total expenses 8,749 1,822 538 5,086 16,195 Total other income and expenses 545 79 544 (13,042 ) (11,874 ) Income (loss) before income tax expense 16,501 5,950 5,751 (18,128 ) 10,074 Income tax expense — — — 72 72 Net income (loss) $ 16,501 $ 5,950 $ 5,751 $ (18,200 ) $ 10,002 For the nine months ended September 30, 2016 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 22,455 $ 6,113 $ 989 $ — $ 29,557 Expenses Management fees to affiliate 112 83 1 — 196 Property operating 56 25 16 — 97 General and administrative — — — 2,777 2,777 Acquisition-related 202 25 8 1,179 1,414 Amortization 7,024 965 186 — 8,175 Impairments 1,130 105 — — 1,235 Total expenses 8,524 1,203 211 3,956 13,894 Total other income and expenses 921 — 362 (15,820 ) (14,537 ) Net income (loss) $ 14,852 $ 4,910 $ 1,140 $ (19,776 ) $ 1,126
Schedule of total assets by reportable segment	The Partnership’s total assets by segment were (in thousands): September 30, 2017 December 31, 2016 Segments Wireless communication $ 421,856 $ 394,991 Outdoor advertising 156,976 92,660 Renewable power generation 108,512 103,052 Corporate assets 24,208 12,357 Total assets $ 711,552 $ 603,060

Tenant Concentration (Tables)

Tenant Concentration (Tables)	9 Months Ended
	Sep. 30, 2017
Risks And Uncertainties [Abstract]
Schedule of tenant revenue concentrations	For the three and nine months ended September 30, 2017 and 2016, the Partnership had the following tenant revenue concentrations: Three Months Ended September 30, Nine Months Ended September 30, Tenant 2017 2016 2017 2016 T-Mobile 11.4 % 14.2 % 12.0 % 14.4 % AT&T Mobility 10.6 % 12.8 % 11.2 % 13.3 % Sprint 9.1 % 11.8 % 9.8 % 12.0 % Crown Castle 8.9 % 10.8 % 9.3 % 11.0 %

Supplemental Cash Flow Inform38

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2017
Supplemental Cash Flow Information [Abstract]
Schedule of noncash activities	Noncash activities for the nine months ended September 30, 2017 and 2016 were as follows (in thousands): Nine Months Ended September 30, 2017 2016 Capital contribution to fund general and administrative expense reimbursement $ 996 $ 415 Purchase price for acquisitions included in due to Landmark and affiliates 146 179 Unit Exchange Program acquisitions 1,099 1,708 Distributions payable to preferred unitholders 1,212 885 Offering costs included in accounts payable and accrued liabilities — 502 Deferred loan costs included in accounts payable and accrued liabilities — 235 Purchase price for acquisitions included in accounts payable 285 405
Schedule of cash flows related to interest paid	Cash flows related to interest paid was as follows (in thousands): Nine Months Ended September 30, 2017 2016 Cash paid for interest $ 11,420 $ 9,239

Business (Details)

Business (Details) - Limited Partners - shares	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Common Units
Partnership Equity
Number of units held (in shares)	19,749,563	19,450,555	15,938,248	11,820,144
Common Units | Landmark Dividend LLC
Partnership Equity
Number of units held (in shares)	318,053
Subordinated Units
Partnership Equity
Number of units held (in shares)	3,135,109	3,135,109	3,135,109	3,135,109
Subordinated Units | Landmark Dividend LLC
Partnership Equity
Number of units held (in shares)	3,135,109

Basis of Presentation and Sum40

Basis of Presentation and Summary of Significant Accounting Policies (Details) - item	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Acquisition from related party | Landmark, General Partner and affiliates | 2016 Drop-down Acquisitions
Number of drop-down acquisitions	3	5

Basis of Presentation and Sum41

Basis of Presentation and Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Restricted cash	$ 1,031	$ 2,851

Acquisitions - Drop-down Acquis

Acquisitions - Drop-down Acquisitions - General Information (Details) - item	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Landmark, General Partner and affiliates | Acquisition from related party | 2016 Drop-down Acquisitions
Acquisitions
Number of drop-down acquisitions	3	5

Acquisitions - Drop-down Acqu43

Acquisitions - Drop-down Acquisitions - Summary of Acquisitions Completed (Details) $ in Millions	Sep. 08, 2017USD ($)	Apr. 28, 2017USD ($)	Sep. 30, 2017USD ($)itemsite	Jun. 30, 2017USD ($)item	Mar. 31, 2017USD ($)site	Dec. 31, 2016USD ($)site	Sep. 30, 2017USD ($)itemsite	Dec. 31, 2016USD ($)itemsite
Acquisitions
Number of tenant sites acquired			32			40
Investments in Receivables | item			1
Consideration
Borrowings and Available Cash | $			$ 19.2			$ 83.1
Common Units Issued to Landmark and Affiliates | $			1.1			2.6
Total | $			$ 20.3			$ 85.7
2-site acquisition
Acquisitions
Number of tenant sites acquired | item				2
Consideration
Total | $				$ 11.3
Wireless Communication
Acquisitions
Number of tenant sites acquired			18			25
Outdoor Advertising
Acquisitions
Number of tenant sites acquired			14			9
Renewable Power Generation
Acquisitions
Number of tenant sites acquired						6
Landmark, General Partner and affiliates | Acquisition from related party | 1-site sponsor one acquisition
Acquisitions
Number of tenant sites acquired							1
Consideration
Borrowings and Available Cash | $							$ 1.6
Total | $							$ 1.6
Landmark, General Partner and affiliates | Acquisition from related party | 49-site acquisition
Acquisitions
Number of tenant sites acquired							49
Consideration
Borrowings and Available Cash | $							$ 33.3
Total | $							$ 33.3
Landmark, General Partner and affiliates | Acquisition from related party | 42-site acquisition
Acquisitions
Number of tenant sites acquired							32
Investments in Receivables | item							2
Consideration
Borrowings and Available Cash | $							$ 22
Total | $							$ 22
Landmark, General Partner and affiliates | Acquisition from related party | 41-site acquisition
Acquisitions
Number of tenant sites acquired							41
Consideration
Borrowings and Available Cash | $							$ 24.7
Total | $							$ 24.7
Landmark, General Partner and affiliates | Acquisition from related party | 1-site sponsor acquisition
Acquisitions
Number of tenant sites acquired							1
Consideration
Borrowings and Available Cash | $							$ 4.3
Total | $							$ 4.3
Landmark, General Partner and affiliates | Acquisition from related party | 1-site fund G acquisition
Acquisitions
Number of tenant sites acquired							1
Consideration
Borrowings and Available Cash | $							$ 3.8
Common Units Issued to Landmark and Affiliates | $							3.5
Total | $							$ 7.3
Landmark, General Partner and affiliates | Acquisition from related party | 1-site acquisition
Acquisitions
Number of tenant sites acquired					1		1
Consideration
Borrowings and Available Cash | $	$ 1.6	$ 3.8			$ 7.5		$ 7.5
Total | $							$ 7.5
Landmark, General Partner and affiliates | Acquisition from related party | 2017 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired							126
Investments in Receivables | item							2
Consideration
Borrowings and Available Cash | $							$ 97.2
Common Units Issued to Landmark and Affiliates | $							3.5
Total | $							100.7
Landmark, General Partner and affiliates | Acquisition from related party | 35-site acquisition
Acquisitions
Number of tenant sites acquired								35
Investments in Receivables | item								2
Consideration
Borrowings and Available Cash | $								$ 13.6
Total | $								$ 13.6
Landmark, General Partner and affiliates | Acquisition from related party | 63-site acquisition
Acquisitions
Number of tenant sites acquired								63
Consideration
Borrowings and Available Cash | $								$ 21.1
Total | $								$ 21.1
Landmark, General Partner and affiliates | Acquisition from related party | 386-site acquisition
Acquisitions
Number of tenant sites acquired								386
Investments in Receivables | item								5
Consideration
Borrowings and Available Cash | $								$ 75.6
Common Units Issued to Landmark and Affiliates | $								64.7
Total | $								$ 140.3
Landmark, General Partner and affiliates | Acquisition from related party | 53-site acquisition
Acquisitions
Number of tenant sites acquired								53
Investments in Receivables | item								6
Consideration
Borrowings and Available Cash | $								$ 24.4
Total | $								$ 24.4
Landmark, General Partner and affiliates | Acquisition from related party | 2-site acquisition
Acquisitions
Number of tenant sites acquired								2
Investments in Receivables | item								1
Consideration
Borrowings and Available Cash | $		$ 11.3						$ 6.3
Total | $								$ 6.3
Landmark, General Partner and affiliates | Acquisition from related party | 2016 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired								539
Investments in Receivables | item								14
Consideration
Borrowings and Available Cash | $								$ 141
Common Units Issued to Landmark and Affiliates | $								64.7
Total | $							$ 100.7	$ 205.7
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 49-site acquisition
Acquisitions
Number of tenant sites acquired							39
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 42-site acquisition
Acquisitions
Number of tenant sites acquired							30
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 41-site acquisition
Acquisitions
Number of tenant sites acquired							30
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 2017 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired							99
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 35-site acquisition
Acquisitions
Number of tenant sites acquired								28
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 63-site acquisition
Acquisitions
Number of tenant sites acquired								28
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 386-site acquisition
Acquisitions
Number of tenant sites acquired								214
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 53-site acquisition
Acquisitions
Number of tenant sites acquired								37
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 2-site acquisition
Acquisitions
Number of tenant sites acquired								1
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 2016 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired								308
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 49-site acquisition
Acquisitions
Number of tenant sites acquired							10
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 42-site acquisition
Acquisitions
Number of tenant sites acquired							1
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 41-site acquisition
Acquisitions
Number of tenant sites acquired							9
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 1-site sponsor acquisition
Acquisitions
Number of tenant sites acquired							1
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 1-site fund G acquisition
Acquisitions
Number of tenant sites acquired							1
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 1-site acquisition
Acquisitions
Number of tenant sites acquired							1
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 2017 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired							23
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 35-site acquisition
Acquisitions
Number of tenant sites acquired								5
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 63-site acquisition
Acquisitions
Number of tenant sites acquired								5
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 386-site acquisition
Acquisitions
Number of tenant sites acquired								171
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 53-site acquisition
Acquisitions
Number of tenant sites acquired								4
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 2016 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired								185
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 1-site sponsor one acquisition
Acquisitions
Number of tenant sites acquired							1
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 42-site acquisition
Acquisitions
Number of tenant sites acquired							1
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 41-site acquisition
Acquisitions
Number of tenant sites acquired							2
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 2017 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired							4
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 35-site acquisition
Acquisitions
Number of tenant sites acquired								2
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 63-site acquisition
Acquisitions
Number of tenant sites acquired								30
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 386-site acquisition
Acquisitions
Number of tenant sites acquired								1
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 53-site acquisition
Acquisitions
Number of tenant sites acquired								12
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 2-site acquisition
Acquisitions
Number of tenant sites acquired								1
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 2016 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired								46

Acquisitions - Drop-down Acqu44

Acquisitions - Drop-down Acquisitions - Summary of Acquisitions Completed - Additional Information (Details) $ in Millions	Sep. 08, 2017USD ($)	Apr. 28, 2017USD ($)shares	Sep. 30, 2017USD ($)site	Jun. 30, 2017itemshares	Mar. 31, 2017USD ($)site	Dec. 31, 2016USD ($)site	Sep. 30, 2017USD ($)siteshares	Dec. 31, 2016USD ($)site	Jun. 08, 2017site	Aug. 30, 2016site
Acquisitions
Cash consideration | $			$ 19.2			$ 83.1
Number of tenant sites acquired | site			32			40
2-site acquisition
Acquisitions
Number of tenant sites acquired | item				2
Common units issued to Fund G | shares				221,729
Landmark, General Partner and affiliates | 2-site acquisition
Acquisitions
Common units issued to Fund G | shares							221,729
Landmark, General Partner and affiliates | Acquisition from related party
Acquisitions
Number of tenant sites obligated to acquire | site										2
Common units issued to Fund G | shares		221,729
Landmark, General Partner and affiliates | Acquisition from related party | 1-site acquisition
Acquisitions
Number of tenant sites obligated to acquire | site									1
Cash consideration | $	$ 1.6	$ 3.8			$ 7.5		$ 7.5
Number of tenant sites acquired | site					1		1
Landmark, General Partner and affiliates | Acquisition from related party | Property Owner
Acquisitions
Cash consideration | $		3.7
Landmark, General Partner and affiliates | Acquisition from related party | 2-site acquisition
Acquisitions
Cash consideration | $		11.3						$ 6.3
Number of tenant sites acquired | site								2
Landmark, General Partner and affiliates | Acquisition from related party | Landmark Acquisition
Acquisitions
Cash consideration | $		$ 0.6

Acquisitions - Drop-down Acqu45

Acquisitions - Drop-down Acquisitions - Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016		Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	[1]
Revenue
Rental revenue	$ 13,499	$ 10,052	[1]	$ 29,557	$ 38,143	$ 29,557
Expenses
Management fees to affiliate		50	[1]	196		196
Property operating	86	23	[1]	97	247	97
General and administrative	1,422	632	[1]	2,777	4,267	2,777
Acquisition-related	255	987	[1]	1,414	1,007	1,414
Amortization	3,458	2,869	[1]	8,175	9,826	8,175
Impairments		1,235	[1]	1,235	848	1,235
Total expenses	5,221	5,796	[1]	13,894	16,195	13,894
Other income and expenses	(4,408)	(3,884)	[1]	(14,537)	(11,874)	(14,537)
Net income	3,798	372	[1]	1,126	10,002	1,126
Other comprehensive income	705	31	[1]	29	1,225	29
Comprehensive income (loss)	$ 4,503	403	[1]	1,155	$ 11,227	$ 1,155
Scenario, Previously Reported
Revenue
Rental revenue		8,505		23,665
Expenses
Property operating		23		95
General and administrative		632		2,777
Acquisition-related		875		1,210
Amortization		2,475		6,716
Impairments		1,235		1,235
Total expenses		5,240		12,033
Other income and expenses		(1,791)		(10,558)
Net income		1,474		1,074
Comprehensive income (loss)		1,474		1,074
Scenario, Previously Reported | As Previously Reported November 3, 2016
Revenue
Rental revenue		10,031		29,493
Expenses
Management fees to affiliate		50		196
Property operating		23		97
General and administrative		632		2,777
Acquisition-related		987		1,414
Amortization		2,865		8,169
Impairments		1,235		1,235
Total expenses		5,792		13,888
Other income and expenses		(3,884)		(14,537)
Net income		355		1,068
Comprehensive income (loss)		355		1,068
Acquisitions Prior to September 30, 2016 | Restatement Adjustment | Landmark, General Partner and affiliates | Acquisition from related party
Revenue
Rental revenue		1,526		5,828
Expenses
Management fees to affiliate		50		196
Property operating				2
Acquisition-related		112		204
Amortization		390		1,453
Total expenses		552		1,855
Other income and expenses		(2,093)		(3,979)
Net income		(1,119)		(6)
Comprehensive income (loss)		(1,119)		(6)
Acquisitions Post September 30, 2016 | Restatement Adjustment | Landmark, General Partner and affiliates | Acquisition from related party
Revenue
Rental revenue		21		64
Expenses
Amortization		4		6
Total expenses		4		6
Net income		17		58
Other comprehensive income		31		29
Comprehensive income (loss)		$ 48		$ 87
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Acquisitions - Drop-down Acqu46

Acquisitions - Drop-down Acquisitions - Consolidated Summarized Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows
Net cash provided by operating activities	$ 21,488	$ 17,573	[1]
Net cash used in investing activities	(102,359)	(67,596)	[1]
Net cash provided by (used in) financing activities	$ 91,403	51,390	[1]
Scenario, Previously Reported
Cash flows
Net cash provided by operating activities		15,136
Net cash used in investing activities		(67,596)
Net cash provided by (used in) financing activities		53,827
Scenario, Previously Reported | As Previously Reported November 3, 2016
Cash flows
Net cash provided by operating activities		17,510
Net cash used in investing activities		(67,596)
Net cash provided by (used in) financing activities		51,453
Acquisitions Prior to September 30, 2016 | Restatement Adjustment | Landmark, General Partner and affiliates | Acquisition from related party
Cash flows
Net cash provided by operating activities		2,374
Net cash provided by (used in) financing activities		(2,374)
Acquisitions Post September 30, 2016 | Restatement Adjustment | Landmark, General Partner and affiliates | Acquisition from related party
Cash flows
Net cash provided by operating activities		63
Net cash provided by (used in) financing activities		$ (63)
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Acquisitions - Third Party Acqu

Acquisitions - Third Party Acquisitions - General Information (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
UEP
Acquisitions
Number of common units in connection with acquisition (in shares)	5,000,000	5,000,000

Acquisitions - Third Party Ac48

Acquisitions - Third Party Acquisitions - Summary of Acquisitions Completed (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2017USD ($)itemsite	Jun. 30, 2017USD ($)itemsite	Mar. 31, 2017USD ($)site	Dec. 31, 2016USD ($)site	Sep. 30, 2016USD ($)site	Jun. 30, 2016USD ($)site	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Acquisitions
Number of tenant sites acquired	32			40
Consideration
Borrowings and Available Cash | $	$ 19,200			$ 83,100
Common Units Issued to Landmark and Affiliates | $	1,100			2,600
Consideration | $	$ 20,300			$ 85,700
Investments in Receivables | item	1
International
Acquisitions
Number of tenant sites acquired	2	6	7	11	5	2
Consideration
Borrowings and Available Cash | $	$ 4,100	$ 9,000	$ 3,600	$ 2,000	$ 4,400	$ 100
Consideration | $	$ 4,100	$ 9,000	$ 3,600	$ 2,000	$ 4,400	$ 100
Investments in Receivables | item		1
Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired		4	1	2	1	3
Consideration
Common Units Issued to Landmark and Affiliates | $		$ 1,000	$ 100	$ 900	$ 100	$ 1,600	$ 1,099	$ 1,708
Consideration | $		$ 1,000	$ 100	$ 900	$ 100	$ 1,600
Domestic
Acquisitions
Number of tenant sites acquired	3	1	8	16
Consideration
Borrowings and Available Cash | $	$ 800	$ 500	$ 1,200	$ 76,600
Consideration | $	$ 800	$ 500	$ 1,200	$ 76,600
2016 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired						5
Consideration
Borrowings and Available Cash | $						$ 100
Common Units Issued to Landmark and Affiliates | $						1,600
Consideration | $						$ 1,700
2017 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired			16
Consideration
Borrowings and Available Cash | $			$ 4,800
Common Units Issued to Landmark and Affiliates | $			100
Consideration | $			$ 4,900
2017 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired		11
Consideration
Borrowings and Available Cash | $		$ 9,500
Common Units Issued to Landmark and Affiliates | $		1,000
Consideration | $		$ 10,500
Investments in Receivables | item		1
2017 Direct Third Party Acquisitions, Third Quarter
Acquisitions
Number of tenant sites acquired	5
Consideration
Borrowings and Available Cash | $	$ 4,900
Consideration | $	$ 4,900
Direct Third Party Acquisitions2016 Third Quarter
Acquisitions
Number of tenant sites acquired					6
Consideration
Borrowings and Available Cash | $					$ 4,400
Common Units Issued to Landmark and Affiliates | $					100
Consideration | $					$ 4,500
Direct Third Party Acquisitions2016 Fourth Quarter
Acquisitions
Number of tenant sites acquired				29
Consideration
Borrowings and Available Cash | $				$ 78,600
Common Units Issued to Landmark and Affiliates | $				900
Consideration | $				$ 79,500
Wireless Communication
Acquisitions
Number of tenant sites acquired	18			25
Wireless Communication | International
Acquisitions
Number of tenant sites acquired		2	3	6	4	2
Wireless Communication | Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired		3	1	1	1	3
Wireless Communication | Domestic
Acquisitions
Number of tenant sites acquired	3	1	5	8
Wireless Communication | 2016 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired						5
Wireless Communication | 2017 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired			9
Wireless Communication | 2017 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired		6
Wireless Communication | 2017 Direct Third Party Acquisitions, Third Quarter
Acquisitions
Number of tenant sites acquired	3
Wireless Communication | Direct Third Party Acquisitions2016 Third Quarter
Acquisitions
Number of tenant sites acquired					5
Wireless Communication | Direct Third Party Acquisitions2016 Fourth Quarter
Acquisitions
Number of tenant sites acquired				15
Outdoor Advertising
Acquisitions
Number of tenant sites acquired	14			9
Outdoor Advertising | International
Acquisitions
Number of tenant sites acquired	2	4	4	5	1
Outdoor Advertising | Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired		1		1
Outdoor Advertising | Domestic
Acquisitions
Number of tenant sites acquired			3	2
Outdoor Advertising | 2017 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired			7
Outdoor Advertising | 2017 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired		5
Outdoor Advertising | 2017 Direct Third Party Acquisitions, Third Quarter
Acquisitions
Number of tenant sites acquired	2
Outdoor Advertising | Direct Third Party Acquisitions2016 Third Quarter
Acquisitions
Number of tenant sites acquired					1
Outdoor Advertising | Direct Third Party Acquisitions2016 Fourth Quarter
Acquisitions
Number of tenant sites acquired				8
Renewable Power Generation
Acquisitions
Number of tenant sites acquired				6
Renewable Power Generation | Domestic
Acquisitions
Number of tenant sites acquired				6
Renewable Power Generation | Direct Third Party Acquisitions2016 Fourth Quarter
Acquisitions
Number of tenant sites acquired				6

Real Property Interests - Summa

Real Property Interests - Summary of Real Property Interests (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 99,343	$ 88,845
Real property interests – perpetual	116,358	99,911
Real property interests – finite life	459,477	390,119
Real property interests – construction in progress	2,244
Total land and real property interests	677,422	578,875
Accumulated amortization of real property interests	(34,548)	(25,967)
Land and net real property interests	$ 642,874	$ 552,908

Real Property Interests - Sale

Real Property Interests - Sale (Details)		Mar. 31, 2016USD ($)site	Mar. 22, 2016USD ($)site	Sep. 30, 2016USD ($)
Real Property Interests
Gain on sale of real property interests	[1]			$ 374,000
One Wireless Communication Site on March 22, 2016 | Sale
Real Property Interests
Number of tenant sites sold | site			1
Cash consideration received			$ 800,000
Gain on sale of real property interests			$ 400,000
12 Wireless Communication Sites March 30, 2016 | Sale | Landmark Dividend LLC | Sale to Related Party
Real Property Interests
Number of tenant sites sold | site		12
Cash consideration received		$ 2,000,000
Gain on sale of real property interests		$ 0
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Real Property Interests - Acqui

Real Property Interests - Acquisitions (Details) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)itemsite	Dec. 31, 2016USD ($)site	Sep. 30, 2017USD ($)itemsite	Dec. 31, 2016USD ($)itemsite
Acquisitions
Consideration	$ 20.3	$ 85.7
Number of tenant sites acquired | site	32	40
Investments in Receivables | item	1
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%
Joint Venture
Acquisitions
Number of tenant sites acquired | site			7
Investments in Receivables | item			1
Total assets in investment receivables	$ 18.4		$ 18.4
Rental revenue generated by consolidated joint venture	0.3		0.4
Flex Grid
Acquisitions
Construction in progress	$ 2.2		2.2
2016 Drop-down Acquisitions | Acquisition from related party | Landmark, General Partner and affiliates
Acquisitions
Consideration			100.7	$ 205.7
Historical cost basis		$ 141.1		$ 141.1
Net carry value			$ 84.8
Number of tenant sites acquired | site				539
Investments in Receivables | item				14

Real Property Interests - Sum52

Real Property Interests - Summary of Allocation of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Below market lease intangibles	$ (20,733)	$ (19,366)
Landmark, General Partner and affiliates | Acquisition from related party
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land	10,126	75,959
Investments in real property interests	86,422	34,096
Below market lease intangibles	(1,365)	(864)
Total	98,724	114,166
Landmark, General Partner and affiliates | Acquisition from related party | Acquired in-place leases
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	2,820	4,003
Landmark, General Partner and affiliates | Acquisition from related party | Acquired above-market leases
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	$ 721	$ 972

Real Property Interests - Futur

Real Property Interests - Future Estimated Aggregate Amortization of Real Property Interests (Details) $ in Thousands	Sep. 30, 2017USD ($)
Future estimated aggregate amortization of real property interests
2017 (three months)	$ 3,218
2,018	12,594
2,019	12,239
2,020	11,678
2,021	11,087
Thereafter	374,113
Total	$ 424,929

Real Property Interests - Weigh

Real Property Interests - Weighted Average Remaining Amortization Period for Non-perpetual Real Property Interests (Details)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Weighted average remaining amortization period for non-perpetual real property interests	49 years

Real Property Interests - Impai

Real Property Interests - Impairment (Details)	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2017USD ($)site	Sep. 30, 2016USD ($)site		Jun. 30, 2016USD ($)	Sep. 30, 2017USD ($)site	Sep. 30, 2016USD ($)site
Impairment
Recognized impairment charge		$ 1,235,000	[1]	$ 1,235,000	$ 848,000	$ 1,235,000	[1]
Impaired Real Property Interest
Impairment
Number of real property interests impaired | site	0	8			6	8
Recognized impairment charge		$ 1,200,000			$ 800,000	$ 1,200,000
Impaired real property interests	$ 0				$ 0
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Other Intangible Assets and L56

Other Intangible Assets and Liabilities - Total Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Other Intangible Assets
Net amount	$ 17,463	$ 15,730
Acquired in-place leases
Other Intangible Assets
Gross amount	19,533	16,729
Accumulated amortization	(5,690)	(4,491)
Net amount	13,843	12,238
Acquired above-market leases
Other Intangible Assets
Gross amount	6,249	5,523
Accumulated amortization	(2,629)	(2,031)
Net amount	$ 3,620	$ 3,492

Other Intangible Assets and L57

Other Intangible Assets and Liabilities - Total Other Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Acquired below-market leases
Below market lease intangibles	$ (20,733)	$ (19,366)
Accumulated amortization	7,868	6,305
Net amount	$ (12,865)	$ (13,061)

Other Intangible Assets and L58

Other Intangible Assets and Liabilities - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Other Intangible Assets And Liabilities [Abstract]
Amortization of above-and below-market leases	$ 300	$ 300	$ 964	$ 1,023	[1]
Amortization expense	$ 400	$ 400	$ 1,200	$ 1,100
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Other Intangible Assets and L59

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Future amortization of lease intangibles
Net amount	$ 17,463	$ 15,730
Acquired in-place leases
Future amortization of lease intangibles
2017 (three months)	422
2,018	1,631
2,019	1,548
2,020	1,472
2,021	1,403
Thereafter	7,367
Net amount	13,843	12,238
Acquired above-market leases
Future amortization of lease intangibles
2017 (three months)	189
2,018	618
2,019	497
2,020	414
2,021	342
Thereafter	1,560
Net amount	$ 3,620	$ 3,492

Other Intangible Assets and L60

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Future amortization of acquired below-market leases
2017 (three months)	$ (516)
2,018	(2,046)
2,019	(1,990)
2,020	(1,927)
2,021	(1,786)
Thereafter	(4,600)
Net amount	$ (12,865)	$ (13,061)

Investments in Receivables - Ge

Investments in Receivables - General Information (Details) - USD ($) $ in Millions	Jul. 21, 2015	Nov. 19, 2014	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Receivables With Imputed Interest [Line Items]
Discount rate		8.75%
Payment collection period, minimum		2 years
Payment collection period, maximum		99 years
Interest income recognized			$ 0.4	$ 0.4	$ 1.2	$ 0.9
Minimum
Receivables With Imputed Interest [Line Items]
Discount rate	7.00%
Maximum
Receivables With Imputed Interest [Line Items]
Discount rate	14.00%

Investments in Receivables - Ac

Investments in Receivables - Activity in Investments in Receivables (Details) - USD ($) $ in Thousands	9 Months Ended			12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016		Dec. 31, 2016
Activity in investments in receivables
Investments in receivables – beginning	$ 17,440	$ 12,136		$ 12,136
Acquisitions	4,389			5,934
Fair value adjustment				239
Repayments	(868)	(671)	[1]	(905)
Interest accretion	7	$ 30	[1]	36
Foreign currency translation adjustment	98
Investments in receivables – ending	$ 21,066			$ 17,440
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Investments in Receivables - An

Investments in Receivables - Annual Amounts Due (Details) $ in Thousands	Sep. 30, 2017USD ($)
Notes Receivable Net [Abstract]
2017 (three months)	$ 737
2,018	2,763
2,019	2,292
2,020	2,285
2,021	2,348
Thereafter	30,756
Total	$ 41,181

Investments in Receivables - 64

Investments in Receivables - Annual Amounts Due - Principal and Interest (Details) $ in Thousands	Sep. 30, 2017USD ($)
Notes Receivable Net [Abstract]
Interest	$ 20,115
Principal	21,066
Total	$ 41,181

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Jun. 16, 2016
Debt
Outstanding Balance, revolving credit facility	$ 333,000,000	$ 224,500,000
Deferred loan costs	(3,691,000)	(2,797,000)
Secured notes, net	$ 111,777,000	112,435,000
Maturity Date	Jul. 15, 2046
Senior secured revolving credit facility
Debt
Outstanding Balance, revolving credit facility	$ 333,000,000	224,500,000
Maturity Date	Nov. 19, 2019
Series 2016-1 Class A 3.52%
Debt
Outstanding Balance, secured debt	$ 89,753,000	90,917,000
Maturity Date	Jun. 1, 2021
Series 2016-1 Class B 7.02%
Debt
Outstanding Balance, secured debt	$ 25,100,000	25,100,000
Maturity Date	Jun. 1, 2021
Secured notes
Debt
Outstanding Balance, secured debt	$ 114,853,000	116,017,000
Discount on secured notes	(13,000)	(15,000)	$ (17,292)
Deferred loan costs	(3,063,000)	(3,567,000)
Secured notes, net	$ 111,777,000	$ 112,435,000

Debt - Summary of Debt - Additi

Debt - Summary of Debt - Additional Information (Details)	9 Months Ended
	Sep. 30, 2017
Debt Instrument [Line Items]
Debt instrument, final legal maturity date	Jul. 15, 2046
Series 2016-1 Class A 3.52%
Debt Instrument [Line Items]
Interest rate (as a percent)	3.52%
Debt instrument, final legal maturity date	Jun. 1, 2021
Series 2016-1 Class B 7.02%
Debt Instrument [Line Items]
Interest rate (as a percent)	7.02%
Debt instrument, final legal maturity date	Jun. 1, 2021

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Senior secured revolving credit facility - USD ($) $ in Millions	Jun. 01, 2017	Sep. 30, 2017
Debt
Additional available commitments	$ 85
Aggregate commitments	$ 367
Undrawn borrowing capacity		$ 34
Base rate - federal funds rate
Debt
Applicable margin (as a percent)		0.50%
Base rate - one month LIBOR
Debt
Applicable margin (as a percent)		1.00%
Base rate
Debt
Applicable margin (as a percent)		1.50%
One month LIBOR
Debt
Applicable margin (as a percent)		2.50%

Debt - Secured Notes (Details)

Debt - Secured Notes (Details) - USD ($)	Jun. 16, 2016	Sep. 30, 2017	Dec. 31, 2016
Secured notes
Debt
Aggregate principal amount	$ 116,600,000
Debt discount	17,292	$ 13,000	$ 15,000
Senior secured revolving credit facility
Debt
Repayment of debt	$ 112,300,000
Series 2016-1 Class A 3.52%
Debt
Interest rate (as a percent)		3.52%
Series 2016-1 Class B 7.02%
Debt
Interest rate (as a percent)		7.02%

Debt - Annual Principal Payment

Debt - Annual Principal Payment Amounts (Details) - Secured notes - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Annual amounts due
2017 (three months)	$ 582
2,018	2,913
2,019	4,083
2,020	5,250
2,021	102,025
Total	$ 114,853	$ 116,017

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016		Dec. 31, 2016
Interest Expense
Debt interest expense	$ 4,800	$ 3,700	$ 12,900	$ 10,300
Interest payable	400		400			$ 400
Deferred loan costs amortization			1,515	1,256	[1]
Interest expense
Interest Expense
Deferred loan costs amortization	$ 600	$ 500	$ 1,500	$ 1,300
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Debt - Drop-down Acquisitions (

Debt - Drop-down Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Debt
Debt interest expense	$ 4,800	$ 3,700	$ 12,900	$ 10,300
Deferred loan costs amortization			$ 1,515	1,256	[1]
Secured debt facility | Landmark Dividend Growth Fund G LLC
Debt
Debt interest expense		500		2,500
Deferred loan costs amortization		$ 100		$ 400
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Interest Rate Swap Agreements -

Interest Rate Swap Agreements - Fair Value of Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Agreement effective date December 24, 2014
Interest Rate Swap Agreements
Notional value	$ 70,000
Fixed Rate	4.02%
Agreement effective date April 13, 2015
Interest Rate Swap Agreements
Notional value	$ 25,000
Fixed Rate	3.79%
Agreement effective date October 1, 2015
Interest Rate Swap Agreements
Notional value	$ 50,000
Fixed Rate	4.24%
Agreement entered into March 23, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Notional value	$ 50,000
Fixed Rate	4.17%
Agreement entered into March 31, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Notional value	$ 20,000
Fixed Rate	4.06%
Agreement entered into March 31, 2016 effective date April 13, 2019
Interest Rate Swap Agreements
Notional value	$ 25,000
Fixed Rate	4.13%
Agreement entered into June 12, 2017 effective date March 02, 2018
Interest Rate Swap Agreements
Notional value	$ 50,000
Fixed Rate	4.56%
Level 2 inputs | Agreement effective date December 24, 2014
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ (18)	$ (376)
Level 2 inputs | Agreement effective date April 13, 2015
Interest Rate Swap Agreements
Fair Value Asset (Liability)	101	13
Level 2 inputs | Agreement effective date October 1, 2015
Interest Rate Swap Agreements
Fair Value Asset (Liability)	328	354
Level 2 inputs | Agreement entered into March 23, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Fair Value Asset (Liability)	434	720
Level 2 inputs | Agreement entered into March 31, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Fair Value Asset (Liability)	233	347
Level 2 inputs | Agreement entered into March 31, 2016 effective date April 13, 2019
Interest Rate Swap Agreements
Fair Value Asset (Liability)	268	426
Level 2 inputs | Agreement entered into June 12, 2017 effective date March 02, 2018
Interest Rate Swap Agreements
Fair Value Asset (Liability)	26
Level 2 inputs | Agreement entered into April 1, 2015 effective date April, 1, 2015
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 1,372	$ 1,484

Interest Rate Swap Agreements73

Interest Rate Swap Agreements - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	[1]	Sep. 30, 2017	Sep. 30, 2016	[1]
Interest Rate Swap Agreements
Unrealized gain (loss) on derivatives	$ (61)	$ 1,231		$ (111)	$ (3,736)
Fund G | Interest Rate Swap Agreement | Restatement Adjustment
Interest Rate Swap Agreements
Unrealized gain (loss) on derivatives	$ 200			100
Maximum
Interest Rate Swap Agreements
Unrealized gain (loss) on derivatives				$ (100)
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Interest Rate Swap Agreements74

Interest Rate Swap Agreements - Sensitivity Analysis (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Interest Rate Swap Agreement | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, assumed increase (decrease) in basis points (as a percent)	0.50%
Interest Rate Swap Agreement | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, assumed increase (decrease) in basis points (as a percent)	(0.50%)
Interest Rate Swap Agreement | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, assumed increase (decrease) in basis points (as a percent)	1.00%
Interest Rate Swap Agreement | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, assumed increase (decrease) in basis points (as a percent)	(1.00%)
Agreement effective date December 24, 2014 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	$ 389
Agreement effective date December 24, 2014 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(430)
Agreement effective date December 24, 2014 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	794
Agreement effective date December 24, 2014 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(844)
Agreement effective date April 13, 2015 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	287
Agreement effective date April 13, 2015 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(87)
Agreement effective date April 13, 2015 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	472
Agreement effective date April 13, 2015 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(277)
Agreement effective date October 1, 2015 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	1,478
Agreement effective date October 1, 2015 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(853)
Agreement effective date October 1, 2015 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	2,596
Agreement effective date October 1, 2015 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(2,068)
Agreement entered into March 23, 2016 effective date December 24, 2018 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	1,127
Agreement entered into March 23, 2016 effective date December 24, 2018 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(277)
Agreement entered into March 23, 2016 effective date December 24, 2018 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	1,797
Agreement entered into March 23, 2016 effective date December 24, 2018 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(1,011)
Agreement entered into March 31, 2016 effective date December 24, 2018 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	511
Agreement entered into March 31, 2016 effective date December 24, 2018 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(49)
Agreement entered into March 31, 2016 effective date December 24, 2018 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	778
Agreement entered into March 31, 2016 effective date December 24, 2018 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(342)
Agreement entered into March 31, 2016 effective date April 13, 2019 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	612
Agreement entered into March 31, 2016 effective date April 13, 2019 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(83)
Agreement entered into March 31, 2016 effective date April 13, 2019 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	943
Agreement entered into March 31, 2016 effective date April 13, 2019 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(449)
Agreement entered into June 12, 2017 effective date March 02, 2018 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	1,486
Agreement entered into June 12, 2017 effective date March 02, 2018 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(1,544)
Agreement entered into June 12, 2017 effective date March 02, 2018 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	2,916
Agreement entered into June 12, 2017 effective date March 02, 2018 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	$ (3,149)

Equity - Changes in Units Outst

Equity - Changes in Units Outstanding (Details) - Limited Partners - shares	Apr. 28, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Common Units
Increase (decrease) in partners' capital
Balance (in units)		19,450,555	11,820,144	11,820,144
Issuance of units, net (in units)			3,592,430
Unit-based compensation (in units)		6,798	9,840
Balance (in units)		19,749,563	15,938,248	19,450,555
Common Units | Landmark, General Partner and affiliates
Increase (decrease) in partners' capital
Common units issued to Fund G	221,729
Common Units | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)			405,156
Common Units | Unit Exchange Program
Increase (decrease) in partners' capital
Issuance of units, net (in units)		70,481	110,678
Subordinated Units
Increase (decrease) in partners' capital
Balance (in units)		3,135,109	3,135,109	3,135,109
Balance (in units)		3,135,109	3,135,109	3,135,109
Preferred Units Series A
Increase (decrease) in partners' capital
Balance (in units)		863,957
Issuance of units, net (in units)			800,000
Balance (in units)		1,426,461	863,657	863,957
Preferred Units Series A | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)		562,504	63,657
Preferred Units Series B
Increase (decrease) in partners' capital
Balance (in units)		1,840,000
Issuance of units, net (in units)			1,840,000
Balance (in units)		2,368,927	1,840,000	1,840,000
Preferred Units Series B | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)		528,927

Equity - General Information (D

Equity - General Information (Details) $ / shares in Units, $ in Thousands

Apr. 28, 2017siteshares

Mar. 30, 2017USD ($)

Mar. 27, 2017USD ($)

Oct. 19, 2016USD ($)$ / sharesshares

Aug. 08, 2016USD ($)$ / sharesshares

Jun. 24, 2016USD ($)

Apr. 04, 2016USD ($)$ / shares

Feb. 16, 2016USD ($)

Dec. 30, 2015USD ($)

Sep. 30, 2017USD ($)site

Mar. 31, 2017site

Dec. 31, 2016USD ($)site

Jun. 30, 2017$ / shares

Sep. 30, 2017USD ($)site$ / sharesshares

Sep. 30, 2016USD ($)siteshares

Jun. 08, 2017site

Aug. 30, 2016site

Mar. 10, 2016shares

Partnership Equity

Aggregate offering price

$ 750,000

Number of tenant sites acquired | site

32

40

Common Units Issued to Landmark and Affiliates

$ 1,100

$ 2,600

Proceeds from the issuance of Preferred Units, net

$ 26,112

$ 64,069

[1]

Proceeds from the issuance of Common Units, net

[1]

$ 6,729

Acquisition from related party | Landmark, General Partner and affiliates

Partnership Equity

Number of common units in connection with acquisition (in shares) | shares

221,729

Number of tenant sites obligated to acquire | site

2

Wireless Communication

Partnership Equity

Number of tenant sites acquired | site

18

25

1-site acquisition | Acquisition from related party | Landmark, General Partner and affiliates

Partnership Equity

Number of tenant sites acquired | site

1

1

Number of tenant sites obligated to acquire | site

1

At The Market Issuance Sales Agreement | Preferred Units

Partnership Equity

Aggregate offering price

$ 40,000

Unit Exchange Program | 1-site acquisition | Wireless Communication

Partnership Equity

Number of tenant sites acquired | site

5

Common Units Issued to Landmark and Affiliates

$ 1,100

Unit Exchange Program | 3-site acquisition | Wireless Communication

Partnership Equity

Number of tenant sites acquired | site

4

Common Units Issued to Landmark and Affiliates

$ 1,700

Limited Partners

Partnership Equity

Aggregate offering price

$ 250,000

Limited Partners | Acquisition from related party | Landmark, General Partner and affiliates

Partnership Equity

Number of tenant sites obligated to acquire | site

2

Limited Partners | Common Units

Partnership Equity

Issuance of units, net (in shares) | shares

292,000

4,108,000

Quarterly distributions

Minimum quarterly distribution per unit (in dollars per share) | $ / shares

$ 0.2875

Limited Partners | Common Units | Landmark, General Partner and affiliates

Partnership Equity

Number of common units in connection with acquisition (in shares) | shares

221,729

Limited Partners | Preferred Units Series A

Partnership Equity

Issuance of units, net (in shares) | shares

563,000

864,000

Limited Partners | Preferred Units Series B

Partnership Equity

Issuance of units, net (in shares) | shares

529,000

1,840,000

Dividend rate (as a percent)

7.90%

Quarterly distributions

Stated liquidation preference / redemption price (in dollars per share) | $ / shares

$ 25

Limited Partners | At The Market Issuance Sales Agreement

Partnership Equity

Proceeds from issuance of unit, before costs

$ 6,900

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

Partnership Equity

Aggregate offering price

$ 50,000

Issuance of units, net (in shares) | shares

0

405,156

Limited Partners | At The Market Issuance Sales Agreement | Preferred Units Series A

Partnership Equity

Issuance of units, net (in shares) | shares

562,504

63,657

Proceeds from issuance of unit, before costs

$ 14,100

$ 1,600

Limited Partners | At The Market Issuance Sales Agreement | Preferred Units Series B

Partnership Equity

Aggregate offering price

$ 50,000

Issuance of units, net (in shares) | shares

528,927

0

Proceeds from issuance of unit, before costs

$ 13,300

Limited Partners | Unit Exchange Program | Common Units

Partnership Equity

Units authorized (in units) | shares

5,000,000

Limited Partners | Unit Exchange Program | Common Units | 1-site acquisition | Wireless Communication

Partnership Equity

Number of common units in connection with acquisition (in shares) | shares

70,481

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

Partnership Equity

Number of common units in connection with acquisition (in shares) | shares

110,678

Limited Partners | Public Offering

Partnership Equity

Unit offering price (in dollars per share) | $ / shares

$ 25

Limited Partners | Public Offering | Common Units

Partnership Equity

Issuance of units, net (in shares) | shares

3,450,000

Unit offering price (in dollars per share) | $ / shares

$ 16.30

Unit offering price, net of costs (in dollars per share) | $ / shares

$ 15.53

Offering expenses paid

$ 2,900

Limited Partners | Public Offering | Preferred Units Series A

Partnership Equity

Unit offering price (in dollars per share) | $ / shares

$ 25

Proceeds from the issuance of Preferred Units, net

$ 53,300

$ 18,400

Offering expenses paid

1,600

Value of units issued

$ 20,000

Dividend rate (as a percent)

8.00%

Limited Partners | Public Offering | Preferred Units Series B

Partnership Equity

Issuance of units, net (in shares) | shares

1,840,000

Unit offering price (in dollars per share) | $ / shares

$ 25

Offering expenses paid

$ 1,500

Value of units issued

$ 46,000

Dividend rate (as a percent)

7.90%

Proceeds from the issuance of Common Units, net

$ 44,300

Limited Partners | Underwriters' option | Common Units

Partnership Equity

Issuance of units, net (in shares) | shares

450,000

Limited Partners | Underwriters' option | Preferred Units Series B

Partnership Equity

Issuance of units, net (in shares) | shares

240,000

[1]

Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Equity - Summary of Quarterly D

Equity - Summary of Quarterly Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016
Common and Subordinated Units
Quarterly distributions
Declaration Date	Oct. 18, 2017	Jul. 19, 2017	Apr. 20, 2017	Jan. 25, 2017	Oct. 26, 2016	Jul. 27, 2016	Apr. 20, 2016
Distribution Date	Nov. 14, 2017	Aug. 14, 2017	May 15, 2017	Feb. 15, 2017	Nov. 15, 2016	Aug. 15, 2016	May 13, 2016
Distribution Per Unit Paid (in dollars per share)	$ 0.3575	$ 0.3550	$ 0.3525	$ 0.3500	$ 0.3375	$ 0.3325	$ 0.3300
Total Distribution Paid	$ 8,303	$ 8,222	$ 8,133	$ 7,985	$ 7,628	$ 5,089	$ 4,954
Preferred Units Series A
Quarterly distributions
Declaration Date	Sep. 21, 2017	Jun. 22, 2017	Mar. 16, 2017	Dec. 16, 2016	Sep. 22, 2016	Jun. 16, 2016
Distribution Date	Oct. 16, 2017	Jul. 17, 2017	Apr. 17, 2017	Jan. 17, 2017	Oct. 17, 2016	Jul. 15, 2016
Distribution Per Unit Paid (in dollars per share)	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5611
Total Distribution Paid	$ 713	$ 555	$ 432	$ 432	$ 432	$ 449
Preferred Units Series B
Quarterly distributions
Declaration Date	Oct. 18, 2017	Jul. 19, 2017	Apr. 20, 2017	Jan. 20, 2017	Oct. 20, 2016
Distribution Date	Nov. 15, 2017	Aug. 15, 2017	May 15, 2017	Feb. 15, 2017	Nov. 15, 2016
Distribution Per Unit Paid (in dollars per share)	$ 0.4938	$ 0.4938	$ 0.4938	$ 0.4938	$ 0.5322
Total Distribution Paid	$ 1,203	$ 990	$ 934	$ 909	$ 979

Net Income (Loss) Per Limited78

Net Income (Loss) Per Limited Partner Unit - Undistributed Net Loss Attributable to Common and Subordinated Unitholders (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016		Sep. 30, 2017	Sep. 30, 2016
Net income (loss) attributable to partners:
Net income attributable to limited partners	$ 3,794	$ 1,474	[1]	$ 9,991	$ 1,074	[1]
Less: Distributions declared to preferred unitholders	(1,818)	(951)	[1]	(4,672)	(1,334)	[1]
General partner's incentive distribution rights	(109)	(27)	[1]	(295)	(32)	[1]
Net income (loss) attributable to common and subordinated unitholders	1,867	496	[1]	5,024	(292)	[1]
Common and Subordinated Units
Net income (loss) attributable to partners:
Net income attributable to limited partners	3,794	1,474		9,991	1,074
General partner's incentive distribution rights	(109)	(27)		(295)	(32)
Net income (loss) attributable to common and subordinated unitholders	1,867	496		5,024	(292)
Undistributed net loss	(6,327)	(7,106)		(19,339)	(17,931)
Preferred Units
Net income (loss) attributable to partners:
Less: Distributions declared to preferred unitholders	(1,818)	(951)		(4,672)	(1,334)
Common Units
Net income (loss) attributable to partners:
Less: Distributions declared to preferred unitholders	(7,073)	(6,544)		(21,024)	(14,504)
Net income (loss) attributable to common and subordinated unitholders	1,613	805		4,346	223
Undistributed net loss	(5,460)	(5,739)		(16,678)	(14,281)
Subordinated Units
Net income (loss) attributable to partners:
Less: Distributions declared to preferred unitholders	(1,121)	(1,058)		(3,339)	(3,135)
Net income (loss) attributable to common and subordinated unitholders	254	(309)		678	(515)
Undistributed net loss	$ (867)	$ (1,367)		$ (2,661)	$ (3,650)
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Net Income (Loss) Per Limited79

Net Income (Loss) Per Limited Partner Unit - Net Income (Loss) per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016		Sep. 30, 2017	Sep. 30, 2016
Net income (loss) attributable to partners:
Distributions declared	$ 1,818	$ 951	[1]	$ 4,672	$ 1,334	[1]
Net income (loss) attributable to common and subordinated unitholders	$ 1,867	$ 496	[1]	$ 5,024	$ (292)	[1]
Weighted-average units outstanding:
Basic (in shares)	19,750,000	13,427,000	[1]	19,620,000	12,394,000	[1]
Units - diluted (in shares)	22,885,000	13,427,000	[1]	22,755,000	15,529,000	[1]
Net income (loss) per common and subordinated unit:
Basic (in dollars per share)	$ 0.08	$ 0.06	[1]	$ 0.22	$ 0.02	[1]
Diluted (in dollars per share)	$ 0.08	$ 0.06	[1]	$ 0.22	$ (0.02)	[1]
Common Units
Net income (loss) attributable to partners:
Distributions declared	$ 7,073	$ 6,544		$ 21,024	$ 14,504
Undistributed net loss	(5,460)	(5,739)		(16,678)	(14,281)
Net income (loss) attributable to common and subordinated unitholders	1,613	805		4,346	223
Net income attributable to subordinated units	254			678	(515)
Net income (loss) attributable to common and subordinated units - diluted	$ 1,867	$ 805		$ 5,024	$ (292)
Weighted-average units outstanding:
Basic (in shares)	19,750,000	13,427,000		19,620,000	12,394,000
Effect of diluted subordinated units (in shares)	3,135,000			3,135,000	3,135,000
Units - diluted (in shares)	22,885,000	13,427,000		22,755,000	15,529,000
Net income (loss) per common and subordinated unit:
Basic (in dollars per share)	$ 0.08	$ 0.06		$ 0.22	$ 0.02
Diluted (in dollars per share)	$ 0.08	$ 0.06		$ 0.22	$ (0.02)
Number of units converted	3,135,109			3,135,109	3,135,109
Subordinated Units
Net income (loss) attributable to partners:
Distributions declared	$ 1,121	$ 1,058		$ 3,339	$ 3,135
Undistributed net loss	(867)	(1,367)		(2,661)	(3,650)
Net income (loss) attributable to common and subordinated unitholders	254	(309)		678	(515)
Net income (loss) attributable to common and subordinated units - diluted	$ 254	$ (309)		$ 678	$ (515)
Weighted-average units outstanding:
Basic (in shares)	3,135,000	3,135,000		3,135,000	3,135,000
Units - diluted (in shares)	3,135,000	3,135,000		3,135,000	3,135,000
Net income (loss) per common and subordinated unit:
Basic (in dollars per share)	$ 0.08	$ (0.10)		$ 0.22	$ (0.16)
Diluted (in dollars per share)	$ 0.08	$ (0.10)		$ 0.22	$ (0.16)
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Fair Value of Financial Instr80

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Carrying Amount
Investment in receivables, net
Investment in receivables, net	$ 21,066	$ 17,440
Fair Value
Investment in receivables, net
Investment in receivables, net	22,233	17,550
Senior secured revolving credit facility | Carrying Amount
Debt
Revolving credit facility	333,000	224,500
Senior secured revolving credit facility | Fair Value
Debt
Revolving credit facility	$ 333,000	224,500
Senior secured revolving credit facility | One month LIBOR
Fair Value of Financial Instruments
Applicable margin	2.50%
Secured notes | Carrying Amount
Debt
Secured notes, net	$ 111,777	112,435
Secured notes | Fair Value
Debt
Secured notes, net	$ 112,917	$ 112,608

Fair Value of Financial Instr81

Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value of Financial Instruments
Derivative Liabilities	$ 18	$ 376
Recurring | Level 2 inputs
Fair Value of Financial Instruments
Derivative Assets	1,390	1,860
Derivative Liabilities	$ 18	$ 376

Related-Party Transactions (Det

Related-Party Transactions (Details)	Sep. 30, 2017USD ($)	Jun. 16, 2016	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)item$ / shares	Sep. 30, 2016USD ($)$ / property	Jun. 13, 2017	Dec. 31, 2016USD ($)
Related-Party Transactions
Due from Landmark and affiliates	$ 804,000		$ 804,000		$ 804,000			$ 566,000
Incentive Distribution Rights
Related-Party Transactions
Threshold percentage per unit per quarter (in dollars per share) | $ / shares					$ 0.2875
Percentage of total cash distributions			15.00%
Incentive Distribution Rights | Maximum
Related-Party Transactions
Percentage of available cash					50.00%
Landmark, General Partner and affiliates
Related-Party Transactions
Due from Landmark and affiliates	800,000		$ 800,000		$ 800,000			$ 600,000
Landmark, General Partner and affiliates | Capped reimbursement for certain general and administrative expenses
Related-Party Transactions
Quarterly cap					$ 162,500
Percentage of revenue (as a percent)					3.00%
Expiration of quarterly cap, measurement period, number of consecutive fiscal quarters (in periods) | item					4
Expiration of quarterly cap, measurement period, minimum revenue					$ 80,000,000
Reimbursement of expenses that exceeded the cap			1,000,000	$ 400,000	3,000,000	$ 2,000,000
Landmark, General Partner and affiliates | Management fees | Minimum
Related-Party Transactions
Management fee per asset per month (in dollars per property) | $ / property						45
Landmark, General Partner and affiliates | Management fees | Maximum
Related-Party Transactions
Management fee per asset per month (in dollars per property) | $ / property						75
American Infrastructure Funds | Patent License Agreement Fees
Related-Party Transactions
Fee for second year of agreement (in dollars per year)					$ 50,000
Maximum fee each year starting in third year of agreement, as a percentage of our gross revenue					0.10%
Minimum fee each year starting in third year of agreement (in dollars per year)					$ 100,000
License fees related to agreement			25,000	12,500	75,000	$ 37,500
Landmark Dividend LLC | Management fees | Acquired Funds | Restatement Adjustment
Related-Party Transactions
Management fees prior to acquisition				100,000		200,000
General Partner | Management fees
Related-Party Transactions
Costs incurred			$ 4,569	$ 4,259	$ 13,817	$ 4,259
General Partner | Secured Notes Management Agreement
Related-Party Transactions
Management fee (as a percent)		1.50%
Penteon Corporation
Related-Party Transactions
Amount paid for deployment of LPWAN	$ 200,000
Penteon Corporation | Sponsor
Related-Party Transactions
Warrant to purchase maximum number of preferred stock, in percentage							25.00%

Related-Party Transactions - Su

Related-Party Transactions - Summary of Completed Right of First Offer (?ROFO?) Acquisitions (Details) $ in Millions	Aug. 30, 2016USD ($)itemshares	Sep. 30, 2017USD ($)itemsite	Jun. 30, 2017USD ($)itemshares	Dec. 31, 2016USD ($)site	Sep. 30, 2017shares
Related-Party Transactions
Number of tenant sites acquired | site		32		40
No. of Investments in Receivables | item		1
Consideration paid for acquisition | $		$ 20.3		$ 85.7
386-site acquisition | Landmark Dividend Growth Fund G LLC
Related-Party Transactions
Number of tenant sites acquired | item	386
No. of Investments in Receivables | item	5
Consideration paid for acquisition | $	$ 140.3
Common units issued to Fund G | shares	25,220
386-site acquisition | Landmark, General Partner and affiliates
Related-Party Transactions
Common units issued to Fund G | shares	3,592,430
2-site acquisition
Related-Party Transactions
Number of tenant sites acquired | item			2
Consideration paid for acquisition | $			$ 11.3
Common units issued to Fund G | shares			221,729
2-site acquisition | Landmark, General Partner and affiliates
Related-Party Transactions
Common units issued to Fund G | shares					221,729

Related-Party Transactions - 84

Related-Party Transactions - Summary of Completed Right of First Offer (?ROFO?) Acquisitions (Parenthetical) (Details) $ in Millions	Sep. 08, 2017USD ($)	Apr. 28, 2017USD ($)shares	Sep. 30, 2017USD ($)site	Jun. 30, 2017itemshares	Mar. 31, 2017USD ($)site	Dec. 31, 2016USD ($)site	Sep. 30, 2017USD ($)siteshares	Dec. 31, 2016USD ($)site	Jun. 08, 2017site	Aug. 30, 2016site
Related-Party Transactions
Number of tenant sites acquired			32			40
Cash consideration | $			$ 19.2			$ 83.1
2-site acquisition
Related-Party Transactions
Number of tenant sites acquired | item				2
Common units issued to Fund G | shares				221,729
Landmark, General Partner and affiliates | 2-site acquisition
Related-Party Transactions
Common units issued to Fund G | shares							221,729
Landmark, General Partner and affiliates | Acquisition from related party
Related-Party Transactions
Number of tenant sites obligated to acquire										2
Common units issued to Fund G | shares		221,729
Landmark, General Partner and affiliates | Acquisition from related party | 1-site acquisition
Related-Party Transactions
Number of tenant sites obligated to acquire									1
Number of tenant sites acquired					1		1
Cash consideration | $	$ 1.6	$ 3.8			$ 7.5		$ 7.5
Landmark, General Partner and affiliates | Acquisition from related party | 2-site acquisition
Related-Party Transactions
Number of tenant sites acquired								2
Cash consideration | $		$ 11.3						$ 6.3

Segment Information - General I

Segment Information - General Information (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting [Abstract]
Number of reportable segments	3	3	3	3

Segment Information - Statement

Segment Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016		Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue
Rental revenue	$ 13,499	$ 10,052	[1]	$ 29,557	$ 38,143	$ 29,557	[1]
Expenses
Management fees to affiliate		50	[1]	196		196	[1]
Property operating	86	23	[1]	97	247	97	[1]
General and administrative	1,422	632	[1]	2,777	4,267	2,777	[1]
Acquisition-related	255	987	[1]	1,414	1,007	1,414	[1]
Amortization	3,458	2,869	[1]	8,175	9,826	8,175	[1]
Impairments		1,235	[1]	1,235	848	1,235	[1]
Total expenses	5,221	5,796	[1]	13,894	16,195	13,894	[1]
Total other income and expenses	(4,408)	(3,884)	[1]	(14,537)	(11,874)	(14,537)	[1]
Income before income tax expense	3,870	372	[1]		10,074	1,126	[1]
Income tax expense	72				72
Net income (loss)	3,798	372	[1]	$ 1,126	10,002	1,126	[1]
Operating Segments | Wireless Communication
Revenue
Rental revenue	8,502	7,539			24,705	22,455
Expenses
Management fees to affiliate		28				112
Property operating	14				32	56
Acquisition-related		115			14	202
Amortization	2,744	2,427			8,058	7,024
Impairments		1,130			645	1,130
Total expenses	2,758	3,700			8,749	8,524
Total other income and expenses	175	177			545	921
Income before income tax expense	5,919				16,501
Net income (loss)	5,919	4,016			16,501	14,852
Operating Segments | Outdoor Advertising
Revenue
Rental revenue	3,134	2,063			7,693	6,113
Expenses
Management fees to affiliate		21				83
Property operating	49	13			93	25
Acquisition-related		25			174	25
Amortization	572	345			1,352	965
Impairments		105			203	105
Total expenses	621	509			1,822	1,203
Total other income and expenses	65				79
Income before income tax expense	2,578				5,950
Net income (loss)	2,578	1,554			5,950	4,910
Operating Segments | Renewable Power Generation
Revenue
Rental revenue	1,863	450			5,745	989
Expenses
Management fees to affiliate		1				1
Property operating	23	10			122	16
Acquisition-related						8
Amortization	142	97			416	186
Total expenses	165	108			538	211
Total other income and expenses	190	173			544	362
Income before income tax expense	1,888				5,751
Net income (loss)	1,888	515			5,751	1,140
Corporate
Expenses
General and administrative	1,422	632			4,267	2,777
Acquisition-related	255	847			819	1,179
Total expenses	1,677	1,479			5,086	3,956
Total other income and expenses	(4,838)	(4,234)			(13,042)	(15,820)
Income before income tax expense	(6,515)				(18,128)
Income tax expense	72				72
Net income (loss)	$ (6,587)	$ (5,713)			$ (18,200)	$ (19,776)
[1]	Prior-period financial information has been retroactively adjusted for transactions between entities under common control. See Notes 2 and 3 for additional information.

Segment Information - Total Ass

Segment Information - Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 711,552	$ 603,060
Corporate
Segment Reporting Asset Reconciling Item [Line Items]
Assets	24,208	12,357
Wireless Communication | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	421,856	394,991
Outdoor Advertising | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	156,976	92,660
Renewable Power Generation | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 108,512	$ 103,052

Commitments and Contingencies -

Commitments and Contingencies - Acquisitions (Details) $ in Millions	Sep. 30, 2017USD ($)
Zero Site microgrid solution
Acquisitions
Contractual obligation to deploy	$ 6.1

Commitments and Contingencies89

Commitments and Contingencies - Real Property Interest Subject to Subordination (Details) $ in Millions	Sep. 30, 2017USD ($)
Commitments And Contingencies Disclosure [Abstract]
Real property interest subject to subordination	$ 78.5

Tenant Concentration (Details)

Tenant Concentration (Details) - Concentration - Tenant Revenue	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
T-Mobile
Tenant Concentration
Percentage of revenue	11.40%	14.20%	12.00%	14.40%
AT&T Mobility
Tenant Concentration
Percentage of revenue	10.60%	12.80%	11.20%	13.30%
Sprint
Tenant Concentration
Percentage of revenue	9.10%	11.80%	9.80%	12.00%
Crown Castle
Tenant Concentration
Percentage of revenue	8.90%	10.80%	9.30%	11.00%

Supplemental Cash Flow Inform91

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Noncash activities
Capital contribution to fund general and administrative expense reimbursement							$ 996	$ 415
Unit Exchange Program acquisitions	$ 1,100			$ 2,600
Distributions payable to preferred unitholders							1,212	885
Offering costs included in accounts payable and accrued liabilities								502
Deferred loan costs included in accounts payable and accrued liabilities								235
Purchase price for acquisitions included in accounts payable							285	405
Cash flows related to interest paid
Cash paid for interest							11,420	9,239
Unit Exchange Acquisitions
Noncash activities
Unit Exchange Program acquisitions		$ 1,000	$ 100	$ 900	$ 100	$ 1,600	1,099	1,708
Landmark, General Partner and affiliates
Noncash activities
Purchase price for acquisitions included in due to Landmark and affiliates							$ 146	$ 179

Subsequent Events (Details)

Subsequent Events (Details) - Limited Partners - USD ($) $ in Millions	Nov. 02, 2017	Sep. 30, 2017	Sep. 30, 2016
Common Units
Subsequent Event
Issuance of Units, net (in units)		292,000	4,108,000
Common Units | Subsequent Event
Subsequent Event
Issuance of Units, net (in units)	35,426
Proceeds from issuance of unit, before costs	$ 0.6
Preferred Units Series A
Subsequent Event
Issuance of Units, net (in units)		563,000	864,000
Preferred Units Series A | Subsequent Event
Subsequent Event
Issuance of Units, net (in units)	38,867
Proceeds from issuance of unit, before costs	$ 1
Preferred Units Series B
Subsequent Event
Issuance of Units, net (in units)		529,000	1,840,000
Preferred Units Series B | Subsequent Event
Subsequent Event
Issuance of Units, net (in units)	67,466
Proceeds from issuance of unit, before costs	$ 1.7