Landmark Infrastructure Partners (LMRK) 10-K 15 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Feb. 09, 2018	Jun. 30, 2017
Entity Registrant Name	Landmark Infrastructure Partners LP
Entity Central Index Key	1,615,346
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 306
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Common Units
Limited Partners Units		21,656,705
Subordinated Units
Limited Partners Units		3,135,109

CONSOLIDATED AND COMBINED BALAN

CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Land	$ 114,385	$ 88,845
Real property interests	596,422	490,030
Construction in progress	7,574
Total land and real property interests	718,381	578,875
Accumulated amortization of real property interests	(37,817)	(25,967)
Land and net real property interests	680,564	552,908
Investments in receivables, net	20,782	17,440
Cash and cash equivalents	9,188	2,711
Restricted cash	18,672	2,851
Rent receivables, net	4,141	2,372
Due from Landmark and affiliates	629	566
Deferred loan costs, net	3,589	2,797
Deferred rent receivable	4,252	1,379
Derivative assets	3,159	1,860
Other intangible assets, net	17,984	15,730
Other assets	5,039	2,446
Total assets	767,999	603,060
Liabilities and equity
Revolving credit facility	304,000	224,500
Secured Notes, net	187,249	112,435
Accounts payable and accrued liabilities	4,978	4,374
Other intangible liabilities, net	12,833	13,061
Prepaid rent	4,581	3,984
Derivative liabilities		376
Total liabilities	513,641	358,730
Commitments and contingencies (Note 16)
Equity
Accumulated other comprehensive income (loss)	968	(509)
Total partner's equity	254,157	244,330
Noncontrolling interests	201
Total equity	254,358	244,330
Total liabilities and equity	767,999	603,060
Limited Partners | Preferred Units Series A
Equity
Limited partners	36,604	19,393
Total equity	36,604	19,393
Limited Partners | Preferred Units Series B
Equity
Limited partners	58,936	44,256
Total equity	58,936	44,256
Limited Partners | Common Units
Equity
Limited partners	288,527	294,296
Total equity	288,527	294,296
Limited Partners | Subordinated Units
Equity
Limited partners	19,641	22,524
Total equity	19,641	22,524
General Partner
Equity
General Partner	(150,519)	(135,630)
Total equity	$ (150,519)	$ (135,630)

CONSOLIDATED AND COMBINED BALA3

CONSOLIDATED AND COMBINED BALANCE SHEETS (Parenthetical) - Limited Partners - shares	Dec. 31, 2017	Dec. 31, 2016
Preferred units
Preferred units issued (in shares)	2,463,015	1,840,000
Preferred units outstanding (in shares)	2,463,015	1,840,000
Preferred Units Series A
Preferred units
Preferred units issued (in shares)	1,568,402	863,957
Preferred units outstanding (in shares)	1,568,402	863,957
Common Units
Common and subordinated units
Units issued (in shares)	20,146,458	19,450,555
Units outstanding (in shares)	20,146,458	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	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue
Rental revenue	$ 52,625,000	$ 41,171,000	$ 33,597,000
Expenses
Management fees to affiliate		196,000	480,000
Property operating	394,000	107,000	36,000
General and administrative	5,286,000	3,755,000	2,923,000
Acquisition-related	1,287,000	2,906,000	4,016,000
Amortization	13,537,000	11,191,000	8,651,000
Impairments	848,000	1,275,000	3,902,000
Total expenses	21,352,000	19,430,000	20,008,000
Other income and expenses
Interest and other income	1,587,000	1,225,000	795,000
Interest expense	(18,399,000)	(13,923,000)	(10,958,000)
Loss on early extinguishment of debt		(1,703,000)	(1,872,000)
Realized loss on derivatives		(99,000)	(140,000)
Unrealized gain (loss) on derivatives	1,675,000	2,306,000	(446,000)
Gain (loss) on sale of real property interests	(5,000)	374,000	237,000
Total other income and expenses	(15,142,000)	(11,820,000)	(12,384,000)
Income before income tax benefit	16,131,000	9,921,000	1,205,000
Income tax benefit	(3,145,000)	0	0
Net income	19,276,000	9,921,000	1,205,000
Less: Pre-acquisition net income from Drop-down Assets		48,000	469,000
Less: Net income attributable to noncontrolling interest	19,000
Net income attributable to limited partners	19,257,000	9,873,000	736,000
Less: Distributions declared to preferred unitholders	(6,673,000)	(2,660,000)
Less: General partner's incentive distribution rights	(488,000)	(110,000)
Net income attributable to common and subordinated unitholders	$ 12,096,000	$ 7,103,000	$ 736,000
Net income per common and subordinated unit
Common units – basic	$ 0.54	$ 0.46	$ 0.16
Common units – diluted	0.53	0.41	0.07
Subordinated units – basic and diluted	$ 0.50	$ 0.23	$ (0.16)
Weighted average common and subordinated units outstanding
Common units – basic	19,701	13,986	7,558
Common units – diluted	22,836	17,121	10,693
Subordinated units – basic and diluted	3,135	3,135	3,135

CONSOLIDATED AND COMBINED STAT5

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 19,276	$ 9,921	$ 1,205
Other comprehensive income (loss):
Foreign currency translation adjustment	1,477	(517)	5
Other comprehensive income (loss)	1,477	(517)	5
Comprehensive income (loss)	20,753	9,404	1,210
Less: Comprehensive income (loss) attributable to Drop-down Assets		(469)	474
Less: Comprehensive income attributable to noncontrolling interest	19
Comprehensive income attributable to limited partners	$ 20,734	$ 9,873	$ 736

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, 2014	$ 177,963	$ 74,684	$ 29,746			$ 73,530	$ 3
Balance (in units) at Dec. 31, 2014		4,702,665	3,135,109
Increase (decrease) in partners' capital
Net income / Net income from Drop-down Assets attributable to Predecessor / Pre-acquisition net income from Drop-down Assets	469					469
Net investment of Drop-down Assets	(120,853)					(120,853)
Foreign currency translation adjustment	5						5
Issuance of units in connection with the Acquired Funds	63,571	$ 63,571
Issuance of units in connection with the Fund E acquisition (in units)		4,112,429
Issuance of Units, net (in units)		3,000,000
Issuance of Common Units, net	46,942	$ 46,942
Distributions	(13,686)	(7,484)	$ (3,313)			(2,889)
Capital contribution to fund general and administrative expense reimbursement	2,110					2,110
Unit-based compensation	105	$ 105
Unit-based compensation (in units)		5,050
Net income (loss) attributable to limited partners	736	$ 1,227	(491)
Net income	1,205
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
Net income / Net income from Drop-down Assets attributable to Predecessor / Pre-acquisition net income from Drop-down Assets	48					48
Net investment of Drop-down Assets	(90,701)					(90,701)
Foreign currency translation adjustment	(517)						(517)
Issuance of units in connection with the Fund E acquisition (in units)		3,592,430
Issuance of Preferred Units, net	63,649			$ 19,393	$ 44,256
Issuance of Units, net (in units)		7,621,000		864,000	1,840,000
Issuance of Common Units, net	127,128	$ 127,128
Distributions	(25,195)	(18,349)	$ (4,154)	$ (1,250)	$ (1,410)	(32)
Capital contribution to fund general and administrative expense reimbursement	2,578					2,578
Unit-based compensation	105	$ 105
Unit-based compensation (in units)		9,840
Net income (loss) attributable to limited partners	9,873	$ 6,367	736	1,250	1,410	110
Net income	9,921
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	(18,629)					(18,629)
Foreign currency translation adjustment	1,477						1,477
Issuance of Preferred Units, net	31,891			$ 17,211	$ 14,680
Issuance of Units, net (in units)		688,000		704,000	623,000
Issuance of Common Units, net	11,417	$ 11,417
Issuance of non-controlling interests, net	201							$ 201
Distributions	(39,226)	(27,834)	$ (4,436)	$ (2,434)	$ (4,239)	(264)		(19)
Capital contribution to fund general and administrative expense reimbursement	3,516					3,516
Unit-based compensation	105	$ 105
Unit-based compensation (in units)		6,798
Net income (loss) attributable to limited partners	19,257
Net income	19,276	$ 10,543	1,553	2,434	4,239	488		19
Balance at Dec. 31, 2017	$ 254,358	$ 288,527	$ 19,641	$ 36,604	$ 58,936	$ (150,519)	$ 968	$ 201
Balance (in units) at Dec. 31, 2017		20,146,458	3,135,109	1,568,402	2,463,015

CONSOLIDATED AND COMBINED STAT7

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities
Net income	$ 19,276	$ 9,921	$ 1,205
Adjustments to reconcile net income to net cash provided by operating activities:
Unit-based compensation	105	105	105
Unrealized (gain) loss on derivatives	(1,675)	(2,306)	446
Loss on early extinguishment of debt		1,703	1,872
Amortization expense	13,537	11,191	8,651
Amortization of above- and below- market lease	(1,226)	(1,338)	(1,467)
Amortization of deferred loan costs	2,203	1,701	1,902
Amortization of discount on secured notes	34	2
Receivables interest accretion	(7)	(36)	(33)
Impairments	848	1,275	3,902
(Gain) loss on sale of real property interests	5	(374)	(237)
Allowance for doubtful accounts	215	182
Changes in operating assets and liabilities:
Rent receivables, net	(1,980)	(1,217)	(1,182)
Accounts payable and accrued liabilities	(879)	911	1,279
Deferred rent receivables	(358)	(514)	(338)
Prepaid rent	590	(101)	1,612
Due from Landmark and affiliates	217	1,369	(914)
Other assets	(2,432)	(1,009)	(848)
Net cash provided by operating activities	28,473	21,465	15,955
Investing activities
Acquisition of land	(24,778)	(78,032)	(8,917)
Acquisition of real property interests and construction activities	(112,315)	(70,958)	(126,234)
Proceeds from sales of real property interests	174	1,789	378
Acquisition of receivables	(4,389)	(10,172)	(142)
Repayments of receivables	1,180	905	704
Net cash used in investing activities	(140,128)	(156,468)	(134,211)
Financing activities
Proceeds from the issuance of Common Units, net	4,109	59,990	46,942
Proceeds from the issuance of Preferred Units, net	31,891	63,649
Proceeds from the issuance of non-controlling interests, net	201
Proceeds from revolving credit facility	133,500	230,800	210,200
Principal payments on revolving credit facility	(54,000)	(239,299)	(51,200)
Proceeds from the issuance of Secured Notes	78,155	116,583
Principal payments on Secured Notes	(1,747)	(583)
Proceeds from secured debt facilities			34,767
Principal payments on secured debt facilities		(76,235)	(71,585)
Deferred loan costs	(4,338)	(4,345)	(1,873)
Changes in restricted cash	(15,821)	(2,851)
Capital contribution to fund general and administrative expense reimbursement	3,569	2,678	1,477
Distributions to non-controlling interests	(19)
Consideration received from (paid to) General Partner associated with Drop-down Acquisitions	(18,629)	9,806	(38,002)
Net cash provided by financing activities	118,160	135,798	119,929
Effect of changes in foreign currency exchange rates on cash and cash equivalents	(28)	(68)
Net increase in cash and cash equivalents	6,477	727	1,673
Cash and cash equivalents at beginning of the period	2,711	1,984	311
Cash and cash equivalents at end of the period	9,188	2,711	1,984
Limited Partners | Preferred Units
Financing activities
Distributions to limited partners	(6,177)	(1,860)
Limited Partners | Common and Subordinated Units
Financing activities
Distributions to limited partners	$ (32,534)	$ (22,535)	$ (10,797)

Organization

Organization	12 Months Ended
	Dec. 31, 2017
Limited Liability Company Or Limited Partnership Business Organization And Operations [Abstract]
Organization	1. Organization 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 consolidated 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, 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 December 31, 2017, our Sponsor and affiliates own (a) our general partner; (b) 185,354 common units representing limited partnership interest in the Partnership (“Common Units”) and 3,135,109 subordinated units in us and; (c) all of the incentive distribution rights (“IDRs”). The requirements under our partnership agreement for the conversion of all the subordinated units into common units will be satisfied upon the payment of our quarterly cash distribution on February 14, 2018. Therefore, effective February 15, 2018, the subordinated units owned by our Sponsor will be converted on a one-for-one basis into common units. The conversion of subordinated units does not impact the amount of cash distributions, total number of outstanding units or our Sponsor’s limited partnership interest in us.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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 years ended December 31, 2017, 2016 and 2015, the Partnership completed four, five and eight drop-down acquisitions of 155, 539 and 761 tenant sites and related real property interests, respectively, and two, 14 and one investment in receivables, respectively, from the Sponsor and affiliates in exchange for total consideration of $118.3 million, $205.7 million and $268.2 million, respectively (the “Drop-down Acquisitions” or “Drop-down Assets”). The 2016 and 2015 Drop-down Acquisitions were 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 the assets and liabilities transferred be reflected at the historical cost of the parent of the entities, with prior periods retroactively adjusted to furnish comparative information. The accompanying financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the 2016 and 2015 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 March 31, 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 is allocated to the General Partner. The accompanying consolidated and combined financial statements include the accounts of the Partnership and those entities which it consolidates. 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 2016 and 2015 Drop-down Assets as if the 2016 and 2015 Drop-down Acquisitions occurred on the earliest date during which the 2016 and 2015 Drop-down Assets were under common control. See Note 3, Acquisitions The consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany transactions and account balances have been eliminated. Management believes that the assumptions and estimates used in the preparation of the underlying consolidated and combined financial statements are reasonable. However, the consolidated and combined financial statements herein do not necessarily reflect what the Partnership’s financial position, results of operations, comprehensive income or cash flows would have been if the Partnership had been a stand-alone entity during the periods presented. As a result, historical financial information is not necessarily indicative of the Partnership’s future results of operations, comprehensive income, financial position or cash flows. 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. Purchase Accounting for Acquisitions 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 purchase consideration for the real property interests is allocated to the acquired tangible assets, such as land, and the identified intangible assets and liabilities, consisting of the value of perpetual and limited life easements, above-market and below-market leases and in-place leases, based in each case on their fair values. The fair value of the assets acquired and liabilities assumed is typically determined by using the discounted cash flow valuation method using discount rates ranging between 6% and 20%. When determining the fair value of intangible assets acquired, the Partnership estimates the applicable discount rate and the timing and amount of future cash flows. The determination of the final purchase price allocation and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period, but no later than 12 months from the acquisition date and result in adjustments to the preliminary estimates recognized in the prior period financial statements. Transaction costs related to the acquisition of a business, including investments in real property interests, are expensed as incurred. Factors considered in estimating the fair value of tangible and intangible assets acquired include information obtained about each asset as a result of Landmark’s pre-acquisition due diligence and its marketing and leasing activities. In order to calculate the estimated in-place lease value, we employed the income approach in accordance with ASC 805 by multiplying the anticipated market absorption period by the market rent at the time of acquisition for each in-place lease agreement. Based on our experience in the industry, we have determined a range of lease execution timelines to be between one and twelve months. For the in-place lease valuation, we consider a lease-up period of four to eight months to be representative of the market. We estimated the fair value of real property interests using the income approach. The discount rates used ranged from 6% to 20%. The value of tenant relationships has not been separated from in-place tenant lease value for the real estate acquired as such value and its consequence to amortization expense is materially consistent with the in-place tenant lease value for these particular acquisitions. Should future acquisitions of real property interests result in allocating material amounts to the value of tenant relationships, an amount would be separately allocated and amortized over the estimated life of the relationship. The value of in-place leases and customer relationship is amortized to expense over the estimated period the tenant is expected to be leasing the site under the existing terms which typically range from 2 to 20 years. If a tenant lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be impaired. The discount rate associated with each asset varies based on the location of an asset (including demographics and zoning restrictions), and other asset specific characteristics. Market rent for each asset is determined based on location of each asset, asset type, zoning restrictions, ground space necessary for the tenant’s equipment, remaining site capacity, visibility (specifically for billboards), and nearby sites. In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired asset, above-market, below-market and in-place lease values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases measured over the estimated period the tenant is expected to be leasing the site under the above or below-market terms. The capitalized above-market and below-market lease values are amortized as a decrease or increase, respectively, to rental income over the estimated period the tenant is expected to be leasing the site. All tenant leases obtained by the Partnership through its acquisition of real property interests are generally cancellable, upon 30 to 180 days’ notice by the tenants, with no significant penalty. With respect to below-market leases, consideration is given to any below-market renewal periods. However, for wireless communication assets, we estimated the above/below-market lease value over an analysis period of the earlier of the lease expiration or 10 years based on estimated useful life of the underlying equipment and assets. For outdoor advertising assets, we estimated the above- or below-market lease value over an analysis period of the earlier of the lease expiration or 20 years, based on a longer estimated useful life of 20 years for billboards. Real Property Interests Real property interests consist primarily of land, easements and lease assignments underlying wireless communication, outdoor advertising and renewable power generation infrastructure. The real property interests are typically held as ownership of land or easements to use land, or roof tops, both of which allow us to use the asset for a specific purpose. Real property interests, excluding land, are intangibles that are recorded at cost. Amortization is computed using the straight-line method over the estimated useful lives of the real property interests, which is estimated as the shorter of the revenue generating period of the asset or the term of the real estate rights which range from 12 to 99 years. Real property interests with a perpetual term are not amortized but evaluated periodically for impairment. The Partnership assesses whether there has been an impairment in the value of long-lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the future estimated net cash flows, undiscounted and without interest, expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets based upon what a market participant would be willing to pay for the real estate interest. The estimated fair value of the asset group identified for step two testing is based on either Level 3 inputs utilizing the income approach with a market discount rate and estimated cash flows, or Level 2 inputs based upon the sales comparison approach to a similar asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell utilizing the Level 3 and Level 2 inputs discussed below. Fair Value of Financial Instruments The standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable input be used when available. Observable inputs are inputs that the market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Partnership. Unobservable inputs are inputs that reflect the Partnership’s assumptions about what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is measured in three levels based on the reliability of inputs: Level 1 – unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2 – 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; and, Level 3 – prices or valuations derived from other valuation methodologies where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable, including pricing models, discounted cash flow models and similar techniques. Cash and Cash Equivalents All highly liquid investments with a maturity of three months or less when purchased are considered to be cash and cash equivalents. The Partnership monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Partnership has experienced no loss or lack of access to cash in the operating accounts. Restricted Cash Restricted cash primarily consists of amounts pledged as collateral to secure obligations. As of December 31, 2017, the amount of restricted cash was $18.7 million, which included $16.0 million from the Series 2017-1 Secured Notes site acquisition account, as described in Note 8, Debt Debt Accounting for Derivative Financial Instruments and Hedging Activities The Partnership utilize interest rate swap contracts to manage interest costs and risks associated with changing interest rates. These derivative financial instruments are carried at fair value on the consolidated and combined balance sheets, with the change in such fair value being recorded through earnings as an unrealized gain or loss in the consolidated and combined statements of operations. Investments in Receivables, Net The Partnership acquired streams of future cash flows associated with real property interests and certain lease arrangements that meet the definition of a financial asset within the wireless communication and renewable power generation industries. For certain investments in receivables, the Partnership has no significant rights or obligations associated with the cash flows other than in certain arrangements, to pass a portion of the cash flows received to the owner of the respective lease. Additionally, certain lease arrangements of real property interests meet the definition of a financial asset and are included in investments in receivables in our financial statements. Receivables are classified as held-for-investment based on management’s intent and ability to hold the receivables for the foreseeable future or to maturity. Receivables held-for-investment are carried at amortized cost and are reduced by a valuation allowance for estimated credit losses as necessary. Interest on receivables is accreted to income over the life of the receivables using the interest method. The interest method is applied on an individual receivable basis when collectability of the future payments, when due in accordance with the contractual terms of the arrangement, is reasonably assured. Receivables are transferred from held-for-investment to held-for-sale when management no longer intends to hold the receivables for the foreseeable future. Receivables held-for-sale are recorded at the lower of cost or fair value. Receivables are placed on non-accrual status when management determines that the collectability of contractual amounts is not reasonably assured. While on non-accrual status, receivables are either accounted for on a cash basis, in which income is recognized only upon receipt of cash, or on a cost-recovery basis, where cash receipts reduce the carrying value of the receivable, based on management’s expectation of future collectability. Allowances are established for receivables based upon an estimate of probable losses on an individual receivable by receivable basis if they are determined to be impaired. Receivables are impaired when it is deemed probable that the Partnership will be unable to collect all amounts when due in accordance with the contractual terms of the loan. An allowance is based upon the Partnership’s assessment of the borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence including the expected future cash flows discounted at the receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience and other relevant factors, as appropriate. On a regular basis, the Partnership assesses investments in receivables for impairment. Internally generated cash flow projections are used to determine if the receivables are expected to be repaid in accordance with the terms of the related agreements. If it is probable that a receivable will not be repaid in accordance with the related agreement, the General Partner considers the receivable impaired. To measure impairment, the General Partner calculates the present value of the expected future cash flows discounted at the original effective interest rate. If the present value is less than the carrying value of the receivable, a specific impairment reserve is recorded for the difference. For the years ended December 31, 2017 and 2016, the Partnership recorded zero allowance on investments in receivables. Deferred Loan Costs Costs incurred associated with the revolving credit facility are capitalized as deferred loan costs and are included in deferred loan costs, net in the consolidated balance sheets in accordance with ASU 2015-15, Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. As a result of the adoption of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, costs incurred in obtaining the secured debt facilities are deducted from the carrying amount of the debt liability. The deferred loan costs are amortized to interest expense over the life of the related loan. When facilities are amended and restated that result in an of extinguishment of debt, any unamortized deferred loan costs, as well as charges incurred for the termination, are recorded to interest expense in the period of the amendment and restatement. Revenue Recognition The Partnership recognizes rental income under operating leases, including rental abatements, lease incentives and contractual fixed increases, if any, from tenants under lease arrangements with minimum fixed and determinable increases on a straight-line basis over the non-cancellable term of the related leases when collectability is reasonably assured. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are recorded as deferred rent assets. The excess of rent payments collected over amounts recognized contractually due pursuant to the underlying lease are recorded as prepaid rents. For the years ended December 31, 2017, 2016, and 2015, leases obtained by the Partnership through its acquisition and ownership of real property interests in the wireless communication industry and the outdoor advertising industry were generally cancelable upon 30 - 180 days’ notice by the tenants with no significant penalty. The Partnership evaluates whether the lease arrangements economically compel the tenant to not cancel the lease in determining the term of the lease by considering various factors such as cancellation rights, availability of alternative sites, and historical cancellation rates. For cancellable leases where the tenant is not economically compelled to continue the lease, the term of the lease is considered to be the non-cancellable period with rental abatements and contractual fixed rate increases recorded in the period the amounts become due and payable. • Wireless Communication – As a result of various factors, including the cancellation rights, ability to find alternative sites, credit risk, and historical cancellation and lease amendment rates, the lease term is generally considered to be the non-cancellable term of the lease of 30 to 180 days. For these leases rental abatements and contractual fixed increases are recorded in the period the amounts become due and payable. • Outdoor Advertising and Renewable Power Generation – The lease term is generally considered to be the non-cancellable term of the remaining portion of the existing term of the lease. The capitalized above-market and below-market lease values are amortized as a decrease or increase, respectively, to rental income over the estimated period the tenant is expected to be leasing the site. Certain leases provide for the greater of a minimum rent or a percentage of the revenue generated by the tenant (“Contingent Rent”). Contingent rent is recognized when measurable and all possible contingencies have been eliminated. During the years ended December 31, 2017, 2016, and 2015, the Partnership recognized $1.0 million, $0.6 million and $0.2 million of Contingent Rent, respectively. Rents Receivable, net Rents receivables consists of tenant receivables arising in the normal course of business. Tenant receivables are uncollateralized customer obligations requiring payment within various time frames not to exceed one year from the invoice date. Tenant receivables are recorded and carried at the amount billable per the applicable lease agreement, less any allowances for doubtful accounts. The amounts due from tenants are periodically reviewed and an allowance for doubtful accounts is maintained for estimated losses resulting from the inability of tenants to make required payments under lease agreements. Judgment is exercised in establishing these allowances with the payment history and the current credit status of tenants considered in developing these estimates. At December 31, 2017 and 2016, the allowance for doubtful accounts was $0.3 million and $0.2 million, respectively. Income Taxes The Partnership is generally not subject to federal, state or local income taxes, except for our subsidiary Landmark Infrastructure Asset OpCo LLC (“Asset OpCo”). Asset OpCo conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes. Each limited partner is responsible for the tax liability, if any, related to its proportionate share of the Partnerships’ taxable income or loss. Certain foreign wholly owned subsidiaries of the Partnership conduct certain activities in international locations that generate taxable income and will be treated as taxable entities. Additionally, our consolidated REIT subsidiary, Landmark Infrastructure Inc., a Delaware corporation, files as a corporation for U.S. federal income tax purposes. The REIT Subsidiary has elected to be treated as a REIT and we believe that it has operated in a manner that has allowed the REIT Subsidiary to qualify as a REIT for federal income tax purposes commencing with such taxable year, and the REIT Subsidiary intends to continue operating in such manner. If the REIT Subsidiary fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain savings provisions, all of its taxable income would be subject to federal income tax at regular corporate rates. The Partnership follows the requirements of ASC Topic 740, Income Taxes Foreign Currency Translation Assets and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the period, and revenues and expenses denominated in foreign currencies that are translated into U.S. dollars use average rates of exchange in effect during the related period. Gains and losses resulting from translation adjustments are included in accumulated other comprehensive income (loss). Risk Management The Partnership is subject to risks incidental to the ownership and investment in real property interests. These risks and uncertainties include the competitive environment in which the Partnership operates – local, regional, and national economic conditions, including consumer confidence, employment rates, and the availability of capital; uncertainties and fluctuations in capital and securities markets; the cyclical and competitive nature of the real estate industry; changes in tax laws and their interpretation; legal proceedings; effect of restrictive covenants in the loan agreements; and the effects of governmental regulation. In the normal course of business, the Partnership encounters economic risk, including interest rate risk, credit risk, and market risk. Interest rate risk is the result of movements in the underlying variable component of financing rates. Credit risk is the risk of default that results from an underlying tenant/borrower’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the valuation of real property interests and investments in receivables held by the Partnership. Concentration of Credit Risk The Partnership’s credit risk relates primarily to rent receivables, investments in receivables, cash and interest rate swap agreements. Cash accounts at each U.S. institution are insured by the Federal Deposit Insurance Corporation up to $250,000. The Partnership has not experienced any losses to date on invested cash. Credit risk associated with interest rate swap agreements arises from the potential failure of counterparties to perform in accordance with the terms of their contracts. The Partnership’s risk management policies define parameters of acceptable market risk and limit exposure to credit risk. Credit exposure resulting from derivative financial instruments is represented by their fair value amounts, increased by an estimate of potential adverse position exposure arising from changes over time in interest rates, maturities, and other relevant factors. The Partnership does not anticipate nonperformance by any of its counterparties. The Partnership’s real property interests are primarily located throughout the United States. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory, and social factors affecting the communities in which the tenants operate. In certain instances, the Partnership’s position in the real property interest may be subordinate to a mortgage lender on the real property. Business Segments The FASB accounting guidance with regard to disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. The Partnership has three reportable segments, wireless communication, outdoor advertising, and renewable power generation for all periods presented. 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 expected to not have any material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial. In January 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 Topic 842 Revenue from Contracts with Customers (Topic 606)

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Acquisitions	3. Acquisitions Drop-down Acquisitions During the years ended December 31, 2017, 2016 and 2015, the Partnership completed four, five and eight Drop-down Acquisitions, respectively, from our Sponsor and affiliates. Certain real property interests and financing assets included in the Drop-down Acquisitions completed by the Partnership were part of the right of first offer assets acquired from Landmark Dividend Growth Fund-G LLC (“Fund G”), Landmark Dividend Growth Fund-F LLC (“Fund F”), Landmark Dividend Growth Fund-C LLC (“Fund C”) and Landmark Dividend Growth Fund-E LLC (“Fund E” and together with Fund G, Fund F and Fund C, the “Acquired Funds”). 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: Number of Tenant Sites Consideration (in millions) Renewable Investments Borrowings Wireless Outdoor Power in and Available Common Acquisition Date Source Communication Advertising Generation Total Receivables Cash Units Total December 20, 2017 Sponsor 23 5 1 29 — $ 17.6 $ — $ 17.6 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 122 28 5 155 2 $ 114.8 $ 3.5 $ 118.3 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 December 18, 2015 Sponsor 23 16 2 41 — $ 24.2 $ — $ 24.2 November 19, 2015 Fund F 99 37 — 136 — 25.0 19.5 44.5 November 19, 2015 Fund C 67 5 — 72 — 17.3 13.0 30.3 September 21, 2015 Sponsor 50 13 2 65 — 20.3 — 20.3 August 18, 2015 Fund E 135 57 1 193 — 34.9 31.0 65.9 July 21, 2015 Sponsor 81 16 3 100 1 35.7 — 35.7 April 8, 2015 Sponsor 45 28 — 73 — 22.1 — 22.1 March 4, 2015 Sponsor 41 39 1 81 — 25.2 — 25.2 2015 Acquisitions 541 211 9 761 1 $ 204.7 $ 63.5 $ 268.2 (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. Additionally, in connection with the December 22, 2016 drop-down acquisition, the Partnership entered into a contractual obligation to acquire one tenant site and related real property interest. On April 28, 2017 the Partnership completed the acquisition for cash consideration of approximately $3.7 million to the property owner and $0.6 million to Landmark as additional consideration. The assets and liabilities acquired from our Sponsor and affiliates are recorded at the historical cost of Landmark, as the 2016 and 2015 Drop-down Acquisitions were deemed to be transactions between entities under common control. The statements of operations for the years ended December 31, 2016 and 2015 of the Partnership were adjusted retroactively, prior to the adoption of ASU No. 2017-01 on April 1, 2017, as if the 2016 and 2015 Drop-down Acquisitions occurred on the earliest date during which the 2016 and 2015 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 2016 and 2015 Drop-down Assets as if we owned the assets as of the date acquired by Landmark for all periods presented. The historical financial statement as filed on February 23, 2017 include all retroactive adjustments. All 2017 Drop-down Acquisitions that occurred after the adoption of ASU No. 2017-01 on April 1, 2017 are accounted for as transfers of net assets between entities under common control. The following tables present our results of operations and financial position reflecting the effect of the 2016 and 2015 Drop-down Acquisitions on pre-acquisition periods. Consolidated statement of operations and comprehensive income for the year ended December 31, 2016 (in thousands): Landmark Pre-Acquisition Infrastructure Landmark results of the Partners LP Infrastructure Drop-down (As Currently Partners LP Acquisitions Reported) Revenue Rental revenue $ 35,208 $ 5,963 $ 41,171 Expenses Management fees to affiliate — 196 196 Property operating 105 2 107 General and administrative 3,755 — 3,755 Acquisition-related 2,648 258 2,906 Amortization 9,703 1,488 11,191 Impairments 1,275 — 1,275 Total expenses 17,486 1,944 19,430 Other income and expenses (7,849 ) (3,971 ) (11,820 ) Net income $ 9,873 $ 48 $ 9,921 Other comprehensive loss (513 ) (4 ) (517 ) Comprehensive income $ 9,360 $ 44 $ 9,404 Consolidated statement of operations and comprehensive income for the year ended December 31, 2015 (in thousands): Landmark Pre-Acquisition Infrastructure Landmark results of the Partners LP Infrastructure Drop-down (As Currently Partners LP Acquisitions Reported) Revenue Rental revenue $ 19,808 $ 13,789 $ 33,597 Expenses Management fees to affiliate — 480 480 Property operating 24 12 36 General and administrative 2,913 10 2,923 Acquisition-related 1,956 2,060 4,016 Amortization 5,219 3,432 8,651 Impairments 3,902 — 3,902 Total expenses 14,014 5,994 20,008 Other income and expenses (5,058 ) (7,326 ) (12,384 ) Net income $ 736 $ 469 $ 1,205 Other comprehensive income — 5 5 Comprehensive income $ 736 $ 474 $ 1,210 Consolidated summarized cash flows for the year ended December 31, 2016 (in thousands): Landmark Pre-Acquisition Infrastructure Landmark results of the Partners LP Infrastructure Drop-down (As Currently Partners LP Acquisitions Reported) Net cash provided by operating activities $ 18,982 $ 2,483 $ 21,465 Net cash used in investing activities (156,468 ) — (156,468 ) Net cash provided by (used in) financing activities 138,281 (2,483 ) 135,798 Consolidated summarized cash flows for the year ended December 31, 2015 (in thousands): Landmark Pre-Acquisition Infrastructure Landmark results of the Partners LP Infrastructure Drop-down (As Currently Partners LP Acquisitions Reported) Net cash provided by operating activities $ 9,691 $ 6,264 $ 15,955 Net cash used in investing activities (134,220 ) 9 (134,211 ) Net cash provided by (used in) financing activities 126,203 (6,274 ) 119,929 The Pre-Acquisition results of the Drop-Down Acquisitions column includes the retroactive adjustments to reflect the results of operations and cash flows of the 2016 and 2015 Drop-down Acquisitions made during 2015 prior to the acquisition dates for the periods under common control. The 2017 Drop-down Acquisitions after March 31, 2017 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 years ended December 31, 2017 and 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: No. of Tenant Sites Consideration (in millions) Renewable Borrowings Wireless Outdoor Power Investments and Available Common Acquisition Description Communication Advertising Generation Total in Receivables Cash 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 Fourth Quarter International — 3 — 3 — $ 11.5 $ — $ 11.5 UEP 3 4 — 7 — — 2.7 2.7 Domestic 14 5 2 21 — 6.5 — 6.5 Total 17 12 2 31 — $ 18.0 $ 2.7 $ 20.7 2017 Total 35 26 2 63 1 $ 37.2 $ 3.8 $ 41.0 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	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Real Property Interests	4. Real Property Interests The following summarizes the Partnership’s real property interests (in thousands): December 31, 2017 2016 Land $ 114,385 $ 88,845 Real property interests – perpetual 114,612 99,911 Real property interests – finite life 481,810 390,119 Construction in progress 7,574 — Total land and real property interests 718,381 578,875 Accumulated amortization of real property interests (37,817 ) (25,967 ) Land and net real property interests $ 680,564 $ 552,908 During the year ended December 31, 2017, the Partnership completed a sale of one wireless communication site to a third party in exchange for cash consideration of $0.2 million. We recognized a loss on sale of real property interest of $4,812 upon completion of the sale. 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 years ended December 31, 2017, 2016 and 2015, the Partnership paid total consideration of $118.3 million, $205.7 million and $268.2 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 years ended December 31, 2016 and 2015, the difference between the total consideration of $205.7 million and $268.2 million, respectively, and the historical cost basis of $141.1 million and $198.8 million, respectively, was allocated to the General Partner. For Drop-down Acquisitions after March 31, 2017, 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. During the year ended December 31, 2017, the difference between the total consideration of $118.3 million and the net carrying value of $99.8 million, was allocated to the General Partner. During 2017, the Partnership started to develop 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 December 31, 2017, the Partnership’s $7.6 million construction in progress balance related to the construction 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 December 31, 2017, the consolidated joint venture had ten tenant sites and one investment in receivable with total assets of $31.6 million. During the year ended December 31, 2017, the consolidated joint venture generated rental revenue of $0.8 million. No revenue was generated during the year ended December 31, 2016. 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 made during the years ended December 31, 2017, 2016, and 2015 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. See Notes 2 and 3 for additional information. Investments in real In-place lease Above-market Below-market Period Land property interests intangibles lease intangibles lease intangibles Total 2017 $ 25,151 $ 107,195 $ 3,781 $ 976 $ (1,850 ) $ 135,253 2016 75,959 34,096 4,003 972 (864 ) 114,166 2015 6,473 100,986 3,210 2,533 (4,637 ) 108,565 Future estimated aggregate amortization of finite lived real property interests for each of the five succeeding fiscal years and thereafter as of December 31, 2017, are as follows (in thousands): 2018 $ 13,232 2019 12,877 2020 12,315 2021 11,725 2022 11,441 Thereafter 382,403 Total $ 443,993 The weighted average remaining amortization period for non‑perpetual real property interests is 49 and 51 years at December 31, 2017 and 2016, respectively. During the years ended December 31, 2017 and 2016, six and nine of the Partnership’s real property interests were impaired, respectively, as a result of termination notices received. During the year ended December 31, 2015, 21 of the Partnership’s real property interests were impaired as a result of termination notices received and one property foreclosure. During the years ended December 31, 2017, 2016 and 2015, we recognized impairment charges totaling $0.8 million, $1.3 million and $3.9 million, respectively. 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	12 Months Ended
	Dec. 31, 2017
Other Intangible Assets And Liabilities [Abstract]
Other Intangible Assets and Liabilities	5. Other Intangible Assets and Liabilities The following summarizes our identifiable intangible assets, including above/below‑market lease intangibles (in thousands): December 31, 2017 2016 Acquired in-place lease Gross amount $ 20,486 $ 16,729 Accumulated amortization (6,119 ) (4,491 ) Net amount $ 14,367 $ 12,238 Acquired above-market leases Gross amount $ 6,503 $ 5,523 Accumulated amortization (2,886 ) (2,031 ) Net amount $ 3,617 $ 3,492 Total other intangible assets, net $ 17,984 $ 15,730 Acquired below-market leases Gross amount $ (21,218 ) $ (19,366 ) Accumulated amortization 8,385 6,305 Total other intangible liabilities, net $ (12,833 ) $ (13,061 ) We recorded net amortization of above and below‑market lease intangibles of $1.2 million, $1.3 million and $1.5 million as an increase to rental revenue for the years ended December 31, 2017, 2016 and 2015, respectively. We recorded amortization of in‑place lease intangibles of $1.6 million, $1.5 million and $1.4 million as amortization expense for the years ended December 31, 2017, 2016, and 2015, respectively. Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of December 31, 2017 follows (in thousands): Acquired Acquired Acquired in-place above-market below-market leases leases leases 2018 $ 1,885 $ 718 $ (2,102 ) 2019 993 549 (2,046 ) 2020 970 465 (1,977 ) 2021 812 359 (1,835 ) 2022 666 283 (1,690 ) Thereafter 9,041 1,243 (3,183 ) Total $ 14,367 $ 3,617 $ (12,833 )

Future Minimum Rents

Future Minimum Rents	12 Months Ended
	Dec. 31, 2017
Operating Leases Future Minimum Payments Receivable [Abstract]
Future Minimum Rents	6. Future Minimum Rents At December 31, 2017, future minimum receipts from tenants on leases with non‑cancellable terms, including cancellable leases where the tenant is economically compelled to extend the lease term, for each of the next five years and thereafter are as follows (in thousands): 2018 $ 15,472 2019 15,330 2020 15,217 2021 14,948 2022 14,793 Thereafter 141,160 Total $ 216,920

Investments in Receivables

Investments in Receivables	12 Months Ended
	Dec. 31, 2017
Notes Receivable Net [Abstract]
Investments in Receivables	7. Investments in Receivables Investment in receivables includes financing arrangements and management agreements whereby we purchased the right to receive a portion of a rental payment under a contract but are not a party to the lease and do not have a real property interest. Additionally, certain lease arrangements of real property interests meet the definition of a financial asset and included in investments in receivables in our financial statements. Transfer of investments in receivables from the Sponsor and affiliates 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 $1.6 million, $1.2 million and $0.8 million during 2017, 2016, and 2015, respectively. The following table reflects the activity in investments in receivables (in thousands): Year Ended December 31, 2017 2016 Investments in receivables – beginning $ 17,440 $ 12,136 Acquisitions 4,389 5,934 Fair value adjustment — 239 Repayments (1,180 ) (905 ) Interest accretion 7 36 Foreign currency translation adjustment 126 — Investments in receivables – ending $ 20,782 $ 17,440 Annual amounts due as of December 31, 2017, are as follows (in thousands): 2018 $ 2,763 2019 2,292 2020 2,285 2021 2,348 2022 2,486 Thereafter 28,298 Total $ 40,472 Interest $ 19,690 Principal 20,782 Total $ 40,472

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	8. Debt The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date December 31, 2017 December 31, 2016 Revolving credit facility November 19, 2019 $ 304,000 $ 224,500 Series 2017-1 Class A November 15, 2022 (1) $ 62,000 $ — Series 2017-1 Class B November 15, 2022 (1) 18,000 — Series 2016-1 Class A June 1, 2021 (2) 89,171 90,917 Series 2016-1 Class B June 1, 2021 (2) 25,100 25,100 Secured Notes $ 194,271 $ 116,017 Discount on Secured Notes (1,826 ) (15 ) Deferred loan costs (5,196 ) (3,567 ) Secured Notes, net $ 187,249 $ 112,435 (1) Maturity date reflects anticipated repayment date; final legal maturity is November 15, 2047. (2) Maturity date reflects anticipated repayment date; final legal maturity is July 15, 2046. Revolving Credit Facility The Partnership’s revolving credit facility with SunTrust Bank, as administrative agent, and a syndicate of lenders will mature on November 19, 2019 and will be available for working capital, capital expenditures, permitted acquisitions and general partnership purposes, including distributions. On December 28, 2017, the Partnership exercised its option to increase the available commitments under its revolving credit facility, resulting in aggregate commitments of $390 million. Substantially all of our assets, excluding equity in and assets of unrestricted subsidiaries, after‑acquired real property (other than real property that is acquired from affiliate funds and is subject to a mortgage), and other customary exclusions, are pledged (or secured by mortgages), as collateral under our revolving credit facility. Our revolving credit facility contains various customary covenants and restrictive provisions. In addition, our revolving credit facility contains customary events of default, including, but not limited to (i) event of default resulting from our failure or the failure of our restricted subsidiaries to comply with covenants and financial ratios, (ii) the occurrence of a change of control (as defined in the credit agreement), (iii) the institution of insolvency or similar proceedings against us or our restricted subsidiaries, (iv) the occurrence of a default under any other material indebtedness (as defined in the credit agreement) we or our restricted subsidiaries may have and (v) any one or more collateral documents ceasing to create a valid and perfected lien on collateral (as defined in the credit agreement). Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the credit agreement, the lenders may declare any outstanding principal of our revolving credit facility debt, together with accrued and unpaid interest, to be immediately due and payable and may exercise the other remedies set forth or referred to in the credit agreement and the other loan documents. Loans under the revolving credit facility bear interest at our option at a variable rate per annum equal to either: • a base rate, which will be the highest of (i) the administrative agent’s prime rate in effect on such day, (ii) the federal funds rate in effect on such day plus 0.50%, and (iii) an adjusted one-month LIBOR plus 1.0%, in each case, plus an applicable margin of 1.50%; or • an adjusted one-month LIBOR plus an applicable margin of 2.50%. Additionally, under the revolving credit facility we will be subject to a 25 basis points annual commitment fee associated with the available undrawn capacity subject to certain restrictions. The revolving credit facility requires monthly interest payments and the outstanding debt balance is due upon maturity on November 19, 2019. As of December 31, 2017, $304 million was outstanding and there was $86 million of undrawn borrowing capacity, subject to compliance with certain covenants. As of December 31, 2017, the Partnership was in compliance with all financial covenants required under the revolving credit facility. Secured Notes On November 30, 2017, the Partnership completed a securitization transaction (the “2017 Securitization”) involving certain outdoor advertising tenant sites and related property interests owned by certain unrestricted special purpose subsidiaries of the Partnership, through the issuance of the Series 2017-1 Secured Notes, Class A and Class B (the “2017 Secured Notes”), in an aggregate principal amount of $80.0 million. The net proceeds from the 2017 Securitization were primarily used to pay down the revolving credit facility by $54.0 million and $17.5 million held in a restricted reserve accounts, including $16.0 million into a site acquisition account to be used to acquire additional tenant sites pursuant to the Indenture. The Class B notes are subordinated in right of payment to the Class A notes. The 2017 Secured Notes were issued at a discount of $1.8 million, which will be accreted and recognized as interest expense over the term of the secured notes. The Class A and Class B 2017 Secured Notes bear interest at a fixed note rate per annum of 4.10% and 3.81%, respectively. The Partnership is required to make monthly payments of principal and interest on Class A and Class B 2017 Secured Notes based on a 30-year amortization period, commencing in January 2018. On each payment date, commencing with the payment date occurring in January 2018, available funds will be used to repay the Class A 2017 Secured Notes in an amount sufficient to pay the Class A 2017 Secured Notes monthly amortization amount and to repay the Class B 2017 Secured Notes in an amount sufficient to pay the Class B 2017 Secured Notes monthly amortization amount on such payment date. No other payments of principal will be required to be made prior to the anticipated repayment date in November 2022. On June 16, 2016, the Partnership completed a securitization transaction (the “2016 Securitization”) involving certain tenant sites and related real property interests owned by certain unrestricted special purpose subsidiaries of the Partnership, through the issuance of the Series 2016-1 Secured Notes, Class A and Class B (the “2016 Secured Notes”), in an aggregate principal amount of $116.6 million. The net proceeds from the 2016 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 2016 Secured Notes were issued at a discount of $17,292, which will be accreted and recognized as interest expense over the term of the secured notes. The Class A and Class B 2016 Secured Notes bear interest at a fixed note rate per annum of 3.52% and 7.02%, respectively. The Partnership is required to make monthly payments of principal and interest on the Class A 2016 Secured Notes based on a 30-year amortization period and monthly payments of interest only on the Class B 2016 Secured 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 2016 Secured Notes in an amount sufficient to pay the Class A 2016 Secured Notes monthly amortization amount. No other payments of principal will be required to be made prior to the anticipated repayment date in June 2021. The 2017 Secured Notes and the 2016 Secured Notes described above are collectively referred to as the “Secured Notes” and the tenant site assets securing the Secured Notes are collectively referred to as the “Secured Tenant Site Assets.” The Secured Notes are secured by (1) mortgages and deeds of trust on substantially all of the Secured Tenant Site Assets and their operating cash flows, (2) a security interest in substantially all of the personal property of the obligors (as defined in the applicable indenture), and (3) the rights of the obligors under a management agreement. Under the terms of the applicable indenture, amounts due under the Secured Notes will be paid solely from the cash flows generated from the operation of the Secured Tenant Site Assets, as applicable, which must be deposited into reserve accounts, and thereafter distributed solely pursuant to the terms of the applicable indenture. On a monthly basis, after payment of all required amounts under the applicable indenture, subject to the conditions described below, the excess cash flows generated from the operation of such assets are released to the Partnership. As of December 31, 2017, $18.7 million was held in such reserve accounts which are classified as Restricted Cash on the accompanying consolidated and combined balance sheets. Included in Restricted Cash is $16.0 million from the 2017 Secured Notes site acquisition account that was used on January 18, 2018 for the acquisition of certain assets from Fund H. Certain information with respect to the 2017 Securitization and the 2016 Securitization is set forth below. The debt service coverage ratio (“DSCR”) is generally calculated as the ratio of annualized net cash flow (as defined in the applicable indenture) to the amount of interest, servicing fees and trustee fees required to be paid over the succeeding 12 months on the principal amount of the Secured Notes, as applicable, that will be outstanding on the payment date following such date of determination. Conditions Limiting Distributions of Excess Cash Issuer or Borrower Notes Issued Cash Trap DSCR Amortization Period 2017 Securitization LMRK Issuer Co. 2 LLC Series 2017-1 Secured Notes, Class A and Class B 1.30x (1) (2) 2016 Securitization LMRK Issuer Co. LLC Series 2016-1 Secured Notes, Class A and Class B 1.30x (1) (2) (1) Once triggered, a Cash Trap DSCR condition continues to exist until the DSCR exceeds the Cash Trap DSCR for two consecutive calendar months. During a Cash Trap DSCR condition, all cash flow in excess of amounts required to make debt service payments, to fund required reserves, to pay management fees and budgeted operating expenses and to make other payments required under the indenture, referred to as excess cash flow, will be deposited into a reserve account instead of being released to the applicable issuer. (2) An amortization period commences if the DSCR is equal to or below 1.15x (the “Minimum DSCR”) at the end of any calendar month and continues to exist until the DSCR exceeds the Minimum DSCR for two consecutive calendar months. 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 defined in the applicable agreement). As of December 31, 2017, the Partnership was in compliance with all financial covenants under the Secured Notes. The Secured Notes’ annual principal payment amounts due as of December 31, 2017, are as follows (in thousands): 2018 $ 4,236 2019 6,110 2020 8,077 2021 105,652 2022 70,196 Total $ 194,271 Interest Expense For the years ended December 31, 2017, 2016 and 2015, the Partnership incurred interest expense of $18.4 million, $13.9 million and $11.0 million, respectively, and had interest payable of $0.7 million and $0.4 million as of December 31, 2017 and 2016, respectively. Additionally, the Partnership recorded deferred loan costs amortization, which is included in interest expense, of $2.2 million, $1.7 million and $1.9 million for the years ended December 31, 2017, 2016 and 2015, respectively. Drop-down Acquisitions Interest expense for the years ended December 31, 2016 and 2015 includes retroactive adjustments of $2.5 million and $5.3 million, respectively, associated with the Acquired Funds’ secured debt facilities. Additionally, deferred loan costs amortization, which is included in interest expense, has been retroactively adjusted to include $0.4 million and $1.2 million for the years ended December 31, 2016 and 2015, respectively. In connection with the acquisition of the Acquired Funds, cash proceeds were used to repay the Acquired Funds’ secured indebtedness as part of the Acquired Funds’ respective liquidations. In connection with the acquisition of Fund G during the year ended December 31, 2016 and the acquisitions of Fund F, Fund C and Fund E during the year ended December 31, 2015, $74.6 million, $24.5 million, $15.1 million and $29.2 million was used to repay each Acquired Funds’ secured indebtedness, respectively. At the time of each fund acquisition, the unamortized balance of the deferred loan costs totaling $1.7 million and $1.9 million related to the Acquired Funds’ secured debt facilities was recorded as a loss on extinguishment of debt during the years ended December 31, 2016 and 2015, respectively.

Interest Rate Swap Agreements

Interest Rate Swap Agreements	12 Months Ended
	Dec. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swap Agreements	9. 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 December 31, Entered Value Rate Date Date 2017 2016 December 24, 2014 $ 70,000 4.02 % 12/24/2014 12/24/2018 $ 164 $ (376 ) February 5, 2015 25,000 3.79 4/13/2015 4/13/2019 174 13 August 24, 2015 50,000 4.24 10/1/2015 10/1/2022 840 354 March 23, 2016 50,000 4.17 12/24/2018 12/24/2021 761 720 March 31, 2016 20,000 4.06 12/24/2018 12/24/2021 364 347 March 31, 2016 25,000 4.13 4/13/2019 4/13/2022 418 426 June 12, 2017 50,000 4.56 3/2/2018 9/2/2024 438 — $ 3,159 $ 1,484 During the years ended December 31, 2017, 2016 and 2015, the Partnership recorded a gain of $1.7 million, $2.3 million and a loss of $0.4 million, respectively, resulting from the change in fair value of the interest rate swap agreements which is reflected as an unrealized gain (loss) on derivatives on the consolidated and combined statements of operations. During the years ended December 31, 2016 and 2015, the Partnership recorded a realized loss on derivatives of $0.1 million as a result of the termination of the Acquired Funds’ interest rate swap agreements. Prior-period information has been retroactively adjusted to include an unrealized gain on derivative financial instruments related to the Acquired Funds’ interest rate swap agreements of $0.1 million during the year ended December 31, 2016. During the year ended December 31, 2015, financial information was retroactively adjusted to include an unrealized gain on derivatives of $0.1 million related to Fund C, Fund E and Fund F and an unrealized loss on derivatives of $0.1 million related to Fund G. The fair value of the interest rate swap agreements is 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 December 31, 2017. The following table summarizes the results 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 $ 483 $ (157 ) $ 800 $ (480 ) February 5, 2015 4/13/2019 328 19 481 (138 ) August 24, 2015 10/1/2022 1,930 (258 ) 2,981 (1,395 ) March 23, 2016 12/24/2021 1,457 64 2,125 (662 ) March 31, 2016 12/24/2021 643 87 909 (202 ) March 31, 2016 4/13/2022 763 75 1,091 (286 ) June 12, 2017 9/2/2024 1,906 (1,097 ) 3,329 (2,681 )

Unit-Based Compensation

Unit-Based Compensation	12 Months Ended
	Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Unit-Based Compensation	10. Unit-Based Compensation Compensation of our Directors The Non-Employee Director Compensation Plan provides each director that is neither an officer of the General Partner nor an employee or an affiliate of the General Partner with annualized compensation consisting of $35,000 in cash, payable quarterly, plus an annual grant of Common Units valued at $35,000 and additional cash compensation for attending meetings of the board of directors of the General Partner or a committee thereof. The chairman of the audit committee of the board of directors shall be entitled to additional annualized cash compensation of $10,000 and the chairman of any other committee of the board of directors, as may be established at any time, shall be entitled to an amount in cash as determined by the board of directors. On January 25, 2018 the board of directors of the General Partner adopted the Amended and Restated Non-Employee Director Compensation Plan that increased the cash and equity compensation for Non-Employee Directors to $40,000 in cash, payable quarterly, and an annual grant of Common Units valued at $40,000. Additionally, the chairman of the audit committee of the board of directors shall be entitled to additional annualized cash compensation of $15,000. Our Long‑Term Incentive Plan In connection with the IPO, the board of directors of the General Partner adopted the Landmark Infrastructure Partners LP 2014 Long-Term Incentive Plan (the “LTIP”). The LTIP provides for the grant, from time to time at the discretion of the board of directors of the General Partner or any committee thereof that may be established for such purpose or by any delegate of the board of directors or such committee, subject to applicable law (the “plan administrator”), of equity-based awards. The purpose of the LTIP is to promote the interests of the Partnership and the General Partner by providing incentive compensation awards to individuals providing services to the Partnership or the General Partner to encourage superior performance. The LTIP is also intended to enhance the ability of the Partnership and the General Partner to attract and retain the services of individuals who are essential for the growth and profitability of the Partnership and the General Partner and to encourage these individuals to devote their best efforts to advancing the business of the Partnership and the General Partner. The LTIP will initially limit the number of units that may be delivered pursuant to vested awards to 785,000 Common Units, subject to proportionate adjustment in the event of unit splits and similar events, with such amount increased annually on the first day of each calendar year beginning January 1, 2016 and ending on and including January 1, 2024 by a number of Common Units equal to the least of (i) 1,570,000 Common Units, (ii) 2% of the total number of common and subordinated units outstanding on the last day of the immediately preceding calendar year and (iii) such smaller number of Common Units as determined by the board of directors of the General Partner. Common Units subject to awards that are cancelled, forfeited, withheld to satisfy exercise prices or tax withholding obligations, or otherwise terminated without delivery of the Common Units will be available for delivery pursuant to other awards. We have granted 6,798, 9,840 and 5,050 units under our LTIP as compensation to our Non-Employee Directors during the years ended December 31, 2017, 2016 and 2015, respectively, and no other awards were granted to any of our executive officers.

Equity

Equity	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Equity	11. Equity The table below summarizes changes in the numbers of units outstanding for the years ended December 31, 2017, 2016 and 2015 (in units): Series A Series B Common Subordinated Preferred Preferred Balance at December 31, 2014 4,702,665 3,135,109 — — Issuance of Common Units - May 20, 2015 3,000,000 — — — Issuance of units in connection with the Acquired Funds 4,112,429 — — — Unit-based compensation 5,050 — — — Balance at December 31, 2015 11,820,144 3,135,109 — — Issuance of Series A Preferred Units - April 4, 2016 — — 800,000 — Issuance of Series B Preferred Units - August 8, 2016 — — — 1,840,000 Issuance of units in connection with the Acquired Funds 3,592,430 — — — Issuance of Common Units - October 19, 2016 3,450,000 — — — ATM Programs 405,156 — 63,957 — Unit Exchange Program 172,985 — — — Unit-based compensation 9,840 — — — Balance at 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 240,426 — 704,445 623,015 Unit Exchange Program 226,950 — — — Unit-based compensation 6,798 — — — Balance at December 31, 2017 20,146,458 3,135,109 1,568,402 2,463,015 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 May 20, 2015, the Partnership closed a public offering of an additional 3,000,000 common units representing limited partner interests in us at a price to the public of $16.75 per common unit, or $15.9125 per common unit net of the underwriter’s discount. We received net proceeds of $46.9 million after deducting the underwriter’s discount and offering expenses paid by us of $3.3 million. We used all proceeds to repay a portion of the borrowings under our revolving credit facility. In connection with the acquisition of the Acquired Funds, the Partnership issued Common Units as partial consideration for the transactions as part of the Acquired Fund’s respective liquidations. The Common Units were issued in private transactions exempt from registration under Section 4(a)(2) of the Securities Act. See Note 3 Acquisitions Related-Party Transactions On February 16, 2016, the Partnership established a Common Unit at-the-market offering program (the “Common Unit ATM Program”) pursuant to which we may sell, from time to time, Common Units having an aggregate offering price of up to $50.0 million pursuant to our previously filed and effective registration statement on Form S-3. The net proceeds from sales under the Common Unit ATM Program will be used for general partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. During the years ended December 31, 2017 and 2016, the Partnership issued 240,426 and 405,156 Common Units under our Common Unit ATM Program, generating proceeds of approximately $4.2 million and $6.9 million before issuance costs, respectively. 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 years ended December 31, 2017 and 2016, under the Unit Exchange Program we completed acquisitions of twelve and six tenant sites in exchange for 226,950 and 172,985 Common Units, valued at approximately $3.8 million and $2.6 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. The requirements under our partnership agreement for the conversion of all the subordinated units into common units will be satisfied upon the payment of our quarterly cash distribution on February 14, 2018. Therefore, effective February 15, 2018, all of our subordinated units which are owned by Landmark, will be converted on a one-for-one basis into common units. The conversion of subordinated units does not impact the amount of cash distributions or total number of outstanding 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 proceeds to repay a portion of the borrowings under our revolving credit facility. Distributions on the Series A Preferred Units are cumulative from the date of original issuance and will be payable quarterly in arrears on the 15th day of January, April, July and October of each year, when, as and if declared by the board of directors of our General Partner. The initial distribution on the Series A Preferred Units was paid on July 15, 2016 in an amount equal to $0.5611 per unit. Distributions on the Series A Preferred Units will accumulate at a rate of 8.0% per annum per $25.00 stated liquidation preference per Series A Preferred Unit. In connection with the closing of the 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 year ended December 31, 2017, the Partnership issued 704,445 Series A Preferred Units under our Series A Preferred Unit ATM Program, generating proceeds of approximately $17.7 million before issuance costs. During the year ended December 31, 2016, the Partnership issued 63,957 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 the “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 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. The initial distribution on the Series B Preferred Units was paid on November 15, 2016 in an amount equal to $0.5321527 per unit. 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 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. As a result, the Preferred Units will not give rise to a claim for payment of a principal amount at a particular date and are not redeemable at the option of investors under any circumstances. Instead, the Preferred Units may be redeemed by us at our option in the event of a change of control or at any time on or after April 4, 2021 for the Series A Preferred Units and on August 8, 2021 for the Series B Preferred Units, in whole or in part, out of funds legally available for such redemption, at a redemption price of $25.00 per unit plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared. In addition, if we do not exercise the option to redeem the Preferred Units following certain changes of control, as described in the Partnership Agreement, then the holders of the Preferred Units have the option to convert the Preferred Units into a number of Common Units as set forth in the Partnership Agreement. If we exercise the right to redeem all outstanding Preferred Units, the holders of Preferred Units will not have the conversion right described above. 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 year ended December 31, 2017, the Partnership issued 623,015 Series B Preferred Units under our Series B Preferred Unit ATM Program, generating proceeds of approximately $15.6 million before issuance costs. No Series B Preferred Units were issued under our Series B Preferred Unit ATM Program during the year ended December 31, 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, 2015 April 23, 2015 May 14, 2015 $ 0.2975 $ 2,332 June 30, 2015 July 21, 2015 August 14, 2015 0.3075 3,334 September 30, 2015 October 22, 2015 November 13, 2015 0.3175 4,077 December 31, 2015 January 28, 2016 February 12, 2016 0.3250 4,864 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 December 31, 2017 January 24, 2018 February 14, 2018 0.3675 9,304 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 December 31, 2017 December 21, 2017 January 16, 2018 0.5000 784 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 December 31, 2017 January 22, 2018 February 15, 2018 0.4938 1,216

Net Income (Loss) Per Limited P

Net Income (Loss) Per Limited Partner Unit	12 Months Ended
	Dec. 31, 2017
Earnings Per Unit [Abstract]
Net Income (Loss) Per Limited Partner Unit	12. 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 years ended December 31, 2017, 2016 and 2015 is as follows (in thousands): Year Ended December 31, 2017 2016 2015 Net income attributable to limited partners $ 19,257 $ 9,873 $ 736 Less: Distributions declared on Preferred Units (6,673 ) (2,660 ) — General partner's incentive distribution rights (488 ) (110 ) — Net income attributable to common and subordinated unitholders 12,096 7,103 736 Distributions declared on common units (28,983 ) (21,314 ) (10,693 ) Distributions declared on subordinated units (4,491 ) (4,232 ) (3,911 ) Undistributed net loss $ (21,378 ) $ (18,443 ) $ (13,868 ) The calculation of net income (loss) per unit related to the Partnership for the years ended December 31, 2017, 2016 and 2015 is as follows (in thousands, except per unit data): Year Ended December 31, 2017 2016 2015 Common Subordinated Common Subordinated Common Subordinated Units Units Units Units Units Units Distributions declared $ 28,983 $ 4,491 $ 21,314 $ 4,232 $ 10,693 $ 3,911 Undistributed net loss (18,440 ) (2,938 ) (14,947 ) (3,496 ) (9,466 ) (4,402 ) Net income (loss) attributable to common and subordinated units - basic 10,543 1,553 6,367 736 1,227 (491 ) Net income (loss) attributable to subordinated units 1,553 — 736 — (491 ) — Net income (loss) attributable to common and subordinated units - diluted $ 12,096 $ 1,553 $ 7,103 $ 736 $ 736 $ (491 ) Weighted-average units outstanding: Basic 19,701 3,135 13,986 3,135 7,558 3,135 Effect of diluted subordinated units 3,135 — 3,135 — 3,135 — Diluted 22,836 3,135 17,121 3,135 10,693 3,135 Net income (loss) per common and subordinated unit: Basic $ 0.54 $ 0.50 $ 0.46 $ 0.23 $ 0.16 $ (0.16 ) Diluted (1) $ 0.53 $ 0.50 $ 0.41 $ 0.23 $ 0.07 $ (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 diluted 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 income (loss) per unit for the years ended December 31, 2017, 2016 and 2015, 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	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	13. 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 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 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): December 31, 2017 2016 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 20,782 $ 20,995 $ 17,440 $ 17,550 Revolving credit facility 304,000 304,000 224,500 224,500 Secured Notes, net 187,249 187,895 112,435 112,608 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. For the years ended December 31, 2017 and 2016, the Partnership measured the following assets and liabilities at fair value on a recurring basis (in thousands): December 31, 2017 2016 Derivative Assets (1) $ 3,159 $ 1,860 Derivative Liabilities (1) $ — $ 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	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related-Party Transactions	14. Related‑Party Transactions General and Administrative Reimbursement Under the 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 in 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 years ended December 31, 2017, 2016 and 2015, Landmark reimbursed us $3.5 million, $2.6 million and $2.1 million, respectively, for expenses related to certain general and administrative services that exceeded the cap. As of December 31, 2017, $0.5 million is included within due from affiliates related to the fourth quarter general and administrative reimbursement from Landmark. Patent License Agreement We entered into a Patent License Agreement (“License Agreement”) with American Infrastructure Funds, LLC (“AIF”), an affiliate of the controlling member of Landmark. Under the License Agreement, AIF granted us a nonexclusive, perpetual license to practice certain patented methods related to the apparatus and method for combining easements under a master limited partnership. We have agreed to pay AIF a license fee of $50,000 for the second year of the License Agreement, and thereafter, an amount equal to the greater of (i) one‑tenth of one percent (0.1%) of our gross revenue received during such contract year; or (ii) $100,000. During the years ended December 31, 2017, 2016 and 2015, we incurred $0.1 million, $0.1 million and $6,250 of license fees related to the AIF patent license agreement. 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 years ended December 31, 2017, 2016 and 2015, the Partnership completed the following ROFO acquisitions: Common Units Total No. of Total Total Issued to Acquired Total No. Investments in Consideration Common Units Landmark Acquisition Date Fund of Tenant Sites Receivables (in millions) Issued and Affiliates Various (1) Fund G 2 — $ 14.8 221,729 221,729 August 30, 2016 Fund G 386 5 140.3 3,592,430 25,220 November 19, 2015 Fund F 136 — 44.5 1,266,317 217,133 November 19, 2015 Fund C 72 — 30.3 847,260 123,405 August 18, 2015 Fund E 193 — 65.9 1,998,852 171,737 (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 Acquired Funds, Landmark or its affiliates were paid a management fee ranging from $45 to $75 per asset per month for providing various services to the funds. Management fees totaled $0.2 million and $0.5 million for the years ended December 31, 2016 and 2015, respectively. 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 years ended December 31, 2016 and 2015, financial information has been retroactively adjusted to include management fees of $0.2 million and $0.5 million, respectively, incurred by the Acquired Funds during the period prior to the acquisition by the Partnership. Secured Tenant Site Assets’ Management Fee In connection with the issuance of the 2016 Secured Notes and 2017 Secured Notes, the Partnership entered into applicable management agreements with the General Partner dated June 16, 2017 and November 30, 2017, respectively. Pursuant to the applicable management agreements, 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 applicable management agreements. 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 $18,451 and $10,215 of Secured Tenant Site Assets’ management fees during the years ended December 31, 2017 and 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 December 31, 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 December 31, 2017, the Partnership incurred $0.2 million in leasing costs 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 on October 26, 2016, our General Partner receive 15% of the cash distribution in excess of our second target distribution as defined in our Partnership Agreement for the quarter ended December 31, 2017. During the years ended December 31, 2017 and 2016, we paid $0.5 million and $0.1 million of incentive distribution rights, respectively. Due from Affiliates At December 31, 2017 and 2016, the General Partner and affiliates owed $0.6 million and $0.6 million, respectively, to the Partnership primarily for general and administrative reimbursement and for rents received on our behalf.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Information	15. 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 triple net or 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 year ended December 31, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 33,456 $ 11,367 $ 7,802 $ — $ 52,625 Expenses Property operating 22 228 144 — 394 General and administrative — — — 5,286 5,286 Acquisition-related 22 230 — 1,035 1,287 Amortization 10,898 2,070 569 — 13,537 Impairments 645 203 — — 848 Total expenses 11,587 2,731 713 6,321 21,352 Total other income and expenses 698 144 740 (16,724 ) (15,142 ) Income (loss) before income tax benefit 22,567 8,780 7,829 (23,045 ) 16,131 Income tax benefit — — — (3,145 ) (3,145 ) Net income (loss) $ 22,567 $ 8,780 $ 7,829 $ (19,900 ) $ 19,276 For the year ended December 31, 2016 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 30,440 $ 8,176 $ 2,555 $ — $ 41,171 Expenses Management fees to affiliate 112 83 1 — 196 Property operating 62 29 16 — 107 General and administrative — — — 3,755 3,755 Acquisition-related 244 52 25 2,585 2,906 Amortization 9,649 1,247 295 — 11,191 Impairments 1,130 145 — — 1,275 Total expenses 11,197 1,556 337 6,340 19,430 Total other income and expenses 1,067 — 532 (13,419 ) (11,820 ) Net income (loss) $ 20,310 $ 6,620 $ 2,750 $ (19,759 ) $ 9,921 For the year ended December 31, 2015 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 26,546 $ 6,846 $ 205 $ — $ 33,597 Expenses Management fees to affiliate 319 161 — — 480 Property operating 24 12 — — 36 General and administrative — — — 2,923 2,923 Acquisition-related 1,951 80 29 1,956 4,016 Amortization 7,581 1,022 48 — 8,651 Impairments 3,426 476 — — 3,902 Total expenses 13,301 1,751 77 4,879 20,008 Total other income and expenses 796 227 9 (13,416 ) (12,384 ) Net income (loss) $ 14,041 $ 5,322 $ 137 $ (18,295 ) $ 1,205 The Partnership’s total assets by segment were (in thousands): December 31, 2017 2016 Segments Wireless communication $ 440,139 $ 394,991 Outdoor advertising 175,825 92,660 Renewable power generation 111,482 103,052 Corporate assets 40,553 12,357 Total assets $ 767,999 $ 603,060

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. 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 December 31, 2017, the Partnership had a $1.3 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 December 31, 2017, the Partnership had approximately $81.4 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	12 Months Ended
	Dec. 31, 2017
Risks And Uncertainties [Abstract]
Tenant Concentration	17. Tenant Concentration For the years ended December 31, 2017, 2016 and 2015, the Partnership had the following tenant revenue concentrations: Year Ended December 31, Tenant 2017 2016 2015 T-Mobile 11.7 % 13.8 % 15.4 % Verizon 8.9 % 9.7 % 9.8 % Sprint 9.5 % 11.4 % 12.5 % AT&T Mobility 11.0 % 12.6 % 13.1 % Crown Castle 9.2 % 10.3 % 11.1 % 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	18. Income Taxes The Partnership is not a taxable entity for United States federal income tax purposes or for the majority of states that impose an income tax. Taxes on our net income generally are borne by our partners through the allocation of taxable income. Our consolidated REIT Subsidiary files as a corporation for U.S. federal income tax purposes. The REIT Subsidiary has elected to be treated as a REIT and may deduct earnings distributed to stockholders against the income generated by its REIT operations, therefore it does not have any federal income tax liability. Additionally, our wholly owned subsidiary Asset OpCo conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal and state income tax purposes. In addition, certain subsidiaries of the Partnership are subject to corporate income tax in the foreign jurisdictions where we own assets and generate taxable income. The following information pertains to the Partnership’s income taxes on a consolidated basis. Income before income tax benefit by geographic area is as follows (in thousands): Year Ended December 31, 2017 2016 2015 Domestic $ 15,259 $ 10,554 $ 1,179 Foreign 872 (633 ) 26 Total $ 16,131 $ 9,921 $ 1,205 For the year ended December 31, 2017, income tax benefit consisted of the following (in thousands): Year Ended December 31, 2017 Current Domestic $ — Foreign 70 Deferred Domestic (3,215 ) Foreign — Income tax benefit $ (3,145 ) For the years ended December 31, 2016 and 2015, income tax expense (benefit) was zero. The statutory federal income tax rate is 34 percent (for all years presented) and the foreign income tax rates range from 15 percent to 39 percent. The difference between income tax benefit recorded by us and income taxes computed by applying the statutory corporate income tax rates to income before income tax benefit is due to the fact that the majority of our income is not subject to federal, state and foreign income tax as described above. Reconciliation between the U.S. statutory rate and the effective rate from income before income tax benefit is as follows: Year Ended December 31, 2017 Statutory tax rate 34 % Adjustment to reflect MLP/REIT status (29 )% Valuation allowance (32 )% Change in tax law 9 % Other (1 )% Effective tax rate (19 )% Deferred income taxes are recorded based on temporary differences between the financial statement carrying amounts and tax basis of assets and liabilities and operating loss carry forwards. Asset OpCo routinely assesses its ability to realize its deferred tax assets. If Asset OpCo concludes that it is more likely than not that some or all of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. The statutory federal income tax rate is 21 percent for valuation of the deferred tax assets and liabilities in future years resulting in a decrease in deferred tax asset of $1.5 million from December 31, 2016 to December 31, 2017. Asset OpCo believes it is more likely than not that the deferred tax asset will be realized and reduced its valuation allowance by $5.3 million, included in income tax benefit for the year ended December 31, 2017, resulting in zero valuation allowance as of December 31, 2017. During the year ended December 31, 2016, Asset OpCo’s acquisition activity and results of operations generated $5.5 million in deferred taxes with a valuation allowance of $5.3 million. For the years ended December 31, 2017 and 2016, there was no deferred tax liability. The change in deferred taxes is primarily a result of differences between book and tax bases of the contributed and purchased assets into Asset OpCo, and operating loss carry forwards. Asset OpCo generated a NOL for the year ended December 31, 2017 and 2016 which can be used to offset taxable income in future and prior years, subject to specified limitations. At December 31, 2017 and 2016 Asset OpCo had an NOL carryforward of $0.1 million and $5.2 million, translating to a deferred tax asset before valuation allowance of less than $0.1 million and $2.1 million, respectively. The federal NOL carryforwards expire beginning in 2035. As of December 31, 2017 and 2016, we had no liability reported for unrecognized tax benefits. We did not have any significant interest or penalties related to income taxes during the years ended December 31, 2017, 2016, and 2015.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	19. Supplemental Cash Flow Information Noncash activities for the years ended December 31, 2017, 2016, and 2015 were as follows (in thousands): Year Ended December 31, 2017 2016 2015 Capital contribution to fund general and administrative expense reimbursement $ 491 $ 545 $ 645 Purchase price for acquisitions included in due to Landmark and affiliates 196 217 — Issuance of common units for Acquired Funds 3,492 64,664 63,571 Unit Exchange Program acquisitions 3,816 2,639 — Fair value adjustment of investments in receivables — 239 12 Distributions payable to preferred unitholders 1,296 800 — Offering costs included in accounts payable and accrued liabilities — 165 — Deferred loan costs included in accounts payable and accrued liabilities 285 235 — Purchase price for acquisitions and construction activities included in accounts payable 642 405 — Cash flows related to interest paid was as follows (in thousands): Year Ended December 31, 2017 2016 2015 Cash paid for interest $ 15,797 $ 12,349 $ 8,746

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	20. Quarterly Financial Data (Unaudited) The following tables summarize quarterly financial data for the years ended December 31, 2017 and 2016 (in thousands, except unit data). Quarterly financial information has been retroactively adjusted for transactions between entities under common control. 2017 Quarter Ended March 31 June 30 September 30 December 31 Total rental revenue $ 11,841 $ 12,803 $ 13,499 $ 14,482 Net income 3,527 2,677 3,798 9,274 Less: Net income attributable to noncontrolling interest 3 4 4 8 Net income attributable to limited partners 3,524 2,673 3,794 9,266 Net income per limited partner unit: Common units – basic 0.09 0.05 0.08 0.31 Common units – diluted 0.09 0.05 0.08 0.31 Subordinated units – basic and diluted 0.09 0.05 0.08 0.28 Cash distribution declared per unit 0.3525 0.3550 0.3575 0.3675 2016 Quarter Ended March 31 June 30 September 30 December 31 Total rental revenue $ 9,739 $ 9,768 $ 10,166 $ 11,498 Net income 146 611 372 8,792 Less: Pre-acquisition net income (loss) from Drop-down Assets 573 582 (1,102 ) (5 ) Net income (loss) attributable to limited partners (427 ) 29 1,474 8,797 Net income (loss) per limited partner unit Common units – basic (0.03 ) (0.02 ) 0.06 0.34 Common units – diluted (0.03 ) (0.02 ) 0.06 0.34 Subordinated units – basic and diluted (0.03 ) (0.03 ) (0.10 ) 0.33 Cash distribution declared per unit 0.3300 0.3325 0.3375 0.3500

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	21. Subsequent Events On January 18, 2018, the Partnership acquired 127 tenant sites and related real property interests from Fund H, in exchange for 1,506,421 Common Units representing limited partner interests in the Partnership; and (ii) cash consideration of approximately $32.2 million, for total consideration of $60.2 million (the “Transaction”). The cash consideration for the Transaction was funded with from the Partnership’s Series 2017-1 note securitization site acquisition account and the remainder from borrowings under the Partnership’s revolving credit facility and available cash.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2017
Real Estate And Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Landmark Infrastructure Partners LP Schedule III – Real Estate and Accumulated Depreciation (in thousands) December 31, 2017 Gross Amount at Which Carried Initial cost to the Partnership As of December 31, 2017 (1)(2) Building and Building and Accumulated Date Description Location Encumbrances Land improvements Total Land improvements Total depreciation Acquired Wireless Communication Mound House, NV $ — $ 100 $ — $ 100 $ 100 $ — $ 100 $ — 2012 Wireless Communication Las Vegas, NV — 536 — 536 536 — 536 — 2012 Wireless Communication Tombstone, AZ — 593 — 593 593 — 593 — 2012 Outdoor Advertising Rosemont, IL — 971 — 971 971 — 971 — 2013 Outdoor Advertising Gary, IN — 119 — 119 119 — 119 — 2013 Wireless Communication Walnut Creek, CA — 705 — 705 705 — 705 — 2013 Wireless Communication Los Angeles, CA — 331 — 331 331 — 331 — 2013 Outdoor Advertising Largo, FL — 168 — 168 168 — 168 — 2014 Outdoor Advertising Grand Prairie, TX — 300 — 300 300 — 300 — 2014 Outdoor Advertising Terrell, TX — 48 — 48 48 — 48 — 2014 Outdoor Advertising Phoenix, AZ — 321 — 321 321 — 321 — 2014 Outdoor Advertising Houston, TX — 258 — 258 258 — 258 — 2014 Outdoor Advertising Saint Petersburg, FL — 200 — 200 200 — 200 — 2014 Outdoor Advertising Vadnais Heights, MN — 390 — 390 390 — 390 — 2014 Outdoor Advertising West Palm Beach, FL — 215 — 215 215 — 215 — 2014 Outdoor Advertising West Palm Beach, FL — 107 — 107 107 — 107 — 2014 Wireless Communication Orlando, FL — 531 — 531 531 — 531 — 2014 Outdoor Advertising Chattanooga, TN — 73 — 73 73 — 73 — 2014 Outdoor Advertising Monroe, MI — 447 — 447 447 — 447 — 2014 Outdoor Advertising Mary Esther, FL — 22 — 22 22 — 22 — 2015 Renewable Power Generation West Deptford, NJ — 1,813 — 1,813 1,813 — 1,813 — 2015 Wireless Communication Mary Esther, FL — 262 — 262 262 — 262 — 2015 Wireless Communication Milwaukee, WI — 273 — 273 273 — 273 — 2015 Renewable Power Generation West Chicago, IL — 1,275 — 1,275 1,275 — 1,275 — 2015 Renewable Power Generation Joliet, IL — 1,275 — 1,275 1,275 — 1,275 — 2015 Outdoor Advertising Phoenix, AZ — 325 — 325 325 — 325 — 2015 Renewable Power Generation Hubbardston, MA — 1,229 — 1,229 1,229 — 1,229 — 2015 Outdoor Advertising London, UK — 3,778 — 3,778 3,778 — 3,778 — 2016 Renewable Power Generation Valley Center, CA — 880 — 880 880 — 880 — 2016 Outdoor Advertising Homebush West, New South Wales — 529 — 529 529 — 529 — 2016 Outdoor Advertising Golden Square, Victoria — 272 — 272 272 — 272 — 2016 Outdoor Advertising Forbes, New South Wales — 33 — 33 33 — 33 — 2016 Renewable Power Generation Rosamond, CA — 41,505 — 41,505 41,505 — 41,505 — 2016 Renewable Power Generation Rosamond, CA — 14,137 — 14,137 14,137 — 14,137 — 2016 Renewable Power Generation Rosamond, CA — 3,215 — 3,215 3,215 — 3,215 — 2016 Renewable Power Generation Leemore, CA — 11,267 — 11,267 11,267 — 11,267 — 2016 Renewable Power Generation Jacksonville, FL — 731 — 731 731 — 731 — 2016 Renewable Power Generation Florence Township, NJ — 2,200 — 2,200 2,200 — 2,200 — 2017 Wireless Communication Appleton, WI — 594 — 594 594 — 594 — 2017 Outdoor Advertising Glasgow, UK — 3,994 — 3,994 3,994 — 3,994 — 2017 Outdoor Advertising Salford, UK — 279 — 279 279 — 279 — 2017 Wireless Communication Encounter Bay, South Australia — 282 — 282 282 — 282 — 2017 Outdoor Advertising Leeds, UK — 529 — 529 529 — 529 — 2017 Outdoor Advertising Leeds, UK — 2,624 — 2,624 2,624 — 2,624 — 2017 Outdoor Advertising London, UK — 3,395 — 3,395 3,395 — 3,395 — 2017 Renewable Power Generation Pemberton, NJ — 1,092 — 1,092 1,092 — 1,092 — 2017 Outdoor Advertising Liverpool, UK — 687 — 687 687 — 687 — 2017 Outdoor Advertising Barnet, UK — 509 — 509 509 — 509 — 2017 Outdoor Advertising Bristol, UK — 5,886 — 5,886 5,886 — 5,886 — 2017 Wireless Communication Austin, TX — 745 3,701 4,446 745 3,701 4,446 (4 ) 2017 Wireless Communication Charlotte, NC — 106 393 499 106 393 499 (1 ) 2017 Wireless Communication Mars Hill, NC — 116 — 116 116 — 116 — 2017 Renewable Power Generation Ringoes, NJ — 2,113 — 2,113 2,113 — 2,113 — 2017 Renewable Power Generation Tehachapi, CA — — 1,060 1,060 — 1,060 1,060 (8 ) 2017 Total $ — $ 114,385 $ 5,154 $ 119,539 $ 114,385 $ 5,154 $ 119,539 $ (13 ) (1) A summary of activity for real estate and accumulated depreciation follows (in thousands): Year Ended December 31, 2017 2016 2015 Real estate: Balances at beginning of year $ 88,845 $ 12,887 $ 7,730 Acquisition of real estate 30,694 75,958 5,157 Balances at end of year $ 119,539 $ 88,845 $ 12,887 Accumulated depreciation: Balances at beginning of year $ — $ — $ — Depreciation expense 13 — — Balances at end of year $ 13 $ — $ — (2) The aggregate cost of real estate for federal income tax purposes is $132.6 million (unaudited).

Basis of Presentation and Sum30

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2017, 2016 and 2015, the Partnership completed four, five and eight drop-down acquisitions of 155, 539 and 761 tenant sites and related real property interests, respectively, and two, 14 and one investment in receivables, respectively, from the Sponsor and affiliates in exchange for total consideration of $118.3 million, $205.7 million and $268.2 million, respectively (the “Drop-down Acquisitions” or “Drop-down Assets”). The 2016 and 2015 Drop-down Acquisitions were 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 the assets and liabilities transferred be reflected at the historical cost of the parent of the entities, with prior periods retroactively adjusted to furnish comparative information. The accompanying financial statements and related notes have been retroactively adjusted to include the historical results and financial position of the 2016 and 2015 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 March 31, 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 is allocated to the General Partner. The accompanying consolidated and combined financial statements include the accounts of the Partnership and those entities which it consolidates. 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 2016 and 2015 Drop-down Assets as if the 2016 and 2015 Drop-down Acquisitions occurred on the earliest date during which the 2016 and 2015 Drop-down Assets were under common control. See Note 3, Acquisitions The consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany transactions and account balances have been eliminated. Management believes that the assumptions and estimates used in the preparation of the underlying consolidated and combined financial statements are reasonable. However, the consolidated and combined financial statements herein do not necessarily reflect what the Partnership’s financial position, results of operations, comprehensive income or cash flows would have been if the Partnership had been a stand-alone entity during the periods presented. As a result, historical financial information is not necessarily indicative of the Partnership’s future results of operations, comprehensive income, financial position or cash flows. 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.
Purchase Accounting for Acquisitions	Purchase Accounting for Acquisitions 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 purchase consideration for the real property interests is allocated to the acquired tangible assets, such as land, and the identified intangible assets and liabilities, consisting of the value of perpetual and limited life easements, above-market and below-market leases and in-place leases, based in each case on their fair values. The fair value of the assets acquired and liabilities assumed is typically determined by using the discounted cash flow valuation method using discount rates ranging between 6% and 20%. When determining the fair value of intangible assets acquired, the Partnership estimates the applicable discount rate and the timing and amount of future cash flows. The determination of the final purchase price allocation and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period, but no later than 12 months from the acquisition date and result in adjustments to the preliminary estimates recognized in the prior period financial statements. Transaction costs related to the acquisition of a business, including investments in real property interests, are expensed as incurred. Factors considered in estimating the fair value of tangible and intangible assets acquired include information obtained about each asset as a result of Landmark’s pre-acquisition due diligence and its marketing and leasing activities. In order to calculate the estimated in-place lease value, we employed the income approach in accordance with ASC 805 by multiplying the anticipated market absorption period by the market rent at the time of acquisition for each in-place lease agreement. Based on our experience in the industry, we have determined a range of lease execution timelines to be between one and twelve months. For the in-place lease valuation, we consider a lease-up period of four to eight months to be representative of the market. We estimated the fair value of real property interests using the income approach. The discount rates used ranged from 6% to 20%. The value of tenant relationships has not been separated from in-place tenant lease value for the real estate acquired as such value and its consequence to amortization expense is materially consistent with the in-place tenant lease value for these particular acquisitions. Should future acquisitions of real property interests result in allocating material amounts to the value of tenant relationships, an amount would be separately allocated and amortized over the estimated life of the relationship. The value of in-place leases and customer relationship is amortized to expense over the estimated period the tenant is expected to be leasing the site under the existing terms which typically range from 2 to 20 years. If a tenant lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be impaired. The discount rate associated with each asset varies based on the location of an asset (including demographics and zoning restrictions), and other asset specific characteristics. Market rent for each asset is determined based on location of each asset, asset type, zoning restrictions, ground space necessary for the tenant’s equipment, remaining site capacity, visibility (specifically for billboards), and nearby sites. In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired asset, above-market, below-market and in-place lease values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases measured over the estimated period the tenant is expected to be leasing the site under the above or below-market terms. The capitalized above-market and below-market lease values are amortized as a decrease or increase, respectively, to rental income over the estimated period the tenant is expected to be leasing the site. All tenant leases obtained by the Partnership through its acquisition of real property interests are generally cancellable, upon 30 to 180 days’ notice by the tenants, with no significant penalty. With respect to below-market leases, consideration is given to any below-market renewal periods. However, for wireless communication assets, we estimated the above/below-market lease value over an analysis period of the earlier of the lease expiration or 10 years based on estimated useful life of the underlying equipment and assets. For outdoor advertising assets, we estimated the above- or below-market lease value over an analysis period of the earlier of the lease expiration or 20 years, based on a longer estimated useful life of 20 years for billboards.
Real Property Interests	Real Property Interests Real property interests consist primarily of land, easements and lease assignments underlying wireless communication, outdoor advertising and renewable power generation infrastructure. The real property interests are typically held as ownership of land or easements to use land, or roof tops, both of which allow us to use the asset for a specific purpose. Real property interests, excluding land, are intangibles that are recorded at cost. Amortization is computed using the straight-line method over the estimated useful lives of the real property interests, which is estimated as the shorter of the revenue generating period of the asset or the term of the real estate rights which range from 12 to 99 years. Real property interests with a perpetual term are not amortized but evaluated periodically for impairment. The Partnership assesses whether there has been an impairment in the value of long-lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the future estimated net cash flows, undiscounted and without interest, expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets based upon what a market participant would be willing to pay for the real estate interest. The estimated fair value of the asset group identified for step two testing is based on either Level 3 inputs utilizing the income approach with a market discount rate and estimated cash flows, or Level 2 inputs based upon the sales comparison approach to a similar asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell utilizing the Level 3 and Level 2 inputs discussed below.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable input be used when available. Observable inputs are inputs that the market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Partnership. Unobservable inputs are inputs that reflect the Partnership’s assumptions about what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is measured in three levels based on the reliability of inputs: Level 1 – unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2 – 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; and, Level 3 – prices or valuations derived from other valuation methodologies where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable, including pricing models, discounted cash flow models and similar techniques.
Cash and Cash Equivalents	Cash and Cash Equivalents All highly liquid investments with a maturity of three months or less when purchased are considered to be cash and cash equivalents. The Partnership monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Partnership has experienced no loss or lack of access to cash in the operating accounts.
Restricted Cash	Restricted Cash Restricted cash primarily consists of amounts pledged as collateral to secure obligations. As of December 31, 2017, the amount of restricted cash was $18.7 million, which included $16.0 million from the Series 2017-1 Secured Notes site acquisition account, as described in Note 8, Debt Debt
Accounting for Derivative Financial Instruments and Hedging Activities	Accounting for Derivative Financial Instruments and Hedging Activities The Partnership utilize interest rate swap contracts to manage interest costs and risks associated with changing interest rates. These derivative financial instruments are carried at fair value on the consolidated and combined balance sheets, with the change in such fair value being recorded through earnings as an unrealized gain or loss in the consolidated and combined statements of operations.
Investments in Receivables, Net	Investments in Receivables, Net The Partnership acquired streams of future cash flows associated with real property interests and certain lease arrangements that meet the definition of a financial asset within the wireless communication and renewable power generation industries. For certain investments in receivables, the Partnership has no significant rights or obligations associated with the cash flows other than in certain arrangements, to pass a portion of the cash flows received to the owner of the respective lease. Additionally, certain lease arrangements of real property interests meet the definition of a financial asset and are included in investments in receivables in our financial statements. Receivables are classified as held-for-investment based on management’s intent and ability to hold the receivables for the foreseeable future or to maturity. Receivables held-for-investment are carried at amortized cost and are reduced by a valuation allowance for estimated credit losses as necessary. Interest on receivables is accreted to income over the life of the receivables using the interest method. The interest method is applied on an individual receivable basis when collectability of the future payments, when due in accordance with the contractual terms of the arrangement, is reasonably assured. Receivables are transferred from held-for-investment to held-for-sale when management no longer intends to hold the receivables for the foreseeable future. Receivables held-for-sale are recorded at the lower of cost or fair value. Receivables are placed on non-accrual status when management determines that the collectability of contractual amounts is not reasonably assured. While on non-accrual status, receivables are either accounted for on a cash basis, in which income is recognized only upon receipt of cash, or on a cost-recovery basis, where cash receipts reduce the carrying value of the receivable, based on management’s expectation of future collectability. Allowances are established for receivables based upon an estimate of probable losses on an individual receivable by receivable basis if they are determined to be impaired. Receivables are impaired when it is deemed probable that the Partnership will be unable to collect all amounts when due in accordance with the contractual terms of the loan. An allowance is based upon the Partnership’s assessment of the borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence including the expected future cash flows discounted at the receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience and other relevant factors, as appropriate. On a regular basis, the Partnership assesses investments in receivables for impairment. Internally generated cash flow projections are used to determine if the receivables are expected to be repaid in accordance with the terms of the related agreements. If it is probable that a receivable will not be repaid in accordance with the related agreement, the General Partner considers the receivable impaired. To measure impairment, the General Partner calculates the present value of the expected future cash flows discounted at the original effective interest rate. If the present value is less than the carrying value of the receivable, a specific impairment reserve is recorded for the difference. For the years ended December 31, 2017 and 2016, the Partnership recorded zero allowance on investments in receivables.
Deferred Loan Costs	Deferred Loan Costs Costs incurred associated with the revolving credit facility are capitalized as deferred loan costs and are included in deferred loan costs, net in the consolidated balance sheets in accordance with ASU 2015-15, Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. As a result of the adoption of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, costs incurred in obtaining the secured debt facilities are deducted from the carrying amount of the debt liability. The deferred loan costs are amortized to interest expense over the life of the related loan. When facilities are amended and restated that result in an of extinguishment of debt, any unamortized deferred loan costs, as well as charges incurred for the termination, are recorded to interest expense in the period of the amendment and restatement.
Revenue Recognition	Revenue Recognition The Partnership recognizes rental income under operating leases, including rental abatements, lease incentives and contractual fixed increases, if any, from tenants under lease arrangements with minimum fixed and determinable increases on a straight-line basis over the non-cancellable term of the related leases when collectability is reasonably assured. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are recorded as deferred rent assets. The excess of rent payments collected over amounts recognized contractually due pursuant to the underlying lease are recorded as prepaid rents. For the years ended December 31, 2017, 2016, and 2015, leases obtained by the Partnership through its acquisition and ownership of real property interests in the wireless communication industry and the outdoor advertising industry were generally cancelable upon 30 - 180 days’ notice by the tenants with no significant penalty. The Partnership evaluates whether the lease arrangements economically compel the tenant to not cancel the lease in determining the term of the lease by considering various factors such as cancellation rights, availability of alternative sites, and historical cancellation rates. For cancellable leases where the tenant is not economically compelled to continue the lease, the term of the lease is considered to be the non-cancellable period with rental abatements and contractual fixed rate increases recorded in the period the amounts become due and payable. • Wireless Communication – As a result of various factors, including the cancellation rights, ability to find alternative sites, credit risk, and historical cancellation and lease amendment rates, the lease term is generally considered to be the non-cancellable term of the lease of 30 to 180 days. For these leases rental abatements and contractual fixed increases are recorded in the period the amounts become due and payable. • Outdoor Advertising and Renewable Power Generation – The lease term is generally considered to be the non-cancellable term of the remaining portion of the existing term of the lease. The capitalized above-market and below-market lease values are amortized as a decrease or increase, respectively, to rental income over the estimated period the tenant is expected to be leasing the site. Certain leases provide for the greater of a minimum rent or a percentage of the revenue generated by the tenant (“Contingent Rent”). Contingent rent is recognized when measurable and all possible contingencies have been eliminated. During the years ended December 31, 2017, 2016, and 2015, the Partnership recognized $1.0 million, $0.6 million and $0.2 million of Contingent Rent, respectively.
Rents Receivable, net	Rents Receivable, net Rents receivables consists of tenant receivables arising in the normal course of business. Tenant receivables are uncollateralized customer obligations requiring payment within various time frames not to exceed one year from the invoice date. Tenant receivables are recorded and carried at the amount billable per the applicable lease agreement, less any allowances for doubtful accounts. The amounts due from tenants are periodically reviewed and an allowance for doubtful accounts is maintained for estimated losses resulting from the inability of tenants to make required payments under lease agreements. Judgment is exercised in establishing these allowances with the payment history and the current credit status of tenants considered in developing these estimates. At December 31, 2017 and 2016, the allowance for doubtful accounts was $0.3 million and $0.2 million, respectively.
Income Taxes	Income Taxes The Partnership is generally not subject to federal, state or local income taxes, except for our subsidiary Landmark Infrastructure Asset OpCo LLC (“Asset OpCo”). Asset OpCo conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes. Each limited partner is responsible for the tax liability, if any, related to its proportionate share of the Partnerships’ taxable income or loss. Certain foreign wholly owned subsidiaries of the Partnership conduct certain activities in international locations that generate taxable income and will be treated as taxable entities. Additionally, our consolidated REIT subsidiary, Landmark Infrastructure Inc., a Delaware corporation, files as a corporation for U.S. federal income tax purposes. The REIT Subsidiary has elected to be treated as a REIT and we believe that it has operated in a manner that has allowed the REIT Subsidiary to qualify as a REIT for federal income tax purposes commencing with such taxable year, and the REIT Subsidiary intends to continue operating in such manner. If the REIT Subsidiary fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain savings provisions, all of its taxable income would be subject to federal income tax at regular corporate rates. The Partnership follows the requirements of ASC Topic 740, Income Taxes
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the period, and revenues and expenses denominated in foreign currencies that are translated into U.S. dollars use average rates of exchange in effect during the related period. Gains and losses resulting from translation adjustments are included in accumulated other comprehensive income (loss).
Risk Management	Risk Management The Partnership is subject to risks incidental to the ownership and investment in real property interests. These risks and uncertainties include the competitive environment in which the Partnership operates – local, regional, and national economic conditions, including consumer confidence, employment rates, and the availability of capital; uncertainties and fluctuations in capital and securities markets; the cyclical and competitive nature of the real estate industry; changes in tax laws and their interpretation; legal proceedings; effect of restrictive covenants in the loan agreements; and the effects of governmental regulation. In the normal course of business, the Partnership encounters economic risk, including interest rate risk, credit risk, and market risk. Interest rate risk is the result of movements in the underlying variable component of financing rates. Credit risk is the risk of default that results from an underlying tenant/borrower’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the valuation of real property interests and investments in receivables held by the Partnership.
Concentration of Credit Risk	Concentration of Credit Risk The Partnership’s credit risk relates primarily to rent receivables, investments in receivables, cash and interest rate swap agreements. Cash accounts at each U.S. institution are insured by the Federal Deposit Insurance Corporation up to $250,000. The Partnership has not experienced any losses to date on invested cash. Credit risk associated with interest rate swap agreements arises from the potential failure of counterparties to perform in accordance with the terms of their contracts. The Partnership’s risk management policies define parameters of acceptable market risk and limit exposure to credit risk. Credit exposure resulting from derivative financial instruments is represented by their fair value amounts, increased by an estimate of potential adverse position exposure arising from changes over time in interest rates, maturities, and other relevant factors. The Partnership does not anticipate nonperformance by any of its counterparties. The Partnership’s real property interests are primarily located throughout the United States. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory, and social factors affecting the communities in which the tenants operate. In certain instances, the Partnership’s position in the real property interest may be subordinate to a mortgage lender on the real property.
Business Segments	Business Segments The FASB accounting guidance with regard to disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. The Partnership has three reportable segments, wireless communication, outdoor advertising, and renewable power generation for all periods presented.
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 expected to not have any material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial. In January 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 Topic 842 Revenue from Contracts with Customers (Topic 606)

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2017
Business Acquisition [Line Items]
Consolidated Statement of Operations	Consolidated statement of operations and comprehensive income for the year ended December 31, 2016 (in thousands): Landmark Pre-Acquisition Infrastructure Landmark results of the Partners LP Infrastructure Drop-down (As Currently Partners LP Acquisitions Reported) Revenue Rental revenue $ 35,208 $ 5,963 $ 41,171 Expenses Management fees to affiliate — 196 196 Property operating 105 2 107 General and administrative 3,755 — 3,755 Acquisition-related 2,648 258 2,906 Amortization 9,703 1,488 11,191 Impairments 1,275 — 1,275 Total expenses 17,486 1,944 19,430 Other income and expenses (7,849 ) (3,971 ) (11,820 ) Net income $ 9,873 $ 48 $ 9,921 Other comprehensive loss (513 ) (4 ) (517 ) Comprehensive income $ 9,360 $ 44 $ 9,404 Consolidated statement of operations and comprehensive income for the year ended December 31, 2015 (in thousands): Landmark Pre-Acquisition Infrastructure Landmark results of the Partners LP Infrastructure Drop-down (As Currently Partners LP Acquisitions Reported) Revenue Rental revenue $ 19,808 $ 13,789 $ 33,597 Expenses Management fees to affiliate — 480 480 Property operating 24 12 36 General and administrative 2,913 10 2,923 Acquisition-related 1,956 2,060 4,016 Amortization 5,219 3,432 8,651 Impairments 3,902 — 3,902 Total expenses 14,014 5,994 20,008 Other income and expenses (5,058 ) (7,326 ) (12,384 ) Net income $ 736 $ 469 $ 1,205 Other comprehensive income — 5 5 Comprehensive income $ 736 $ 474 $ 1,210
Consolidated Cash Flows	Consolidated summarized cash flows for the year ended December 31, 2016 (in thousands): Landmark Pre-Acquisition Infrastructure Landmark results of the Partners LP Infrastructure Drop-down (As Currently Partners LP Acquisitions Reported) Net cash provided by operating activities $ 18,982 $ 2,483 $ 21,465 Net cash used in investing activities (156,468 ) — (156,468 ) Net cash provided by (used in) financing activities 138,281 (2,483 ) 135,798 Consolidated summarized cash flows for the year ended December 31, 2015 (in thousands): Landmark Pre-Acquisition Infrastructure Landmark results of the Partners LP Infrastructure Drop-down (As Currently Partners LP Acquisitions Reported) Net cash provided by operating activities $ 9,691 $ 6,264 $ 15,955 Net cash used in investing activities (134,220 ) 9 (134,211 ) Net cash provided by (used in) financing activities 126,203 (6,274 ) 119,929
Drop-down Acquisitions
Business Acquisition [Line Items]
Schedule of Acquisitions	Number of Tenant Sites Consideration (in millions) Renewable Investments Borrowings Wireless Outdoor Power in and Available Common Acquisition Date Source Communication Advertising Generation Total Receivables Cash Units Total December 20, 2017 Sponsor 23 5 1 29 — $ 17.6 $ — $ 17.6 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 122 28 5 155 2 $ 114.8 $ 3.5 $ 118.3 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 December 18, 2015 Sponsor 23 16 2 41 — $ 24.2 $ — $ 24.2 November 19, 2015 Fund F 99 37 — 136 — 25.0 19.5 44.5 November 19, 2015 Fund C 67 5 — 72 — 17.3 13.0 30.3 September 21, 2015 Sponsor 50 13 2 65 — 20.3 — 20.3 August 18, 2015 Fund E 135 57 1 193 — 34.9 31.0 65.9 July 21, 2015 Sponsor 81 16 3 100 1 35.7 — 35.7 April 8, 2015 Sponsor 45 28 — 73 — 22.1 — 22.1 March 4, 2015 Sponsor 41 39 1 81 — 25.2 — 25.2 2015 Acquisitions 541 211 9 761 1 $ 204.7 $ 63.5 $ 268.2 (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. Additionally, in connection with the December 22, 2016 drop-down acquisition, the Partnership entered into a contractual obligation to acquire one tenant site and related real property interest. On April 28, 2017 the Partnership completed the acquisition for cash consideration of approximately $3.7 million to the property owner and $0.6 million to Landmark as additional consideration.
Third Party Acquisitions
Business Acquisition [Line Items]
Schedule of Acquisitions	The following table presents direct third-party acquisitions completed by the Partnership: No. of Tenant Sites Consideration (in millions) Renewable Borrowings Wireless Outdoor Power Investments and Available Common Acquisition Description Communication Advertising Generation Total in Receivables Cash 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 Fourth Quarter International — 3 — 3 — $ 11.5 $ — $ 11.5 UEP 3 4 — 7 — — 2.7 2.7 Domestic 14 5 2 21 — 6.5 — 6.5 Total 17 12 2 31 — $ 18.0 $ 2.7 $ 20.7 2017 Total 35 26 2 63 1 $ 37.2 $ 3.8 $ 41.0 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)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Summary of the Partnership's Real Property Interests	The following summarizes the Partnership’s real property interests (in thousands): December 31, 2017 2016 Land $ 114,385 $ 88,845 Real property interests – perpetual 114,612 99,911 Real property interests – finite life 481,810 390,119 Construction in progress 7,574 — Total land and real property interests 718,381 578,875 Accumulated amortization of real property interests (37,817 ) (25,967 ) Land and net real property interests $ 680,564 $ 552,908
Schedule of Allocation of Estimated Fair Values of the Assets Acquired and Liabilities Assumed	The following table summarizes final allocations for acquisitions made during the years ended December 31, 2017, 2016, and 2015 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. See Notes 2 and 3 for additional information. Investments in real In-place lease Above-market Below-market Period Land property interests intangibles lease intangibles lease intangibles Total 2017 $ 25,151 $ 107,195 $ 3,781 $ 976 $ (1,850 ) $ 135,253 2016 75,959 34,096 4,003 972 (864 ) 114,166 2015 6,473 100,986 3,210 2,533 (4,637 ) 108,565
Schedule of Future Estimated Amortization of Finite Lived Real Property Interests	Future estimated aggregate amortization of finite lived real property interests for each of the five succeeding fiscal years and thereafter as of December 31, 2017, are as follows (in thousands): 2018 $ 13,232 2019 12,877 2020 12,315 2021 11,725 2022 11,441 Thereafter 382,403 Total $ 443,993

Other Intangible Assets and L33

Other Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Other Intangible Assets And Liabilities [Abstract]
Summary of Identifiable Intangible Assets, Including Above/Below Market Lease Intangibles	The following summarizes our identifiable intangible assets, including above/below‑market lease intangibles (in thousands): December 31, 2017 2016 Acquired in-place lease Gross amount $ 20,486 $ 16,729 Accumulated amortization (6,119 ) (4,491 ) Net amount $ 14,367 $ 12,238 Acquired above-market leases Gross amount $ 6,503 $ 5,523 Accumulated amortization (2,886 ) (2,031 ) Net amount $ 3,617 $ 3,492 Total other intangible assets, net $ 17,984 $ 15,730 Acquired below-market leases Gross amount $ (21,218 ) $ (19,366 ) Accumulated amortization 8,385 6,305 Total other intangible liabilities, net $ (12,833 ) $ (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 December 31, 2017 follows (in thousands): Acquired Acquired Acquired in-place above-market below-market leases leases leases 2018 $ 1,885 $ 718 $ (2,102 ) 2019 993 549 (2,046 ) 2020 970 465 (1,977 ) 2021 812 359 (1,835 ) 2022 666 283 (1,690 ) Thereafter 9,041 1,243 (3,183 ) Total $ 14,367 $ 3,617 $ (12,833 )

Future Minimum Rents (Tables)

Future Minimum Rents (Tables)	12 Months Ended
	Dec. 31, 2017
Operating Leases Future Minimum Payments Receivable [Abstract]
Future minimum receipts from tenants	At December 31, 2017, future minimum receipts from tenants on leases with non‑cancellable terms, including cancellable leases where the tenant is economically compelled to extend the lease term, for each of the next five years and thereafter are as follows (in thousands): 2018 $ 15,472 2019 15,330 2020 15,217 2021 14,948 2022 14,793 Thereafter 141,160 Total $ 216,920

Investments in Receivables (Tab

Investments in Receivables (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Receivable Net [Abstract]
Activity in investments in receivables	The following table reflects the activity in investments in receivables (in thousands): Year Ended December 31, 2017 2016 Investments in receivables – beginning $ 17,440 $ 12,136 Acquisitions 4,389 5,934 Fair value adjustment — 239 Repayments (1,180 ) (905 ) Interest accretion 7 36 Foreign currency translation adjustment 126 — Investments in receivables – ending $ 20,782 $ 17,440
Annual amounts due	Annual amounts due as of December 31, 2017, are as follows (in thousands): 2018 $ 2,763 2019 2,292 2020 2,285 2021 2,348 2022 2,486 Thereafter 28,298 Total $ 40,472 Interest $ 19,690 Principal 20,782 Total $ 40,472

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Partnership's debt	The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date December 31, 2017 December 31, 2016 Revolving credit facility November 19, 2019 $ 304,000 $ 224,500 Series 2017-1 Class A November 15, 2022 (1) $ 62,000 $ — Series 2017-1 Class B November 15, 2022 (1) 18,000 — Series 2016-1 Class A June 1, 2021 (2) 89,171 90,917 Series 2016-1 Class B June 1, 2021 (2) 25,100 25,100 Secured Notes $ 194,271 $ 116,017 Discount on Secured Notes (1,826 ) (15 ) Deferred loan costs (5,196 ) (3,567 ) Secured Notes, net $ 187,249 $ 112,435 (1) Maturity date reflects anticipated repayment date; final legal maturity is November 15, 2047. (2) Maturity date reflects anticipated repayment date; final legal maturity is July 15, 2046.
Schedule of debt service coverage ratio	Certain information with respect to the 2017 Securitization and the 2016 Securitization is set forth below. The debt service coverage ratio (“DSCR”) is generally calculated as the ratio of annualized net cash flow (as defined in the applicable indenture) to the amount of interest, servicing fees and trustee fees required to be paid over the succeeding 12 months on the principal amount of the Secured Notes, as applicable, that will be outstanding on the payment date following such date of determination. Conditions Limiting Distributions of Excess Cash Issuer or Borrower Notes Issued Cash Trap DSCR Amortization Period 2017 Securitization LMRK Issuer Co. 2 LLC Series 2017-1 Secured Notes, Class A and Class B 1.30x (1) (2) 2016 Securitization LMRK Issuer Co. LLC Series 2016-1 Secured Notes, Class A and Class B 1.30x (1) (2)
Schedule of 'secured notes' annual amounts due	The Secured Notes’ annual principal payment amounts due as of December 31, 2017, are as follows (in thousands): 2018 $ 4,236 2019 6,110 2020 8,077 2021 105,652 2022 70,196 Total $ 194,271

Interest Rate Swap Agreements (

Interest Rate Swap Agreements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, Entered Value Rate Date Date 2017 2016 December 24, 2014 $ 70,000 4.02 % 12/24/2014 12/24/2018 $ 164 $ (376 ) February 5, 2015 25,000 3.79 4/13/2015 4/13/2019 174 13 August 24, 2015 50,000 4.24 10/1/2015 10/1/2022 840 354 March 23, 2016 50,000 4.17 12/24/2018 12/24/2021 761 720 March 31, 2016 20,000 4.06 12/24/2018 12/24/2021 364 347 March 31, 2016 25,000 4.13 4/13/2019 4/13/2022 418 426 June 12, 2017 50,000 4.56 3/2/2018 9/2/2024 438 — $ 3,159 $ 1,484
Table Summarizing Fair Values of Sensitivity Analysis	The following table summarizes the results 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 $ 483 $ (157 ) $ 800 $ (480 ) February 5, 2015 4/13/2019 328 19 481 (138 ) August 24, 2015 10/1/2022 1,930 (258 ) 2,981 (1,395 ) March 23, 2016 12/24/2021 1,457 64 2,125 (662 ) March 31, 2016 12/24/2021 643 87 909 (202 ) March 31, 2016 4/13/2022 763 75 1,091 (286 ) June 12, 2017 9/2/2024 1,906 (1,097 ) 3,329 (2,681 )

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule of changes in the number of units outstanding	The table below summarizes changes in the numbers of units outstanding for the years ended December 31, 2017, 2016 and 2015 (in units): Series A Series B Common Subordinated Preferred Preferred Balance at December 31, 2014 4,702,665 3,135,109 — — Issuance of Common Units - May 20, 2015 3,000,000 — — — Issuance of units in connection with the Acquired Funds 4,112,429 — — — Unit-based compensation 5,050 — — — Balance at December 31, 2015 11,820,144 3,135,109 — — Issuance of Series A Preferred Units - April 4, 2016 — — 800,000 — Issuance of Series B Preferred Units - August 8, 2016 — — — 1,840,000 Issuance of units in connection with the Acquired Funds 3,592,430 — — — Issuance of Common Units - October 19, 2016 3,450,000 — — — ATM Programs 405,156 — 63,957 — Unit Exchange Program 172,985 — — — Unit-based compensation 9,840 — — — Balance at 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 240,426 — 704,445 623,015 Unit Exchange Program 226,950 — — — Unit-based compensation 6,798 — — — Balance at December 31, 2017 20,146,458 3,135,109 1,568,402 2,463,015
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, 2015 April 23, 2015 May 14, 2015 $ 0.2975 $ 2,332 June 30, 2015 July 21, 2015 August 14, 2015 0.3075 3,334 September 30, 2015 October 22, 2015 November 13, 2015 0.3175 4,077 December 31, 2015 January 28, 2016 February 12, 2016 0.3250 4,864 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 December 31, 2017 January 24, 2018 February 14, 2018 0.3675 9,304 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 December 31, 2017 December 21, 2017 January 16, 2018 0.5000 784 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 December 31, 2017 January 22, 2018 February 15, 2018 0.4938 1,216

Net Income (Loss) Per Limited39

Net Income (Loss) Per Limited Partner Unit (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2017, 2016 and 2015 is as follows (in thousands): Year Ended December 31, 2017 2016 2015 Net income attributable to limited partners $ 19,257 $ 9,873 $ 736 Less: Distributions declared on Preferred Units (6,673 ) (2,660 ) — General partner's incentive distribution rights (488 ) (110 ) — Net income attributable to common and subordinated unitholders 12,096 7,103 736 Distributions declared on common units (28,983 ) (21,314 ) (10,693 ) Distributions declared on subordinated units (4,491 ) (4,232 ) (3,911 ) Undistributed net loss $ (21,378 ) $ (18,443 ) $ (13,868 )
Calculation of net income (loss) per unit	The calculation of net income (loss) per unit related to the Partnership for the years ended December 31, 2017, 2016 and 2015 is as follows (in thousands, except per unit data): Year Ended December 31, 2017 2016 2015 Common Subordinated Common Subordinated Common Subordinated Units Units Units Units Units Units Distributions declared $ 28,983 $ 4,491 $ 21,314 $ 4,232 $ 10,693 $ 3,911 Undistributed net loss (18,440 ) (2,938 ) (14,947 ) (3,496 ) (9,466 ) (4,402 ) Net income (loss) attributable to common and subordinated units - basic 10,543 1,553 6,367 736 1,227 (491 ) Net income (loss) attributable to subordinated units 1,553 — 736 — (491 ) — Net income (loss) attributable to common and subordinated units - diluted $ 12,096 $ 1,553 $ 7,103 $ 736 $ 736 $ (491 ) Weighted-average units outstanding: Basic 19,701 3,135 13,986 3,135 7,558 3,135 Effect of diluted subordinated units 3,135 — 3,135 — 3,135 — Diluted 22,836 3,135 17,121 3,135 10,693 3,135 Net income (loss) per common and subordinated unit: Basic $ 0.54 $ 0.50 $ 0.46 $ 0.23 $ 0.16 $ (0.16 ) Diluted (1) $ 0.53 $ 0.50 $ 0.41 $ 0.23 $ 0.07 $ (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 diluted 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 income (loss) per unit for the years ended December 31, 2017, 2016 and 2015, 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 Instr40

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2017 2016 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 20,782 $ 20,995 $ 17,440 $ 17,550 Revolving credit facility 304,000 304,000 224,500 224,500 Secured Notes, net 187,249 187,895 112,435 112,608
Assets and Liabilities Measured at Fair Value on a Recurring Basis	For the years ended December 31, 2017 and 2016, the Partnership measured the following assets and liabilities at fair value on a recurring basis (in thousands): December 31, 2017 2016 Derivative Assets (1) $ 3,159 $ 1,860 Derivative Liabilities (1) $ — $ 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)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule of Right of First Offer acquisitions	During the years ended December 31, 2017, 2016 and 2015, the Partnership completed the following ROFO acquisitions: Common Units Total No. of Total Total Issued to Acquired Total No. Investments in Consideration Common Units Landmark Acquisition Date Fund of Tenant Sites Receivables (in millions) Issued and Affiliates Various (1) Fund G 2 — $ 14.8 221,729 221,729 August 30, 2016 Fund G 386 5 140.3 3,592,430 25,220 November 19, 2015 Fund F 136 — 44.5 1,266,317 217,133 November 19, 2015 Fund C 72 — 30.3 847,260 123,405 August 18, 2015 Fund E 193 — 65.9 1,998,852 171,737 (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)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Schedule of Statement of Operations by Reportable Segment	For the year ended December 31, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 33,456 $ 11,367 $ 7,802 $ — $ 52,625 Expenses Property operating 22 228 144 — 394 General and administrative — — — 5,286 5,286 Acquisition-related 22 230 — 1,035 1,287 Amortization 10,898 2,070 569 — 13,537 Impairments 645 203 — — 848 Total expenses 11,587 2,731 713 6,321 21,352 Total other income and expenses 698 144 740 (16,724 ) (15,142 ) Income (loss) before income tax benefit 22,567 8,780 7,829 (23,045 ) 16,131 Income tax benefit — — — (3,145 ) (3,145 ) Net income (loss) $ 22,567 $ 8,780 $ 7,829 $ (19,900 ) $ 19,276 For the year ended December 31, 2016 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 30,440 $ 8,176 $ 2,555 $ — $ 41,171 Expenses Management fees to affiliate 112 83 1 — 196 Property operating 62 29 16 — 107 General and administrative — — — 3,755 3,755 Acquisition-related 244 52 25 2,585 2,906 Amortization 9,649 1,247 295 — 11,191 Impairments 1,130 145 — — 1,275 Total expenses 11,197 1,556 337 6,340 19,430 Total other income and expenses 1,067 — 532 (13,419 ) (11,820 ) Net income (loss) $ 20,310 $ 6,620 $ 2,750 $ (19,759 ) $ 9,921 For the year ended December 31, 2015 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 26,546 $ 6,846 $ 205 $ — $ 33,597 Expenses Management fees to affiliate 319 161 — — 480 Property operating 24 12 — — 36 General and administrative — — — 2,923 2,923 Acquisition-related 1,951 80 29 1,956 4,016 Amortization 7,581 1,022 48 — 8,651 Impairments 3,426 476 — — 3,902 Total expenses 13,301 1,751 77 4,879 20,008 Total other income and expenses 796 227 9 (13,416 ) (12,384 ) Net income (loss) $ 14,041 $ 5,322 $ 137 $ (18,295 ) $ 1,205
Schedule of Total Assets by Reportable Segment	The Partnership’s total assets by segment were (in thousands): December 31, 2017 2016 Segments Wireless communication $ 440,139 $ 394,991 Outdoor advertising 175,825 92,660 Renewable power generation 111,482 103,052 Corporate assets 40,553 12,357 Total assets $ 767,999 $ 603,060

Tenant Concentration (Tables)

Tenant Concentration (Tables)	12 Months Ended
	Dec. 31, 2017
Risks And Uncertainties [Abstract]
Schedule of Tenant Revenue Concentrations	Year Ended December 31, Tenant 2017 2016 2015 T-Mobile 11.7 % 13.8 % 15.4 % Verizon 8.9 % 9.7 % 9.8 % Sprint 9.5 % 11.4 % 12.5 % AT&T Mobility 11.0 % 12.6 % 13.1 % Crown Castle 9.2 % 10.3 % 11.1 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Summary of Income Before Income Tax Benefit by Geographic Area	Income before income tax benefit by geographic area is as follows (in thousands): Year Ended December 31, 2017 2016 2015 Domestic $ 15,259 $ 10,554 $ 1,179 Foreign 872 (633 ) 26 Total $ 16,131 $ 9,921 $ 1,205
Summary of Income Tax Benefit	For the year ended December 31, 2017, income tax benefit consisted of the following (in thousands): Year Ended December 31, 2017 Current Domestic $ — Foreign 70 Deferred Domestic (3,215 ) Foreign — Income tax benefit $ (3,145 )
Summary of Reconciliation Between U.S. Statutory Rate and Effective Rate from Income Before Income Tax Benefit	Reconciliation between the U.S. statutory rate and the effective rate from income before income tax benefit is as follows: Year Ended December 31, 2017 Statutory tax rate 34 % Adjustment to reflect MLP/REIT status (29 )% Valuation allowance (32 )% Change in tax law 9 % Other (1 )% Effective tax rate (19 )%

Supplemental Cash Flow Inform45

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Information [Abstract]
Schedule of noncash activities	Noncash activities for the years ended December 31, 2017, 2016, and 2015 were as follows (in thousands): Year Ended December 31, 2017 2016 2015 Capital contribution to fund general and administrative expense reimbursement $ 491 $ 545 $ 645 Purchase price for acquisitions included in due to Landmark and affiliates 196 217 — Issuance of common units for Acquired Funds 3,492 64,664 63,571 Unit Exchange Program acquisitions 3,816 2,639 — Fair value adjustment of investments in receivables — 239 12 Distributions payable to preferred unitholders 1,296 800 — Offering costs included in accounts payable and accrued liabilities — 165 — Deferred loan costs included in accounts payable and accrued liabilities 285 235 — Purchase price for acquisitions and construction activities included in accounts payable 642 405 —
Schedule of cash flows related to interest paid	Cash flows related to interest paid was as follows (in thousands): Year Ended December 31, 2017 2016 2015 Cash paid for interest $ 15,797 $ 12,349 $ 8,746

Quarterly Financial Data (Una46

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Information [Abstract]
Summary of quarterly financial data	2017 Quarter Ended March 31 June 30 September 30 December 31 Total rental revenue $ 11,841 $ 12,803 $ 13,499 $ 14,482 Net income 3,527 2,677 3,798 9,274 Less: Net income attributable to noncontrolling interest 3 4 4 8 Net income attributable to limited partners 3,524 2,673 3,794 9,266 Net income per limited partner unit: Common units – basic 0.09 0.05 0.08 0.31 Common units – diluted 0.09 0.05 0.08 0.31 Subordinated units – basic and diluted 0.09 0.05 0.08 0.28 Cash distribution declared per unit 0.3525 0.3550 0.3575 0.3675 2016 Quarter Ended March 31 June 30 September 30 December 31 Total rental revenue $ 9,739 $ 9,768 $ 10,166 $ 11,498 Net income 146 611 372 8,792 Less: Pre-acquisition net income (loss) from Drop-down Assets 573 582 (1,102 ) (5 ) Net income (loss) attributable to limited partners (427 ) 29 1,474 8,797 Net income (loss) per limited partner unit Common units – basic (0.03 ) (0.02 ) 0.06 0.34 Common units – diluted (0.03 ) (0.02 ) 0.06 0.34 Subordinated units – basic and diluted (0.03 ) (0.03 ) (0.10 ) 0.33 Cash distribution declared per unit 0.3300 0.3325 0.3375 0.3500

Organization (Details)

Organization (Details)	Feb. 15, 2018item	Dec. 31, 2017itemshares	Dec. 31, 2016shares	Dec. 31, 2015shares	Dec. 31, 2014shares
Common Units
Partnership Equity
Number of common units that will convert from each outstanding subordinated unit | item		1
Subsequent Event | Landmark Dividend LLC
Partnership Equity
Number of common units that will convert from each outstanding subordinated unit | item	1
Limited Partners | Common Units
Partnership Equity
Number of units held (in shares)		20,146,458	19,450,555	11,820,144	4,702,665
Limited Partners | Common Units | Landmark Dividend LLC
Partnership Equity
Number of units held (in shares)		185,354
Limited Partners | Subordinated Units
Partnership Equity
Number of units held (in shares)		3,135,109	3,135,109	3,135,109	3,135,109
Limited Partners | Subordinated Units | Landmark Dividend LLC
Partnership Equity
Number of units held (in shares)		3,135,109

Basis of Presentation and Sum48

Basis of Presentation and Summary of Significant Accounting Policies - Drop-down Acquisitions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)itemsite	Dec. 31, 2016USD ($)itemsite	Dec. 31, 2015USD ($)itemsite
Acquisitions
Number of tenant sites acquired | site	63	40
Number of Investments in Receivables	1
Consideration
Consideration | $	$ 41	$ 85.7
Acquisition from related party | Landmark, General Partner and affiliates | 2017 Drop-down Acquisitions
Acquisitions
Number of drop-down acquisitions	4
Number of tenant sites acquired | site	155
Number of Investments in Receivables	2
Consideration
Consideration | $	$ 118.3
Acquisition from related party | Landmark, General Partner and affiliates | 2016 Drop-down Acquisitions
Acquisitions
Number of drop-down acquisitions		5
Number of tenant sites acquired | site		539
Number of Investments in Receivables		14
Consideration
Consideration | $	$ 118.3	$ 205.7	$ 268.2
Acquisition from related party | Landmark, General Partner and affiliates | 2015 Drop-down Acquisitions
Acquisitions
Number of drop-down acquisitions			8
Number of tenant sites acquired | site			761
Number of Investments in Receivables			1
Consideration
Consideration | $			$ 268.2

Basis of Presentation and Sum49

Basis of Presentation and Summary of Significant Accounting Policies - Purchase Accounting for Acquisitions (Details)	12 Months Ended
	Dec. 31, 2017
Wireless Communication
Business Acquisition [Line Items]
Maximum time period to estimate above/below market lease value	10 years
Outdoor Advertising
Business Acquisition [Line Items]
Maximum time period to estimate above/below market lease value	20 years
Outdoor Advertising | Billboards
Business Acquisition [Line Items]
Useful life	20 years
Minimum
Business Acquisition [Line Items]
Discount rate used to estimate fair values (as a percent)	6.00%
Lease execution period	1 month
Lease-up period	4 months
Lease term	2 years
Cancellation period	30 days
Maximum
Business Acquisition [Line Items]
Discount rate used to estimate fair values (as a percent)	20.00%
Lease execution period	12 months
Lease-up period	8 months
Lease term	20 years
Cancellation period	180 days
Total sites acquired | Minimum
Business Acquisition [Line Items]
Discount rate used to estimate fair values (as a percent)	6.00%
Total sites acquired | Maximum
Business Acquisition [Line Items]
Discount rate used to estimate fair values (as a percent)	20.00%

Basis of Presentation and Sum50

Basis of Presentation and Summary of Significant Accounting Policies - Real Property Interests (Details)	12 Months Ended
	Dec. 31, 2017
Minimum
Real Estate [Line Items]
Term of real estate rights	12 years
Maximum
Real Estate [Line Items]
Term of real estate rights	99 years

Basis of Presentation and Sum51

Basis of Presentation and Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 18, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash		$ 18,672	$ 2,851
Landmark Dividend Growth Fund - H LLC
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash		16,000
Series 2017-1 Secured Notes
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash		$ 16,000
Series 2017-1 Secured Notes | Landmark Dividend Growth Fund - H LLC | Subsequent Event
Restricted Cash And Cash Equivalents Items [Line Items]
Payments to acquire additional assets	$ 16,000

Basis of Presentation and Sum52

Basis of Presentation and Summary of Significant Accounting Policies - Investments in Receivables, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Allowance for investments in receivables	$ 0	$ 0

Basis of Presentation and Sum53

Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue Recognition
Contingent rent recognized	$ 1	$ 0.6	$ 0.2
Minimum
Revenue Recognition
Cancellation period	30 days
Maximum
Revenue Recognition
Cancellation period	180 days

Basis of Presentation and Sum54

Basis of Presentation and Summary of Significant Accounting Policies - Rents Receivable, Net (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0.3	$ 0.2

Basis of Presentation and Sum55

Basis of Presentation and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details)	Dec. 31, 2017USD ($)
Accounting Changes And Error Corrections [Abstract]
Cash accounts at each institution are insured, amount	$ 250,000

Basis of Presentation and Sum56

Basis of Presentation and Summary of Significant Accounting Policies - Business Segments (Details) - segment	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Number of reportable segments	3	3	3

Basis of Presentation and Sum57

Basis of Presentation and Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Restricted cash	$ 18,672	$ 2,851

Acquisitions - Drop-down Acquis

Acquisitions - Drop-down Acquisitions - General Information (Details) - Landmark, General Partner and affiliates - Acquisition from related party - item	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
2017 Drop-down Acquisitions
Acquisitions
Number of drop-down acquisitions	4
2016 Drop-down Acquisitions
Acquisitions
Number of drop-down acquisitions		5
2015 Drop-down Acquisitions
Acquisitions
Number of drop-down acquisitions			8

Acquisitions - Drop-down Acqu59

Acquisitions - Drop-down Acquisitions - Summary of Acquisitions Completed (Details) $ in Millions	Sep. 08, 2017USD ($)	Apr. 28, 2017USD ($)	Mar. 31, 2017USD ($)site	Dec. 31, 2017USD ($)itemsite	Dec. 31, 2016USD ($)itemsite	Dec. 31, 2015USD ($)itemsite
Acquisitions
Number of tenant sites acquired				63	40
Investments in Receivables | item				1
Consideration
Borrowings and Available Cash | $				$ 37.2	$ 83.1
Common Units Issued to Landmark and Affiliates | $				3.8	2.6
Total | $				$ 41	$ 85.7
1-site acquisition
Acquisitions
Number of tenant sites acquired			1
Consideration
Borrowings and Available Cash | $		$ 3.8	$ 7.5
2-site acquisition
Consideration
Borrowings and Available Cash | $		11.3
Wireless Communication
Acquisitions
Number of tenant sites acquired				35	25
Outdoor Advertising
Acquisitions
Number of tenant sites acquired				26	9
Renewable Power Generation
Acquisitions
Number of tenant sites acquired				2	6
Landmark, General Partner and affiliates | Acquisition from related party | 29-site acquisition
Acquisitions
Number of tenant sites acquired				29
Consideration
Borrowings and Available Cash | $				$ 17.6
Total | $				$ 17.6
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 | 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 | 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		41
Consideration
Borrowings and Available Cash | $				$ 24.7		$ 24.2
Total | $				$ 24.7		24.2
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				155
Investments in Receivables | item				2
Consideration
Borrowings and Available Cash | $				$ 114.8
Common Units Issued to Landmark and Affiliates | $				3.5
Total | $				118.3
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 | $				$ 118.3	$ 205.7	$ 268.2
Landmark, General Partner and affiliates | Acquisition from related party | 136-site acquisition
Acquisitions
Number of tenant sites acquired						136
Consideration
Borrowings and Available Cash | $						$ 25
Common Units Issued to Landmark and Affiliates | $						19.5
Total | $						$ 44.5
Landmark, General Partner and affiliates | Acquisition from related party | 72-site acquisition
Acquisitions
Number of tenant sites acquired						72
Consideration
Borrowings and Available Cash | $						$ 17.3
Common Units Issued to Landmark and Affiliates | $						13
Total | $						$ 30.3
Landmark, General Partner and affiliates | Acquisition from related party | 65-site acquisition
Acquisitions
Number of tenant sites acquired						65
Consideration
Borrowings and Available Cash | $						$ 20.3
Total | $						$ 20.3
Landmark, General Partner and affiliates | Acquisition from related party | 193-site acquisition
Acquisitions
Number of tenant sites acquired						193
Consideration
Borrowings and Available Cash | $						$ 34.9
Common Units Issued to Landmark and Affiliates | $						31
Total | $						$ 65.9
Landmark, General Partner and affiliates | Acquisition from related party | 100-site acquisition
Acquisitions
Number of tenant sites acquired						100
Investments in Receivables | item						1
Consideration
Borrowings and Available Cash | $						$ 35.7
Total | $						$ 35.7
Landmark, General Partner and affiliates | Acquisition from related party | 73-site acquisition
Acquisitions
Number of tenant sites acquired						73
Consideration
Borrowings and Available Cash | $						$ 22.1
Total | $						$ 22.1
Landmark, General Partner and affiliates | Acquisition from related party | 81-site acquisition
Acquisitions
Number of tenant sites acquired						81
Consideration
Borrowings and Available Cash | $						$ 25.2
Total | $						$ 25.2
Landmark, General Partner and affiliates | Acquisition from related party | 2015 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired						761
Investments in Receivables | item						1
Consideration
Borrowings and Available Cash | $						$ 204.7
Common Units Issued to Landmark and Affiliates | $						63.5
Total | $						$ 268.2
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 29-site acquisition
Acquisitions
Number of tenant sites acquired				23
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		23
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 2017 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired				122
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 | Wireless Communication | Acquisition from related party | 136-site acquisition
Acquisitions
Number of tenant sites acquired						99
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 72-site acquisition
Acquisitions
Number of tenant sites acquired						67
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 65-site acquisition
Acquisitions
Number of tenant sites acquired						50
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 193-site acquisition
Acquisitions
Number of tenant sites acquired						135
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 100-site acquisition
Acquisitions
Number of tenant sites acquired						81
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 73-site acquisition
Acquisitions
Number of tenant sites acquired						45
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 81-site acquisition
Acquisitions
Number of tenant sites acquired						41
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 2015 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired						541
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 29-site acquisition
Acquisitions
Number of tenant sites acquired				5
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		16
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				28
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 | Outdoor Advertising | Acquisition from related party | 136-site acquisition
Acquisitions
Number of tenant sites acquired						37
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 72-site acquisition
Acquisitions
Number of tenant sites acquired						5
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 65-site acquisition
Acquisitions
Number of tenant sites acquired						13
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 193-site acquisition
Acquisitions
Number of tenant sites acquired						57
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 100-site acquisition
Acquisitions
Number of tenant sites acquired						16
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 73-site acquisition
Acquisitions
Number of tenant sites acquired						28
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 81-site acquisition
Acquisitions
Number of tenant sites acquired						39
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 2015 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired						211
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 29-site acquisition
Acquisitions
Number of tenant sites acquired				1
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		2
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 2017 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired				5
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
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 65-site acquisition
Acquisitions
Number of tenant sites acquired						2
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 193-site acquisition
Acquisitions
Number of tenant sites acquired						1
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 100-site acquisition
Acquisitions
Number of tenant sites acquired						3
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 81-site acquisition
Acquisitions
Number of tenant sites acquired						1
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 2015 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired						9

Acquisitions - Drop-down Acqu60

Acquisitions - Drop-down Acquisitions - Summary of Acquisitions Completed - Additional Information (Details) $ in Millions	Sep. 08, 2017USD ($)	Apr. 28, 2017USD ($)shares	Mar. 31, 2017USD ($)site	Dec. 31, 2017USD ($)siteshares	Dec. 31, 2016USD ($)site	Aug. 30, 2017site	Jun. 08, 2017site	Aug. 30, 2016site
Acquisitions
Number of tenant sites obligated to acquire | site								2
Cash consideration | $				$ 37.2	$ 83.1
Number of tenant sites acquired | site				63	40
Common units issued to Fund G | shares		221,729
1-site acquisition
Acquisitions
Cash consideration | $		$ 3.8	$ 7.5
Number of tenant sites acquired | site			1
2-site acquisition
Acquisitions
Cash consideration | $		$ 11.3
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 | Landmark Acquisition
Acquisitions
Cash consideration | $		0.6
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

Acquisitions - Drop-down Acqu61

Acquisitions - Drop-down Acquisitions - Consolidated Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue
Rental revenue	$ 14,482	$ 13,499	$ 12,803	$ 11,841	$ 11,498	$ 10,166	$ 9,768	$ 9,739	$ 52,625	$ 41,171	$ 33,597
Expenses
Management fees to affiliate										196	480
Property operating									394	107	36
General and administrative									5,286	3,755	2,923
Acquisition-related									1,287	2,906	4,016
Amortization									13,537	11,191	8,651
Impairments									848	1,275	3,902
Total expenses									21,352	19,430	20,008
Other income and expenses									(15,142)	(11,820)	(12,384)
Net income									19,276	9,921	1,205
Other comprehensive income (loss)									1,477	(517)	5
Comprehensive income (loss)									$ 20,753	9,404	1,210
Scenario, Previously Reported
Revenue
Rental revenue										35,208	19,808
Expenses
Property operating										105	24
General and administrative										3,755	2,913
Acquisition-related										2,648	1,956
Amortization										9,703	5,219
Impairments										1,275	3,902
Total expenses										17,486	14,014
Other income and expenses										(7,849)	(5,058)
Net income										9,873	736
Other comprehensive income (loss)										(513)
Comprehensive income (loss)										9,360	736
Drop-down Acquisitions | Landmark, General Partner and affiliates | Acquisition from related party | Restatement Adjustment
Revenue
Rental revenue										5,963	13,789
Expenses
Management fees to affiliate										196	480
Property operating										2	12
General and administrative											10
Acquisition-related										258	2,060
Amortization										1,488	3,432
Total expenses										1,944	5,994
Other income and expenses										(3,971)	(7,326)
Net income										48	469
Other comprehensive income (loss)										(4)	5
Comprehensive income (loss)										$ 44	$ 474

Acquisitions - Drop-down Acqu62

Acquisitions - Drop-down Acquisitions - Consolidated Summarized Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows
Net cash provided by operating activities	$ 28,473	$ 21,465	$ 15,955
Net cash used in investing activities	(140,128)	(156,468)	(134,211)
Net cash provided by (used in) financing activities	$ 118,160	135,798	119,929
Scenario, Previously Reported
Cash flows
Net cash provided by operating activities		18,982	9,691
Net cash used in investing activities		(156,468)	(134,220)
Net cash provided by (used in) financing activities		138,281	126,203
Drop-down Acquisitions | Restatement Adjustment | Landmark, General Partner and affiliates | Acquisition from related party
Cash flows
Net cash provided by operating activities		2,483	6,264
Net cash used in investing activities			9
Net cash provided by (used in) financing activities		$ (2,483)	$ (6,274)

Acquisitions - Third Party Acqu

Acquisitions - Third Party Acquisitions - General Information (Details) - shares	Apr. 28, 2017	Dec. 31, 2017	Dec. 31, 2016
Acquisitions
Number of common units in connection with acquisition (in shares)	221,729
UEP
Acquisitions
Number of common units in connection with acquisition (in shares)		5,000,000	5,000,000

Acquisitions - Third Party Ac64

Acquisitions - Third Party Acquisitions - Summary of Acquisitions Completed (Details) $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2017USD ($)site	Sep. 30, 2017USD ($)site	Jun. 30, 2017USD ($)itemsite	Mar. 31, 2017USD ($)site	Dec. 31, 2016USD ($)site	Sep. 30, 2016USD ($)site	Jun. 30, 2016USD ($)site	Dec. 31, 2017USD ($)itemsite	Dec. 31, 2016USD ($)site
Acquisitions
Number of tenant sites acquired								63	40
Consideration
Borrowings and Available Cash | $								$ 37,200	$ 83,100
Common Units Issued to Landmark and Affiliates | $								3,800	2,600
Consideration | $								$ 41,000	85,700
Investments in Receivables | item								1
International
Acquisitions
Number of tenant sites acquired	3	2	6	7	11	5	2
Consideration
Borrowings and Available Cash | $	$ 11,500	$ 4,100	$ 9,000	$ 3,600	$ 2,000	$ 4,400	$ 100
Consideration | $	$ 11,500	$ 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	7		4	1	2	1	3
Consideration
Common Units Issued to Landmark and Affiliates | $	$ 2,700		$ 1,000	$ 100	$ 900	$ 100	$ 1,600	$ 3,816	$ 2,639
Consideration | $	$ 2,700		$ 1,000	$ 100	$ 900	$ 100	$ 1,600
Domestic
Acquisitions
Number of tenant sites acquired	21	3	1	8	16
Consideration
Borrowings and Available Cash | $	$ 6,500	$ 800	$ 500	$ 1,200	$ 76,600
Consideration | $	$ 6,500	$ 800	$ 500	$ 1,200	$ 76,600
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
2017 Direct Third Party Acquisitions, Fourth Quarter
Acquisitions
Number of tenant sites acquired	31
Consideration
Borrowings and Available Cash | $	$ 18,000
Common Units Issued to Landmark and Affiliates | $	2,700
Consideration | $	$ 20,700
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
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								35	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		3	1	1	1	3
Wireless Communication | Domestic
Acquisitions
Number of tenant sites acquired	14	3	1	5	8
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 | 2017 Direct Third Party Acquisitions, Fourth Quarter
Acquisitions
Number of tenant sites acquired	17
Wireless Communication | 2016 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired							5
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								26	9
Outdoor Advertising | International
Acquisitions
Number of tenant sites acquired	3	2	4	4	5	1
Outdoor Advertising | Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired	4		1		1
Outdoor Advertising | Domestic
Acquisitions
Number of tenant sites acquired	5			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 | 2017 Direct Third Party Acquisitions, Fourth Quarter
Acquisitions
Number of tenant sites acquired	12
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								2	6
Renewable Power Generation | Domestic
Acquisitions
Number of tenant sites acquired	2				6
Renewable Power Generation | 2017 Direct Third Party Acquisitions, Fourth Quarter
Acquisitions
Number of tenant sites acquired	2
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	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 114,385	$ 88,845
Real property interests – perpetual	114,612	99,911
Real property interests – finite life	481,810	390,119
Construction in progress	7,574
Total land and real property interests	718,381	578,875
Accumulated amortization of real property interests	(37,817)	(25,967)
Land and net real property interests	$ 680,564	$ 552,908

Real Property Interests - Sale

Real Property Interests - Sale (Details)	Mar. 31, 2016USD ($)site	Mar. 22, 2016USD ($)site	Dec. 31, 2017USD ($)site	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Real Property Interests
Gain (loss) on sale of real property interests			$ (5,000)	$ 374,000	$ 237,000
One Wireless Communication Site on December 31, 2017
Real Property Interests
Number of tenant sites sold | site			1
Cash consideration received			$ 200,000
Gain (loss) on sale of real property interests			$ (4,812,000)
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 (loss) 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 (loss) on sale of real property interests	$ 0

Real Property Interests - Acqui

Real Property Interests - Acquisitions (Details)	12 Months Ended
	Dec. 31, 2017USD ($)itemsite	Dec. 31, 2016USD ($)itemsite	Dec. 31, 2015USD ($)
Acquisitions
Consideration	$ 41,000,000	$ 85,700,000
Construction in progress	$ 7,574,000
Number of tenant sites acquired | site	63	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	10
Investments in Receivables | item	1
Total assets in investment receivables	$ 31,600,000
Rental revenue generated by consolidated joint venture	800,000	$ 0
Acquisition from related party | 2016 Drop-down Acquisitions | Landmark, General Partner and affiliates
Acquisitions
Consideration	118,300,000	205,700,000	$ 268,200,000
Historical cost basis		$ 141,100,000	$ 198,800,000
Net carry value	99,800,000
Number of tenant sites acquired | site		539
Investments in Receivables | item		14
Flex Grid
Acquisitions
Construction in progress	$ 7,600,000

Real Property Interests - Sum68

Real Property Interests - Summary of Allocation of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Below market lease intangibles	$ (21,218)	$ (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	25,151	75,959	$ 6,473
Investments in real property interests	107,195	34,096	100,986
Below market lease intangibles	(1,850)	(864)	(4,637)
Total	135,253	114,166	108,565
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	3,781	4,003	3,210
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	$ 976	$ 972	$ 2,533

Real Property Interests - Futur

Real Property Interests - Future Estimated Aggregate Amortization of Finite Lived Real Property Interests (Details) $ in Thousands	Dec. 31, 2017USD ($)
Future estimated aggregate amortization of real property interests
2,018	$ 13,232
2,019	12,877
2,020	12,315
2,021	11,725
2,022	11,441
Thereafter	382,403
Total	$ 443,993

Real Property Interests - Weigh

Real Property Interests - Weighted Average Remaining Amortization Period for Non-perpetual Real Property Interests (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Weighted average remaining amortization period for non-perpetual real property interests	49 years	51 years

Real Property Interests - Impai

Real Property Interests - Impairment (Details)	12 Months Ended
	Dec. 31, 2017USD ($)site	Dec. 31, 2016USD ($)site	Dec. 31, 2015USD ($)site
Impairment
Recognized impairment charge	$ 848,000	$ 1,275,000	$ 3,902,000
Impaired Real Property Interest
Impairment
Number of real property interests impaired | site	6	9	21
Number of real property interests foreclosed | site			1
Recognized impairment charge	$ 800,000	$ 1,300,000	$ 3,900,000
Impaired real property interests	$ 0

Other Intangible Assets and L72

Other Intangible Assets and Liabilities - Total Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Other Intangible Assets
Net amount	$ 17,984	$ 15,730
Acquired in-place leases
Other Intangible Assets
Gross amount	20,486	16,729
Accumulated amortization	(6,119)	(4,491)
Net amount	14,367	12,238
Acquired above-market leases
Other Intangible Assets
Gross amount	6,503	5,523
Accumulated amortization	(2,886)	(2,031)
Net amount	$ 3,617	$ 3,492

Other Intangible Assets and L73

Other Intangible Assets and Liabilities - Total Other Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Acquired below-market leases
Below market lease intangibles	$ (21,218)	$ (19,366)
Accumulated amortization	8,385	6,305
Net amount	$ (12,833)	$ (13,061)

Other Intangible Assets and L74

Other Intangible Assets and Liabilities - Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Intangible Assets And Liabilities [Abstract]
Amortization of above-and below-market leases	$ 1,226	$ 1,338	$ 1,467
Amortization expense	$ 1,600	$ 1,500	$ 1,400

Other Intangible Assets and L75

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Future amortization of lease intangibles
Net amount	$ 17,984	$ 15,730
Acquired in-place leases
Future amortization of lease intangibles
2,018	1,885
2,019	993
2,020	970
2,021	812
2,022	666
Thereafter	9,041
Net amount	14,367	12,238
Acquired above-market leases
Future amortization of lease intangibles
2,018	718
2,019	549
2,020	465
2,021	359
2,022	283
Thereafter	1,243
Net amount	$ 3,617	$ 3,492

Other Intangible Assets and L76

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Future amortization of acquired below-market leases
2,018	$ (2,102)
2,019	(2,046)
2,020	(1,977)
2,021	(1,835)
2,022	(1,690)
Thereafter	(3,183)
Net amount	$ (12,833)	$ (13,061)

Future Minimum Rents (Details)

Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2017USD ($)
Future Minimum Rents
2,018	$ 15,472
2,019	15,330
2,020	15,217
2,021	14,948
2,022	14,793
Thereafter	141,160
Total	$ 216,920

Investments in Receivables - Ge

Investments in Receivables - General Information (Details) - USD ($) $ in Millions	Jul. 21, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Receivables With Imputed Interest [Line Items]
Payment collection period, minimum		2 years
Payment collection period, maximum		99 years
Interest income recognized		$ 1.6	$ 1.2	$ 0.8
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	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Notes Receivable Net [Abstract]
Investments in receivables – beginning	$ 17,440	$ 12,136
Acquisitions	4,389	5,934
Fair value adjustment		239
Repayments	(1,180)	(905)	$ (704)
Interest accretion	7	36	33
Foreign currency translation adjustment	126
Investments in receivables – ending	$ 20,782	$ 17,440	$ 12,136

Investments in Receivables - An

Investments in Receivables - Annual Amounts Due (Details) $ in Thousands	Dec. 31, 2017USD ($)
Notes Receivable Net [Abstract]
2,018	$ 2,763
2,019	2,292
2,020	2,285
2,021	2,348
2,022	2,486
Thereafter	28,298
Total	$ 40,472

Investments in Receivables - 81

Investments in Receivables - Annual Amounts Due - Principal and Interest (Details) $ in Thousands	Dec. 31, 2017USD ($)
Notes Receivable Net [Abstract]
Interest	$ 19,690
Principal	20,782
Total	$ 40,472

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Nov. 30, 2017	Dec. 31, 2016	Jun. 16, 2016
Debt
Outstanding Balance, revolving credit facility	$ 304,000,000		$ 224,500,000
Deferred loan costs	(3,589,000)		(2,797,000)
Secured Notes, net	187,249,000		112,435,000
Senior secured revolving credit facility
Debt
Outstanding Balance, revolving credit facility	$ 304,000,000		224,500,000
Maturity Date	Nov. 19, 2019
Series 2017-1 Class A
Debt
Outstanding Balance, secured debt	$ 62,000,000
Maturity Date	Nov. 15, 2022
Series 2017-1 Class B
Debt
Outstanding Balance, secured debt	$ 18,000,000
Maturity Date	Nov. 15, 2022
Series 2016-1 Class A
Debt
Outstanding Balance, secured debt	$ 89,171,000		90,917,000
Maturity Date	Jun. 1, 2021
Series 2016-1 Class B
Debt
Outstanding Balance, secured debt	$ 25,100,000		25,100,000
Maturity Date	Jun. 1, 2021
Secured notes
Debt
Outstanding Balance, secured debt	$ 194,271,000		116,017,000
Discount on Secured Notes	(1,826,000)	$ (1,800,000)	(15,000)	$ (17,292)
Deferred loan costs	(5,196,000)		(3,567,000)
Secured Notes, net	$ 187,249,000		$ 112,435,000

Debt - Summary of Debt (Parenth

Debt - Summary of Debt (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2017
Series 2017-1 Class A and B
Debt Instrument [Line Items]
Debt instrument, final legal maturity date	Nov. 15, 2047
Series 2016-1 Class A and B
Debt Instrument [Line Items]
Debt instrument, final legal maturity date	Jul. 15, 2046

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 28, 2017	Dec. 31, 2016
Debt
Revolving credit facility	$ 304,000,000		$ 224,500,000
Senior secured revolving credit facility
Line Of Credit Facility [Line Items]
Borrowing capacity		$ 390,000,000
Debt
Annual commitment fee (as a percent)	0.25%
Maturity Date	Nov. 19, 2019
Revolving credit facility	$ 304,000,000		$ 224,500,000
Undrawn borrowing capacity	$ 86,000,000
Senior secured revolving credit facility | Base rate - federal funds rate
Debt
Applicable margin (as a percent)	0.50%
Senior secured revolving credit facility | Base rate - one month LIBOR
Debt
Applicable margin (as a percent)	1.00%
Senior secured revolving credit facility | Base rate
Debt
Applicable margin (as a percent)	1.50%
Senior secured revolving credit facility | One month LIBOR
Debt
Applicable margin (as a percent)	2.50%

Debt - Secured Notes (Details)

Debt - Secured Notes (Details) - USD ($)	Nov. 30, 2017	Jun. 16, 2016	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Restricted cash reserved			$ 18,672,000	$ 2,851,000
Fund H
Debt Instrument [Line Items]
Restricted cash reserved			16,000,000
Secured notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 80,000,000	$ 116,600,000
Acquisition costs, period cost	16,000,000
Debt discount	1,800,000	17,292	$ 1,826,000	$ 15,000
Number of calendar months to maintain maximum debt service coverage ratio			12 months
Senior secured revolving credit facility
Debt Instrument [Line Items]
Repayment of debt		$ 112,300,000
Senior secured revolving credit facility | Restricted Reserve Accounts | Minimum
Debt Instrument [Line Items]
Repayment of debt	54,000,000
Senior secured revolving credit facility | Restricted Reserve Accounts | Maximum
Debt Instrument [Line Items]
Repayment of debt	$ 17,500,000
Series 2017-1 Class A 4.10%
Debt Instrument [Line Items]
Interest rate (as a percent)			4.10%
Series 2017-1 Class B 3.81%
Debt Instrument [Line Items]
Interest rate (as a percent)			3.81%
Series 2017-1 Class A and B
Debt Instrument [Line Items]
Frequency of periodic payment of principal and interest			monthly
Amortization period	30 years
Secured Notes, Commencing start date	Jan. 31, 2018
Other payments related to principal	$ 0
Secured Notes, Anticipated repayment end date	Nov. 30, 2022
Series 2016-1 Class A
Debt Instrument [Line Items]
Interest rate (as a percent)				3.52%
Series 2016-1 Class B
Debt Instrument [Line Items]
Interest rate (as a percent)				7.02%
Series 2016-1 Class A and B
Debt Instrument [Line Items]
Frequency of periodic payment of principal and interest			monthly
Amortization period		30 years
Secured Notes, Commencing start date		Jul. 31, 2016
Other payments related to principal		$ 0
Secured Notes, Anticipated repayment end date		Jun. 30, 2021

Debt - Schedule of Debt Service

Debt - Schedule of Debt Service Coverage Ratio (Details)	12 Months Ended
	Dec. 31, 2017
2017 Securitization
Debt Instrument [Line Items]
Issuer or Borrower	LMRK Issuer Co. 2 LLC
Notes Issued	Series 2017-1 Secured Notes, Class A and Class B
2016 Securitization
Debt Instrument [Line Items]
Issuer or Borrower	LMRK Issuer Co. LLC
Notes Issued	Series 2016-1 Secured Notes, Class A and Class B

Debt - Schedule of Debt Servi87

Debt - Schedule of Debt Service Coverage Ratio (Parenthetical) (Details) - Secured notes	Nov. 30, 2017	Jun. 16, 2016
Debt Instrument [Line Items]
Number of consecutive calendar months	2 months	2 months
Minimum
Debt Instrument [Line Items]
Debt service coverage ratio	0.0115	0.0115

Debt - Annual Principal Payment

Debt - Annual Principal Payment Amounts (Details) - Secured notes - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
2,018	$ 4,236
2,019	6,110
2,020	8,077
2,021	105,652
2,022	70,196
Total	$ 194,271	$ 116,017

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest Expense
Debt interest expense	$ 18,400	$ 13,900	$ 11,000
Interest payable	700	400
Amortization of deferred loan costs	2,203	1,701	1,902
Interest expense
Interest Expense
Amortization of deferred loan costs	$ 2,200	$ 1,700	$ 1,900

Debt - Drop-down Acquisitions (

Debt - Drop-down Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt
Debt interest expense	$ 18,400	$ 13,900	$ 11,000
Amortization of deferred loan costs	$ 2,203	1,701	1,902
Loss on early extinguishment of debt		(1,703)	(1,872)
Secured Debt Facility | Landmark Dividend Growth Fund G LLC
Debt
Repayment of debt			74,600
Secured Debt Facility | Landmark Dividend Growth Fund F LLC
Debt
Repayment of debt		24,500
Secured Debt Facility | Landmark Dividend Growth Fund C LLC
Debt
Repayment of debt		15,100
Secured Debt Facility | Landmark Dividend Growth Fund E LLC
Debt
Repayment of debt		29,200
Secured Debt Facility | Acquired Funds
Debt
Debt interest expense		2,500	5,300
Amortization of deferred loan costs		400	1,200
Loss on early extinguishment of debt		$ 1,700	$ 1,900

Interest Rate Swap Agreements -

Interest Rate Swap Agreements - Fair Value of Interest Rate Swap Agreements (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Agreement effective date December 24, 2014
Interest Rate Swap Agreements
Notional value	$ 70,000,000
Fixed Rate	4.02%
Agreement effective date April 13, 2015
Interest Rate Swap Agreements
Notional value	$ 25,000,000
Fixed Rate	3.79%
Agreement effective date October 1, 2015
Interest Rate Swap Agreements
Notional value	$ 50,000,000
Fixed Rate	4.24%
Agreement entered into March 23, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Notional value	$ 50,000,000
Fixed Rate	4.17%
Agreement entered into March 31, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Notional value	$ 20,000,000
Fixed Rate	4.06%
Agreement entered into March 31, 2016 effective date April 13, 2019
Interest Rate Swap Agreements
Notional value	$ 25,000,000
Fixed Rate	4.13%
Agreement entered into June 12, 2017 effective date March 02, 2018
Interest Rate Swap Agreements
Notional value	$ 50,000,000
Fixed Rate	4.56%
Level 2 inputs | Agreement effective date December 24, 2014
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 164,000	$ (376,000)
Level 2 inputs | Agreement effective date April 13, 2015
Interest Rate Swap Agreements
Fair Value Asset (Liability)	174,000	13,000
Level 2 inputs | Agreement effective date October 1, 2015
Interest Rate Swap Agreements
Fair Value Asset (Liability)	840,000	354,000
Level 2 inputs | Agreement entered into March 23, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Fair Value Asset (Liability)	761,000	720,000
Level 2 inputs | Agreement entered into March 31, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Fair Value Asset (Liability)	364,000	347,000
Level 2 inputs | Agreement entered into March 31, 2016 effective date April 13, 2019
Interest Rate Swap Agreements
Fair Value Asset (Liability)	418,000	426,000
Level 2 inputs | Agreement entered into June 12, 2017 effective date March 02, 2018
Interest Rate Swap Agreements
Fair Value Asset (Liability)	438,000
Level 2 inputs | Agreement entered into April 1, 2015 effective date April, 1, 2015
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 3,159,000	$ 1,484,000

Interest Rate Swap Agreements92

Interest Rate Swap Agreements - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest Rate Swap Agreements
Unrealized gain (loss) on derivatives	$ 1,675	$ 2,306	$ (446)
Realized gain (loss) on derivatives		(100)	(100)
Acquired Funds | Interest Rate Swap Agreement | Restatement Adjustment
Interest Rate Swap Agreements
Unrealized gain (loss) on derivatives		$ 100
Landmark Dividend Growth Funds C, E, and F LLC | Interest Rate Swap Agreement
Interest Rate Swap Agreements
Unrealized gain (loss) on derivatives			100
Landmark Dividend Growth Fund G LLC | Interest Rate Swap Agreement
Interest Rate Swap Agreements
Unrealized gain (loss) on derivatives			$ (100)

Interest Rate Swap Agreements93

Interest Rate Swap Agreements - Sensitivity Analysis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
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	$ 483
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	(157)
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	800
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	(480)
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	328
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	19
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	481
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	(138)
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	1,930
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	(258)
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	2,981
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	(1,395)
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	1,457
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	64
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	2,125
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	(662)
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	643
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	87
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	909
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	(202)
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	763
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	75
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	1,091
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	(286)
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	1,906
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	(1,097)
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	3,329
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	$ (2,681)
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%)

Unit-Based Compensation (Detail

Unit-Based Compensation (Details)	Jan. 25, 2018$ / yr	Dec. 31, 2017$ / yrshares	Dec. 31, 2016shares	Dec. 31, 2015shares
Landmark Infrastructure Partners LP 2014 Long-Term Incentive Plan (the "LTIP") | Limited Partners | Common Units
Unit-Based Compensation
Initial limit on the number of units that may be delivered pursuant to vested awards (in shares) | shares		785,000
Annual increase in the number of units that may be delivered pursuant to vested awards, maximum (in shares) | shares		1,570,000
Annual increase in the number of units that may be delivered pursuant to vested awards, as a percentage of total number of units outstanding (as a percent)		2.00%
Non-Employee Director
Unit-Based Compensation
Annualized compensation, payable in cash (in dollars per year)		35,000
Annualized compensation, payable in common units, value (in dollars per year)		35,000
Non-Employee Director | Amended and Restated Plan | Subsequent Event
Unit-Based Compensation
Annualized compensation, payable in cash (in dollars per year)	40,000
Annualized compensation, payable in common units, value (in dollars per year)	40,000
Non-Employee Director | Landmark Infrastructure Partners LP 2014 Long-Term Incentive Plan (the "LTIP")
Unit-Based Compensation
Number of units granted (in shares) | shares		6,798	9,840	5,050
Chairman of the Audit Committee
Unit-Based Compensation
Additional annualized compensation, payable in cash (in dollars per year)		10,000
Chairman of the Audit Committee | Amended and Restated Plan | Subsequent Event
Unit-Based Compensation
Additional annualized compensation, payable in cash (in dollars per year)	15,000
Executive Officer
Unit-Based Compensation
Number of units granted (in shares) | shares		0

Equity - Changes in Units Outst

Equity - Changes in Units Outstanding (Details) - shares	Apr. 28, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Increase (decrease) in partners' capital
Common units issued to Fund G	221,729
Limited Partners | Common Units
Increase (decrease) in partners' capital
Balance (in units)		19,450,555	11,820,144	4,702,665
Issuance of units, net (in units)			3,450,000	3,000,000
Issuance of units in connection with the Fund E acquisition (in units)			3,592,430	4,112,429
Unit-based compensation (in units)		6,798	9,840	5,050
Balance (in units)		20,146,458	19,450,555	11,820,144
Limited Partners | Common Units | Landmark, General Partner and affiliates
Increase (decrease) in partners' capital
Common units issued to Fund G	221,729	221,729
Limited Partners | Common Units | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)		240,426	405,156
Limited Partners | Common Units | Unit Exchange Program
Increase (decrease) in partners' capital
Issuance of units, net (in units)		226,950	172,985
Limited Partners | 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
Limited Partners | 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)		1,568,402	863,957
Limited Partners | Preferred Units Series A | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)		704,445	63,957
Limited Partners | 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)		2,463,015	1,840,000
Limited Partners | Preferred Units Series B | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)		623,015

Equity - General Information (D

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

Feb. 15, 2018

Apr. 28, 2017siteshares

Mar. 30, 2017USD ($)

Mar. 27, 2017USD ($)

Nov. 15, 2016$ / shares

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

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

Jul. 15, 2016$ / shares

Jun. 24, 2016USD ($)

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

Feb. 16, 2016USD ($)

Dec. 30, 2015USD ($)

May 20, 2015USD ($)$ / sharesshares

Dec. 31, 2017$ / shares

Sep. 30, 2017$ / shares

Jun. 30, 2017$ / shares

Mar. 31, 2017site$ / shares

Dec. 31, 2016$ / shares

Sep. 30, 2016$ / shares

Jun. 30, 2016$ / shares

Jun. 30, 2017$ / shares

Dec. 31, 2017USD ($)site$ / sharesshares

Dec. 31, 2016USD ($)siteshares

Dec. 31, 2015USD ($)shares

Aug. 30, 2017site

Jun. 08, 2017site

Aug. 30, 2016site

Mar. 10, 2016shares

Partnership Equity

Aggregate offering price

$ 750,000

Number of tenant sites acquired | site

63

40

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

221,729

Common Units Issued to Landmark and Affiliates

$ 3,800

$ 2,600

Proceeds from the issuance of Preferred Units, net

31,891

63,649

Number of tenant sites obligated to acquire | site

2

Proceeds from the issuance of Common Units, net

$ 4,109

$ 59,990

$ 46,942

Subsequent Event

Quarterly distributions

Conversion ratio of subordinated units into common units

100.00%

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

35

25

1-site acquisition

Partnership Equity

Number of tenant sites acquired | site

1

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

Preferred Units Series A

Quarterly distributions

Distribution Per Unit Paid (in dollars per share) | $ / shares

$ 0.5000

$ 0.5000

$ 0.5000

$ 0.5000

$ 0.5000

$ 0.5000

$ 0.5611

Preferred Units Series B

Quarterly distributions

Distribution Per Unit Paid (in dollars per share) | $ / shares

$ 0.4938

$ 0.4938

0.4938

$ 0.4938

$ 0.4938

$ 0.5322

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

12

Common Units Issued to Landmark and Affiliates

$ 3,800

Unit Exchange Program | 3-site acquisition | Wireless Communication

Partnership Equity

Number of tenant sites acquired | site

6

Common Units Issued to Landmark and Affiliates

$ 2,600

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

688,000

7,621,000

3,000,000

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

221,729

Limited Partners | Preferred Units Series A

Partnership Equity

Issuance of units, net (in shares) | shares

704,000

864,000

Quarterly distributions

Distribution Per Unit Paid (in dollars per share) | $ / shares

$ 0.5611

Limited Partners | Preferred Units Series B

Partnership Equity

Issuance of units, net (in shares) | shares

623,000

1,840,000

Dividend rate (as a percent)

7.90%

Quarterly distributions

Distribution Per Unit Paid (in dollars per share) | $ / shares

$ 0.5321527

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

$ 25

$ 25

$ 25

Limited Partners | IPO, Public | Common Units

Partnership Equity

Issuance of units, net (in shares) | shares

3,000,000

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

$ 16.75

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

$ 15.9125

Quarterly distributions

Issuance of common units, net of offering costs

$ 46,900

Offering expenses

$ 3,300

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

Partnership Equity

Aggregate offering price

$ 50,000

Issuance of units, net (in shares) | shares

240,426

405,156

Proceeds from issuance of unit, before costs

$ 4,200

$ 6,900

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

Partnership Equity

Issuance of units, net (in shares) | shares

704,445

63,957

Proceeds from issuance of unit, before costs

$ 17,700

$ 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

623,015

0

Proceeds from issuance of unit, before costs

$ 15,600

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

226,950

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

172,985

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

Equity - Summary of Quarterly D

Equity - Summary of Quarterly Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands

3 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Common and Subordinated Units

Quarterly distributions

Declaration Date

Jan. 24, 2018

Oct. 18, 2017

Jul. 19, 2017

Apr. 20, 2017

Jan. 25, 2017

Oct. 26, 2016

Jul. 27, 2016

Apr. 20, 2016

Jan. 28, 2016

Oct. 22, 2015

Jul. 21, 2015

Apr. 23, 2015

Distribution Date

Feb. 14, 2018

Nov. 14, 2017

Aug. 14, 2017

May 15, 2017

Feb. 15, 2017

Nov. 15, 2016

Aug. 15, 2016

May 13, 2016

Feb. 12, 2016

Nov. 13, 2015

Aug. 14, 2015

May 14, 2015

Distribution Per Unit Paid (in dollars per share)

$ 0.3675

$ 0.3575

$ 0.3550

$ 0.3525

$ 0.3500

$ 0.3375

$ 0.3325

$ 0.3300

$ 0.3250

$ 0.3175

$ 0.3075

$ 0.2975

Total Distribution Paid

$ 9,304

$ 8,303

$ 8,222

$ 8,133

$ 7,985

$ 7,628

$ 5,089

$ 4,954

$ 4,864

$ 4,077

$ 3,334

$ 2,332

Preferred Units Series A

Quarterly distributions

Declaration Date

Dec. 21, 2017

Sep. 21, 2017

Jun. 22, 2017

Mar. 16, 2017

Dec. 16, 2016

Sep. 22, 2016

Jun. 16, 2016

Distribution Date

Jan. 16, 2018

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

$ 0.5000

$ 0.5611

Total Distribution Paid

$ 784

$ 713

$ 555

$ 432

$ 432

$ 432

$ 449

Preferred Units Series B

Quarterly distributions

Declaration Date

Jan. 22, 2018

Oct. 18, 2017

Jul. 19, 2017

Apr. 20, 2017

Jan. 20, 2017

Oct. 20, 2016

Distribution Date

Feb. 15, 2018

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

$ 0.4938

$ 0.5322

Total Distribution Paid

$ 1,216

$ 1,203

$ 990

$ 934

$ 909

$ 979

Net Income (Loss) Per Limited98

Net Income (Loss) Per Limited Partner Unit - Undistributed Net Loss Attributable to Common and Subordinated Unitholders (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income (loss) attributable to partners:
Net income attributable to limited partners	$ 9,266	$ 3,794	$ 2,673	$ 3,524	$ 8,797	$ 1,474	$ 29	$ (427)	$ 19,257	$ 9,873	$ 736
Less: Distributions declared									(6,673)	(2,660)
Incentive distribution rights									(488)	(110)
Net income attributable to common and subordinated unitholders									12,096	7,103	736
General Partner
Net income (loss) attributable to partners:
Net income attributable to limited partners										110
Incentive distribution rights									(488)	(110)
Preferred Units
Net income (loss) attributable to partners:
Less: Distributions declared									(6,673)	(2,660)
Common Units
Net income (loss) attributable to partners:
Less: Distributions declared									(28,983)	(21,314)	(10,693)
Net income attributable to common and subordinated unitholders									10,543	6,367	1,227
Undistributed net loss									(18,440)	(14,947)	(9,466)
Subordinated Units
Net income (loss) attributable to partners:
Less: Distributions declared									(4,491)	(4,232)	(3,911)
Net income attributable to common and subordinated unitholders									1,553	736	(491)
Undistributed net loss									(2,938)	(3,496)	(4,402)
Common and Subordinated Units
Net income (loss) attributable to partners:
Undistributed net loss									$ (21,378)	$ (18,443)	$ (13,868)

Net Income (Loss) Per Limited99

Net Income (Loss) Per Limited Partner Unit - Net Income (Loss) per Unit (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017$ / shares	Sep. 30, 2017$ / shares	Jun. 30, 2017$ / shares	Mar. 31, 2017$ / shares	Dec. 31, 2016$ / shares	Sep. 30, 2016$ / shares	Jun. 30, 2016$ / shares	Mar. 31, 2016$ / shares	Dec. 31, 2017USD ($)item$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares
Net income (loss) attributable to partners:
Distributions declared									$ 6,673	$ 2,660
Net income attributable to common and subordinated unitholders									$ 12,096	$ 7,103	$ 736
Weighted-average units outstanding:
Basic (in shares) | shares									19,701,000	13,986,000	7,558,000
Units - diluted (in shares) | shares									22,836,000	17,121,000	10,693,000
Net income (loss) per common and subordinated unit:
Basic (in dollars per share) | $ / shares									$ 0.54	$ 0.46	$ 0.16
Diluted (in dollars per share) | $ / shares									$ 0.53	$ 0.41	$ 0.07
Common Units
Net income (loss) attributable to partners:
Distributions declared									$ 28,983	$ 21,314	$ 10,693
Undistributed net loss									(18,440)	(14,947)	(9,466)
Net income attributable to common and subordinated unitholders									10,543	6,367	1,227
Net income (loss) attributable to subordinated units									1,553	736	(491)
Net income (loss) attributable to common and subordinated units - diluted									$ 12,096	$ 7,103	$ 736
Weighted-average units outstanding:
Basic (in shares) | shares									19,701,000	13,986,000	7,558,000
Effect of diluted subordinated units (in shares) | shares									3,135,000	3,135,000	3,135,000
Units - diluted (in shares) | shares									22,836,000	17,121,000	10,693,000
Net income (loss) per common and subordinated unit:
Basic (in dollars per share) | $ / shares	$ 0.31	$ 0.08	$ 0.05	$ 0.09	$ 0.34	$ 0.06	$ (0.02)	$ (0.03)	$ 0.54	$ 0.46	$ 0.16
Diluted (in dollars per share) | $ / shares	$ 0.31	$ 0.08	$ 0.05	$ 0.09	$ 0.34	$ 0.06	$ (0.02)	$ (0.03)	$ 0.53	$ 0.41	$ 0.07
Number of common units that will convert from each outstanding subordinated unit | item									1
Number of units converted | shares									3,135,109	3,135,109	3,135,109
Subordinated Units
Net income (loss) attributable to partners:
Distributions declared									$ 4,491	$ 4,232	$ 3,911
Undistributed net loss									(2,938)	(3,496)	(4,402)
Net income attributable to common and subordinated unitholders									1,553	736	(491)
Net income (loss) attributable to common and subordinated units - diluted									$ 1,553	$ 736	$ (491)
Weighted-average units outstanding:
Basic (in shares) | shares									3,135,000	3,135,000	3,135,000
Units - diluted (in shares) | shares									3,135,000	3,135,000	3,135,000
Net income (loss) per common and subordinated unit:
Basic (in dollars per share) | $ / shares									$ 0.50	$ 0.23	$ (0.16)
Diluted (in dollars per share) | $ / shares									$ 0.50	$ 0.23	$ (0.16)

Fair Value of Financial Inst100

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Carrying Amount
Investment in receivables, net
Investment in receivables, net	$ 20,782	$ 17,440
Fair Value
Investment in receivables, net
Investment in receivables, net	20,995	17,550
Senior secured revolving credit facility | Carrying Amount
Debt
Revolving credit facility	304,000	224,500
Senior secured revolving credit facility | Fair Value
Debt
Revolving credit facility	$ 304,000	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	$ 187,249	112,435
Secured notes | Fair Value
Debt
Secured Notes, net	$ 187,895	$ 112,608

Fair Value of Financial Inst101

Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value of Financial Instruments
Derivative Liabilities		$ 376
Recurring | Level 2 inputs
Fair Value of Financial Instruments
Derivative Assets	$ 3,159	1,860
Derivative Liabilities		$ 376

Related-Party Transactions (Det

Related-Party Transactions (Details)	Jun. 16, 2017	Nov. 30, 2017	Dec. 31, 2017USD ($)	Dec. 31, 2017USD ($)item$ / shares$ / property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 13, 2017
Related-Party Transactions
Due from Landmark and affiliates			$ 629,000	$ 629,000	$ 566,000
Incentive Distribution Distribution Rights				$ 488,000	110,000
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 Distribution Rights				$ 500,000	100,000
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			$ 600,000	$ 600,000	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				3,500,000	2,600,000	$ 2,100,000
Due from Landmark and affiliates			$ 500,000	$ 500,000
Landmark, General Partner and affiliates | Management fees
Related-Party Transactions
Expense from related party					200,000	500,000
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				100,000	100,000	6,250
Landmark Dividend LLC | Management fees
Related-Party Transactions
Costs incurred				0
Landmark Dividend LLC | Management fees | Acquired Funds | Restatement Adjustment
Related-Party Transactions
Management fees prior to acquisition					200,000	$ 500,000
General Partner | Management fees
Related-Party Transactions
Costs incurred				18,451	$ 10,215
General Partner | Secured Notes Management Agreement
Related-Party Transactions
Management fee (as a percent)	1.50%	1.50%
Penteon Corporation
Related-Party Transactions
Leasing costs incurred 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	Apr. 28, 2017shares	Aug. 30, 2016USD ($)itemshares	Nov. 19, 2015USD ($)itemshares	Aug. 18, 2015USD ($)itemshares	Dec. 31, 2017USD ($)itemsiteshares	Dec. 31, 2016USD ($)site
Related-Party Transactions
Number of tenant sites acquired | site					63	40
Number of Investments in Receivables | item					1
Consideration paid for acquisition | $					$ 41	$ 85.7
Common units issued to Fund G	221,729
Landmark Dividend Growth Fund G LLC | 2-site acquisition
Related-Party Transactions
Number of tenant sites acquired | item					2
Consideration paid for acquisition | $					$ 14.8
Common units issued to Fund G					221,729
Landmark Dividend Growth Fund G LLC | 386-site acquisition
Related-Party Transactions
Number of tenant sites acquired | item		386
Number of Investments in Receivables | item		5
Consideration paid for acquisition | $		$ 140.3
Common units issued to Fund G		25,220
Landmark Dividend Growth Fund F LLC | 136-site acquisition
Related-Party Transactions
Number of tenant sites acquired | item			136
Consideration paid for acquisition | $			$ 44.5
Common units issued to Fund G			217,133
Landmark Dividend Growth Fund C LLC | 72-site acquisition
Related-Party Transactions
Number of tenant sites acquired | item			72
Consideration paid for acquisition | $			$ 30.3
Common units issued to Fund G			123,405
Landmark Dividend Growth Fund E LLC | 193-site acquisition
Related-Party Transactions
Number of tenant sites acquired | item				193
Consideration paid for acquisition | $				$ 65.9
Common units issued to Fund G				171,737
Landmark, General Partner and affiliates | 2-site acquisition
Related-Party Transactions
Common units issued to Fund G					221,729
Landmark, General Partner and affiliates | 386-site acquisition
Related-Party Transactions
Common units issued to Fund G		3,592,430
Landmark, General Partner and affiliates | 136-site acquisition
Related-Party Transactions
Common units issued to Fund G			1,266,317
Landmark, General Partner and affiliates | 72-site acquisition
Related-Party Transactions
Common units issued to Fund G			847,260
Landmark, General Partner and affiliates | 193-site acquisition
Related-Party Transactions
Common units issued to Fund G				1,998,852

Related-Party Transactions -104

Related-Party Transactions - Summary of Completed Right of First Offer ("ROFO") Acquisitions (Parenthetical) (Details) $ in Millions	Apr. 28, 2017USD ($)shares	Mar. 31, 2017USD ($)site	Dec. 31, 2017USD ($)site	Dec. 31, 2016USD ($)site	Aug. 30, 2016site
Related-Party Transactions
Number of tenant sites obligated to acquire | site					2
Number of tenant sites acquired | site			63	40
Cash consideration | $			$ 37.2	$ 83.1
Common units issued to Fund G | shares	221,729
1-site acquisition
Related-Party Transactions
Number of tenant sites acquired | site		1
Cash consideration | $	$ 3.8	$ 7.5
2-site acquisition
Related-Party Transactions
Cash consideration | $	$ 11.3

Segment Information - General I

Segment Information - General Information (Details) - segment	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting [Abstract]
Number of reportable segments	3	3	3

Segment Information - Statement

Segment Information - Statements of Operations (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue
Rental revenue	$ 14,482,000	$ 13,499,000	$ 12,803,000	$ 11,841,000	$ 11,498,000	$ 10,166,000	$ 9,768,000	$ 9,739,000	$ 52,625,000	$ 41,171,000	$ 33,597,000
Expenses
Management fees to affiliate										196,000	480,000
Property operating									394,000	107,000	36,000
General and administrative									5,286,000	3,755,000	2,923,000
Acquisition-related									1,287,000	2,906,000	4,016,000
Amortization									13,537,000	11,191,000	8,651,000
Impairments									848,000	1,275,000	3,902,000
Total expenses									21,352,000	19,430,000	20,008,000
Total other income and expenses									(15,142,000)	(11,820,000)	(12,384,000)
Income before income tax benefit									16,131,000	9,921,000	1,205,000
Income tax benefit									(3,145,000)	0	0
Net income									19,276,000	9,921,000	1,205,000
Operating Segments | Wireless Communication
Revenue
Rental revenue									33,456,000	30,440,000	26,546,000
Expenses
Management fees to affiliate										112,000	319,000
Property operating									22,000	62,000	24,000
Acquisition-related									22,000	244,000	1,951,000
Amortization									10,898,000	9,649,000	7,581,000
Impairments									645,000	1,130,000	3,426,000
Total expenses									11,587,000	11,197,000	13,301,000
Total other income and expenses									698,000	1,067,000	796,000
Income before income tax benefit									22,567,000
Net income									22,567,000	20,310,000	14,041,000
Operating Segments | Outdoor Advertising
Revenue
Rental revenue									11,367,000	8,176,000	6,846,000
Expenses
Management fees to affiliate										83,000	161,000
Property operating									228,000	29,000	12,000
Acquisition-related									230,000	52,000	80,000
Amortization									2,070,000	1,247,000	1,022,000
Impairments									203,000	145,000	476,000
Total expenses									2,731,000	1,556,000	1,751,000
Total other income and expenses									144,000		227,000
Income before income tax benefit									8,780,000
Net income									8,780,000	6,620,000	5,322,000
Operating Segments | Renewable Power Generation
Revenue
Rental revenue									7,802,000	2,555,000	205,000
Expenses
Management fees to affiliate										1,000
Property operating									144,000	16,000
Acquisition-related										25,000	29,000
Amortization									569,000	295,000	48,000
Total expenses									713,000	337,000	77,000
Total other income and expenses									740,000	532,000	9,000
Income before income tax benefit									7,829,000
Net income									7,829,000	2,750,000	137,000
Corporate
Expenses
General and administrative									5,286,000	3,755,000	2,923,000
Acquisition-related									1,035,000	2,585,000	1,956,000
Total expenses									6,321,000	6,340,000	4,879,000
Total other income and expenses									(16,724,000)	(13,419,000)	(13,416,000)
Income before income tax benefit									(23,045,000)
Income tax benefit									(3,145,000)
Net income									$ (19,900,000)	$ (19,759,000)	$ (18,295,000)

Segment Information - Total Ass

Segment Information - Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 767,999	$ 603,060
Corporate
Segment Reporting Asset Reconciling Item [Line Items]
Assets	40,553	12,357
Wireless Communication | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	440,139	394,991
Outdoor Advertising | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	175,825	92,660
Renewable Power Generation | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 111,482	$ 103,052

Commitments and Contingencies -

Commitments and Contingencies - Acquisitions (Details) $ in Millions	Dec. 31, 2017USD ($)
Acquisitions
Contractual obligation to deploy	$ 1.3

Commitments and Contingencie109

Commitments and Contingencies - Real Property Interest Subject to Subordination (Details) $ in Millions	Dec. 31, 2017USD ($)
Commitments And Contingencies Disclosure [Abstract]
Real property interest subject to subordination	$ 81.4

Tenant Concentration (Details)

Tenant Concentration (Details) - Concentration - Tenant Revenue	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
T-Mobile
Concentration Risk [Line Items]
Percentage of revenue	11.70%	13.80%	15.40%
Verizon
Concentration Risk [Line Items]
Percentage of revenue	8.90%	9.70%	9.80%
Sprint
Concentration Risk [Line Items]
Percentage of revenue	9.50%	11.40%	12.50%
AT&T Mobility
Concentration Risk [Line Items]
Percentage of revenue	11.00%	12.60%	13.10%
Crown Castle
Concentration Risk [Line Items]
Percentage of revenue	9.20%	10.30%	11.10%

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Before Income Tax Benefit by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Domestic	$ 15,259	$ 10,554	$ 1,179
Foreign	872	(633)	26
Income before income tax benefit	$ 16,131	$ 9,921	$ 1,205

Income Taxes - Summary of In112

Income Taxes - Summary of Income Tax Benefit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current
Foreign	$ 70,000
Deferred
Domestic	(3,215,000)
Income tax benefit	$ (3,145,000)	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Valuation Allowance [Line Items]
Income tax expense (benefit)		$ (3,145,000)	$ 0	$ 0
Statutory federal income tax rate (as a percent)		34.00%	34.00%	34.00%
Foreign income tax rates, low end of range (as a percent)		15.00%	15.00%	15.00%
Foreign income tax rates, high end of range (as a percent)		39.00%	39.00%	39.00%
Decrease in deferred tax asset		$ 1,500,000
Reduction in valuation allowance		5,300,000
Deferred tax asset			$ 5,500,000
Valuation allowance		0	5,300,000
Deferred tax liability		0	0
NOL carryforward		$ 100,000	5,200,000
Deferred tax asset before valuation allowance			2,100,000
Federal NOL carryforwards expiration beginning period		2,035
Unrecognized tax benefit		$ 0	0
Unrecognized tax interest or penalties		0	$ 0	$ 0
Maximum
Valuation Allowance [Line Items]
Deferred tax asset before valuation allowance		$ 100,000
Scenario Forecast
Valuation Allowance [Line Items]
Statutory federal income tax rate (as a percent)	21.00%

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation Between U.S. Statutory Rate and Effective Rate from Income Before Income Tax Benefit (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Statutory federal income tax rate (as a percent)	34.00%	34.00%	34.00%
Adjustment to reflect MLP/REIT status	(29.00%)
Valuation allowance	(32.00%)
Change in tax law	9.00%
Other	(1.00%)
Effective tax rate	(19.00%)

Supplemental Cash Flow Infor115

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended						12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Noncash activities
Capital contribution to fund general and administrative expense reimbursement							$ 491	$ 545	$ 645
Issuance of common units							3,800	2,600
Fair value adjustment of investments in receivables								239	12
Distributions payable to preferred unitholders							1,296	800
Offering costs included in accounts payable and accrued liabilities								165
Deferred loan costs included in accounts payable and accrued liabilities							285	235
Purchase price for acquisitions and construction activities included in accounts payable							642	405
Cash flows related to interest paid
Cash paid for interest							15,797	12,349	8,746
Landmark, General Partner and affiliates
Noncash activities
Purchase price for acquisitions included in due to Landmark and affiliates							196	217
Drop-down Acquisitions
Noncash activities
Issuance of common units							3,492	64,664	$ 63,571
Unit Exchange Acquisitions
Noncash activities
Issuance of common units	$ 2,700	$ 1,000	$ 100	$ 900	$ 100	$ 1,600	$ 3,816	$ 2,639

Quarterly Financial Data (Un116

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Limited Partners Capital Account [Line Items]
Total rental revenue	$ 14,482	$ 13,499	$ 12,803	$ 11,841	$ 11,498	$ 10,166	$ 9,768	$ 9,739	$ 52,625	$ 41,171	$ 33,597
Net income	9,274	3,798	2,677	3,527	8,792	372	611	146
Less: Pre-acquisition net income from Drop-down Assets					(5)	(1,102)	582	573		48	469
Less: Net income attributable to noncontrolling interest	8	4	4	3					19
Net income (loss) attributable to limited partners	$ 9,266	$ 3,794	$ 2,673	$ 3,524	$ 8,797	$ 1,474	$ 29	$ (427)	$ 19,257	$ 9,873	$ 736
Net income per common and subordinated unit
Common units – basic									$ 0.54	$ 0.46	$ 0.16
Common units – diluted									0.53	0.41	0.07
Subordinated units – basic and diluted									0.50	0.23	(0.16)
Cash distribution declared per unit	$ 0.3675	$ 0.3575	$ 0.3550	$ 0.3525	$ 0.3500	$ 0.3375	$ 0.3325	$ 0.3300
Common Units
Net income per common and subordinated unit
Common units – basic	0.31	0.08	0.05	0.09	0.34	0.06	(0.02)	(0.03)	0.54	0.46	0.16
Common units – diluted	0.31	0.08	0.05	0.09	0.34	0.06	(0.02)	(0.03)	0.53	0.41	0.07
Subordinated Units
Net income per common and subordinated unit
Common units – basic									0.50	0.23	(0.16)
Common units – diluted									$ 0.50	$ 0.23	$ (0.16)
Subordinated units – basic and diluted	$ 0.28	$ 0.08	$ 0.05	$ 0.09	$ 0.33	$ (0.10)	$ (0.03)	$ (0.03)

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Jan. 18, 2018USD ($)siteshares	Apr. 28, 2017shares	Dec. 31, 2017USD ($)site	Dec. 31, 2016USD ($)site
Subsequent Event [Line Items]
Number of tenant sites acquired | site			63	40
Common units issued to Fund G | shares		221,729
Cash consideration			$ 37.2	$ 83.1
Consideration paid for acquisition			$ 41	$ 85.7
Landmark Dividend Growth Fund - H LLC | Subsequent Event
Subsequent Event [Line Items]
Number of tenant sites acquired | site	127
Common units issued to Fund G | shares	1,506,421
Cash consideration	$ 32.2
Consideration paid for acquisition	60.2
Landmark Dividend Growth Fund - H LLC | Subsequent Event | Series 2017-1 Secured Notes
Subsequent Event [Line Items]
Amount funded from Series 2017-1 note securitization site acquisition account	$ 16

SCHEDULE III - REAL ESTATE A118

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Real Estate and Accumulated Depreciation by Property (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Initial cost to the Partnership
Land	$ 114,385
Building and improvements	5,154
Total	119,539
Gross Amount at Which Carried at End of Period
Land	114,385
Building and improvements	5,154
Total	119,539	$ 88,845	$ 12,887	$ 7,730
Accumulated depreciation	(13)
Wireless Communication | Wireless Communication, Mound House, NV, 2012, 01
Initial cost to the Partnership
Land	100
Total	100
Gross Amount at Which Carried at End of Period
Land	100
Total	100
Wireless Communication | Wireless Communication, Las Vegas, NV, 2012, 01
Initial cost to the Partnership
Land	536
Total	536
Gross Amount at Which Carried at End of Period
Land	536
Total	536
Wireless Communication | Wireless Communication, Tombstone, AZ, 2012, 01
Initial cost to the Partnership
Land	593
Total	593
Gross Amount at Which Carried at End of Period
Land	593
Total	593
Wireless Communication | Wireless Communication, Walnut Creek, CA, 2013, 01
Initial cost to the Partnership
Land	705
Total	705
Gross Amount at Which Carried at End of Period
Land	705
Total	705
Wireless Communication | Wireless Communication, Los Angeles, CA, 2013, 01
Initial cost to the Partnership
Land	331
Total	331
Gross Amount at Which Carried at End of Period
Land	331
Total	331
Wireless Communication | Wireless Communication, Orlando, FL, 2014, 01
Initial cost to the Partnership
Land	531
Total	531
Gross Amount at Which Carried at End of Period
Land	531
Total	531
Wireless Communication | Wireless Communication, Mary Esther, FL, 2015, 01
Initial cost to the Partnership
Land	262
Total	262
Gross Amount at Which Carried at End of Period
Land	262
Total	262
Wireless Communication | Wireless Communication, Milwaukee, WI, 2015, 01
Initial cost to the Partnership
Land	273
Total	273
Gross Amount at Which Carried at End of Period
Land	273
Total	273
Wireless Communication | Wireless Communication, Appleton, WI, 2017, 01
Initial cost to the Partnership
Land	594
Total	594
Gross Amount at Which Carried at End of Period
Land	594
Total	594
Wireless Communication | Wireless Communication, Encounter Bay, South Australia, 2017, 01
Initial cost to the Partnership
Land	282
Total	282
Gross Amount at Which Carried at End of Period
Land	282
Total	282
Wireless Communication | Wireless Communication, Austin, TX, 2017, 01
Initial cost to the Partnership
Land	745
Building and improvements	3,701
Total	4,446
Gross Amount at Which Carried at End of Period
Land	745
Building and improvements	3,701
Total	4,446
Accumulated depreciation	(4)
Wireless Communication | Wireless Communication, Charlotte, NC, 2017, 01
Initial cost to the Partnership
Land	106
Building and improvements	393
Total	499
Gross Amount at Which Carried at End of Period
Land	106
Building and improvements	393
Total	499
Accumulated depreciation	(1)
Wireless Communication | Wireless Communication, Mars Hill, NC, 2017, 01
Initial cost to the Partnership
Land	116
Total	116
Gross Amount at Which Carried at End of Period
Land	116
Total	116
Outdoor Advertising | Outdoor Advertising, Rosemont, IL, 2013, 01
Initial cost to the Partnership
Land	971
Total	971
Gross Amount at Which Carried at End of Period
Land	971
Total	971
Outdoor Advertising | Outdoor Advertising, Gary, IN, 2013, 01
Initial cost to the Partnership
Land	119
Total	119
Gross Amount at Which Carried at End of Period
Land	119
Total	119
Outdoor Advertising | Outdoor Advertising, Largo, FL, 2014, 01
Initial cost to the Partnership
Land	168
Total	168
Gross Amount at Which Carried at End of Period
Land	168
Total	168
Outdoor Advertising | Outdoor Advertising, Grand Prairie, TX, 2014, 01
Initial cost to the Partnership
Land	300
Total	300
Gross Amount at Which Carried at End of Period
Land	300
Total	300
Outdoor Advertising | Outdoor Advertising, Terrell, TX, 2014, 01
Initial cost to the Partnership
Land	48
Total	48
Gross Amount at Which Carried at End of Period
Land	48
Total	48
Outdoor Advertising | Outdoor Advertising, Phoenix, AZ, 2014, 01
Initial cost to the Partnership
Land	321
Total	321
Gross Amount at Which Carried at End of Period
Land	321
Total	321
Outdoor Advertising | Outdoor Advertising, Houston, TX, 2014, 01
Initial cost to the Partnership
Land	258
Total	258
Gross Amount at Which Carried at End of Period
Land	258
Total	258
Outdoor Advertising | Outdoor Advertising, Saint Petersburg, FL, 2014, 01
Initial cost to the Partnership
Land	200
Total	200
Gross Amount at Which Carried at End of Period
Land	200
Total	200
Outdoor Advertising | Outdoor Advertising, Vadnais Heights, MN, 2014, 01
Initial cost to the Partnership
Land	390
Total	390
Gross Amount at Which Carried at End of Period
Land	390
Total	390
Outdoor Advertising | Outdoor Advertising, West Palm Beach, FL, 2014, 01
Initial cost to the Partnership
Land	215
Total	215
Gross Amount at Which Carried at End of Period
Land	215
Total	215
Outdoor Advertising | Outdoor Advertising, West Palm Beach, FL, 2014, 02
Initial cost to the Partnership
Land	107
Total	107
Gross Amount at Which Carried at End of Period
Land	107
Total	107
Outdoor Advertising | Outdoor Advertising, Chattanooga, TN, 2014, 01
Initial cost to the Partnership
Land	73
Total	73
Gross Amount at Which Carried at End of Period
Land	73
Total	73
Outdoor Advertising | Outdoor Advertising, Monroe, MI, 2014, 01
Initial cost to the Partnership
Land	447
Total	447
Gross Amount at Which Carried at End of Period
Land	447
Total	447
Outdoor Advertising | Outdoor Advertising, Mary Esther, FL, 2015, 01
Initial cost to the Partnership
Land	22
Total	22
Gross Amount at Which Carried at End of Period
Land	22
Total	22
Outdoor Advertising | Outdoor Advertising, Phoenix, AZ, 2015, 01
Initial cost to the Partnership
Land	325
Total	325
Gross Amount at Which Carried at End of Period
Land	325
Total	325
Outdoor Advertising | Outdoor Advertising, London, UK, 2016, 01
Initial cost to the Partnership
Land	3,778
Total	3,778
Gross Amount at Which Carried at End of Period
Land	3,778
Total	3,778
Outdoor Advertising | Outdoor Advertising, Homebush West, New South Wales, 2016, 01
Initial cost to the Partnership
Land	529
Total	529
Gross Amount at Which Carried at End of Period
Land	529
Total	529
Outdoor Advertising | Outdoor Advertising, Golden Square, Victoria, 2016, 01
Initial cost to the Partnership
Land	272
Total	272
Gross Amount at Which Carried at End of Period
Land	272
Total	272
Outdoor Advertising | Outdoor Advertising, Forbes, New South Wales, 2016, 01
Initial cost to the Partnership
Land	33
Total	33
Gross Amount at Which Carried at End of Period
Land	33
Total	33
Outdoor Advertising | Outdoor Advertising, Glasgow, UK, 2017, 01
Initial cost to the Partnership
Land	3,994
Total	3,994
Gross Amount at Which Carried at End of Period
Land	3,994
Total	3,994
Outdoor Advertising | Outdoor Advertising, Salford, UK, 2017, 01
Initial cost to the Partnership
Land	279
Total	279
Gross Amount at Which Carried at End of Period
Land	279
Total	279
Outdoor Advertising | Outdoor Advertising, Leeds, UK, 2017, 01
Initial cost to the Partnership
Land	529
Total	529
Gross Amount at Which Carried at End of Period
Land	529
Total	529
Outdoor Advertising | Outdoor Advertising, Leeds, UK, 2017, 02
Initial cost to the Partnership
Land	2,624
Total	2,624
Gross Amount at Which Carried at End of Period
Land	2,624
Total	2,624
Outdoor Advertising | Outdoor Advertising, London, UK, 2017, 01
Initial cost to the Partnership
Land	3,395
Total	3,395
Gross Amount at Which Carried at End of Period
Land	3,395
Total	3,395
Outdoor Advertising | Outdoor Advertising, Liverpool, UK, 2017, 01
Initial cost to the Partnership
Land	687
Total	687
Gross Amount at Which Carried at End of Period
Land	687
Total	687
Outdoor Advertising | Outdoor Advertising, Barnet, UK, 2017, 01
Initial cost to the Partnership
Land	509
Total	509
Gross Amount at Which Carried at End of Period
Land	509
Total	509
Outdoor Advertising | Outdoor Advertising, Bristol, UK, 2017, 01
Initial cost to the Partnership
Land	5,886
Total	5,886
Gross Amount at Which Carried at End of Period
Land	5,886
Total	5,886
Renewable Power Generation | Renewable Power Generation, West Deptford, NJ, 2015, 01
Initial cost to the Partnership
Land	1,813
Total	1,813
Gross Amount at Which Carried at End of Period
Land	1,813
Total	1,813
Renewable Power Generation | Renewable Power Generation, West Chicago, IL, 2015, 01
Initial cost to the Partnership
Land	1,275
Total	1,275
Gross Amount at Which Carried at End of Period
Land	1,275
Total	1,275
Renewable Power Generation | Renewable Power Generation, Joliet, IL, 2015, 01
Initial cost to the Partnership
Land	1,275
Total	1,275
Gross Amount at Which Carried at End of Period
Land	1,275
Total	1,275
Renewable Power Generation | Renewable Power Generation, Hubbardston, MA, 2015, 01
Initial cost to the Partnership
Land	1,229
Total	1,229
Gross Amount at Which Carried at End of Period
Land	1,229
Total	1,229
Renewable Power Generation | Renewable Power Generation, Valley Center, CA, 2016, 01
Initial cost to the Partnership
Land	880
Total	880
Gross Amount at Which Carried at End of Period
Land	880
Total	880
Renewable Power Generation | Renewable Power Generation, Rosamond, CA, 2016, 01
Initial cost to the Partnership
Land	41,505
Total	41,505
Gross Amount at Which Carried at End of Period
Land	41,505
Total	41,505
Renewable Power Generation | Renewable Power Generation, Rosamond, CA, 2016, 02
Initial cost to the Partnership
Land	14,137
Total	14,137
Gross Amount at Which Carried at End of Period
Land	14,137
Total	14,137
Renewable Power Generation | Renewable Power Generation, Rosamond, CA, 2016, 03
Initial cost to the Partnership
Land	3,215
Total	3,215
Gross Amount at Which Carried at End of Period
Land	3,215
Total	3,215
Renewable Power Generation | Renewable Power Generation, Leemore, CA, 2016, 01
Initial cost to the Partnership
Land	11,267
Total	11,267
Gross Amount at Which Carried at End of Period
Land	11,267
Total	11,267
Renewable Power Generation | Renewable Power Generation, Jacksonville, FL, 2016, 01
Initial cost to the Partnership
Land	731
Total	731
Gross Amount at Which Carried at End of Period
Land	731
Total	731
Renewable Power Generation | Renewable Power Generation, Florence Township, NJ, 2017, 01
Initial cost to the Partnership
Land	2,200
Total	2,200
Gross Amount at Which Carried at End of Period
Land	2,200
Total	2,200
Renewable Power Generation | Renewable Power Generation, Pemberton, NJ, 2017, 01
Initial cost to the Partnership
Land	1,092
Total	1,092
Gross Amount at Which Carried at End of Period
Land	1,092
Total	1,092
Renewable Power Generation | Renewable Power Generation, Ringoes, NJ, 2017, 01
Initial cost to the Partnership
Land	2,113
Total	2,113
Gross Amount at Which Carried at End of Period
Land	2,113
Total	2,113
Renewable Power Generation | Renewable Power Generation, Tehachapi, CA, 2017, 01
Initial cost to the Partnership
Building and improvements	1,060
Total	1,060
Gross Amount at Which Carried at End of Period
Building and improvements	1,060
Total	1,060
Accumulated depreciation	$ (8)

SCHEDULE III - REAL ESTATE A119

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary of Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real estate:
Balances at beginning of year	$ 88,845	$ 12,887	$ 7,730
Acquisition of real estate	30,694	75,958	5,157
Balances at end of year	119,539	$ 88,845	$ 12,887
Accumulated depreciation:
Depreciation expense	13
Balances at end of year	$ 13

SCHEDULE III - REAL ESTATE A120

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Aggregate Cost of Real Estate for Federal Income Tax Purposes (Details) $ in Millions	Dec. 31, 2017USD ($)
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Aggregate cost of real estate for federal income tax purposes	$ 132.6