Landmark Infrastructure Partners (LMRK) 10-Q 2 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Landmark Infrastructure Partners LP
Entity Central Index Key	1,615,346
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	LMRK
Limited Partners Units		25,005,542

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Land	$ 122,141	$ 114,385
Real property interests	649,673	596,422
Construction in progress	18,230	7,574
Total land and real property interests	790,044	718,381
Accumulated amortization real property interests	(41,310)	(37,817)
Land and net real property interests	748,734	680,564
Investments in receivables, net	20,608	20,782
Cash and cash equivalents	10,501	9,188
Restricted cash	3,621	18,672
Rent receivables, net	4,045	4,141
Due from Landmark and affiliates		629
Deferred loan costs, net	3,149	3,589
Deferred rent receivable	4,264	4,252
Derivative assets	6,307	3,159
Other intangible assets, net	22,709	17,984
Other assets	5,608	5,039
Total assets	829,546	767,999
Liabilities and equity
Revolving credit facility	344,000	304,000
Secured notes, net	186,522	187,249
Accounts payable and accrued liabilities	15,509	4,978
Due to Landmark and affiliates	282
Other intangible liabilities, net	13,741	12,833
Prepaid rent	6,309	4,581
Total liabilities	566,363	513,641
Commitments and contingencies (Note 14)
Equity
Accumulated other comprehensive income	2,006	968
Total partners' equity	262,982	254,157
Noncontrolling interests	201	201
Total equity	263,183	254,358
Total liabilities and equity	829,546	767,999
Limited Partners | Preferred Units Series A
Equity
Limited partners	37,207	36,604
Total equity	37,207	36,604
Limited Partners | Preferred Units Series B
Equity
Limited partners	58,936	58,936
Total equity	58,936	58,936
Limited Partners | Common Units
Equity
Limited partners	334,651	288,527
Total equity	334,651	288,527
Limited Partners | Subordinated Units
Equity
Limited partners		19,641
Total equity		19,641
General Partner
Equity
General Partner	(169,818)	(150,519)
Total equity	$ (169,818)	$ (150,519)

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - Limited Partners - shares	Mar. 31, 2018	Dec. 31, 2017
Preferred units
Preferred units issued (in shares)	2,463,015	2,463,015
Preferred units outstanding (in shares)	2,463,015	2,463,015
Preferred Units Series A
Preferred units
Preferred units issued (in shares)	1,593,149	1,568,402
Preferred units outstanding (in shares)	1,593,149	1,568,402
Common Units
Common and subordinated units
Units issued (in shares)	25,005,542	20,146,458
Units outstanding (in shares)	25,005,542	20,146,458
Subordinated Units
Common and subordinated units
Units issued (in shares)	0	3,135,109
Units outstanding (in shares)	0	3,135,109

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue
Rental revenue	$ 15,695	$ 11,841
Expenses
Property operating	286	87
General and administrative	1,699	1,408
Acquisition-related	185	467
Amortization	4,022	3,129
Impairments		156
Total expenses	6,192	5,247
Other income and expenses
Interest and other income	438	359
Interest expense	(6,272)	(3,920)
Unrealized gain on derivatives	3,148	494
Total other income and expenses	(2,686)	(3,067)
Income before income tax expense	6,817	3,527
Income tax expense	76
Net income	6,741	3,527
Less: Net income attributable to noncontrolling interest	4	3
Net income attributable to limited partners	6,737	3,524
Less: Distributions declared to preferred unitholders	(1,944)	(1,344)
Less: General partner's incentive distribution rights	(195)	(88)
Net income attributable to common and subordinated unitholders	$ 4,598	$ 2,092
Net income (loss) per common and subordinated unit
Common units – basic	$ 0.21	$ 0.09
Common units – diluted	0.19	0.09
Subordinated units – basic and diluted	$ (0.19)	$ 0.09
Weighted average common and subordinated units outstanding
Common units – basic	22,996	19,457
Common units – diluted	24,564	19,457
Subordinated units – basic and diluted	1,568	3,135
Cash distributions declared per common and subordinated unit	$ 0.3675	$ 0.3525

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 6,741	$ 3,527
Other comprehensive income:
Foreign currency translation adjustment	1,038	208
Other comprehensive income	1,038	208
Comprehensive income	7,779	3,735
Less: Comprehensive income attributable to noncontrolling interest	4	3
Comprehensive income attributable to limited partners	$ 7,775	$ 3,732

CONSOLIDATED STATEMENTS OF PART

CONSOLIDATED 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, 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
Foreign currency translation adjustment	208						208
Issuance of Units, net (in units)		8,000
Issuance of Common Units, net	128	$ 128
Issuance of non-controlling interests, net	103							$ 103
Distributions	(9,331)	(6,810)	$ (1,097)	$ (422)	$ (922)	(77)		(3)
Capital contribution to fund general and administrative expense reimbursement	955					955
Unit-based compensation	105	$ 105
Unit-based compensation (in units)		6,798
Net income (loss)	3,527	$ 1,812	280	422	922	88		3
Balance at Mar. 31, 2017	240,025	$ 289,531	$ 21,707	$ 19,393	$ 44,256	(134,664)	(301)	103
Balance (in units) at Mar. 31, 2017		19,465,899	3,135,109	863,957	1,840,000
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
Increase (decrease) in partners' capital
Net investment of Drop-down Assets	(20,394)					(20,394)
Foreign currency translation adjustment	1,038						1,038
Issuance of Preferred Units, net	603			$ 603
Issuance of Units, net (in units)		1,721,000		25,000
Issuance of Common Units, net	30,926	$ 30,926
Conversion of subordinated units		$ 18,186	$ (18,186)
Conversion of subordinated units (in units)		3,135,109	(3,135,109)
Distributions	(11,361)	$ (7,959)	$ (1,152)	$ (768)	$ (1,176)	(302)		(4)
Capital contribution to fund general and administrative expense reimbursement	1,202					1,202
Unit-based compensation	70	$ 70
Unit-based compensation (in units)		3,826
Net income (loss)	6,741	$ 4,901	$ (303)	768	1,176	195		4
Balance at Mar. 31, 2018	$ 263,183	$ 334,651		$ 37,207	$ 58,936	$ (169,818)	$ 2,006	$ 201
Balance (in units) at Mar. 31, 2018		25,005,542		1,593,149	2,463,015

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017
Operating activities
Net income	$ 6,741			$ 3,527
Adjustments to reconcile net income to net cash provided by operating activities:
Unit-based compensation	70			105
Unrealized gain on derivatives	(3,148)			(494)
Amortization expense	4,022			3,129
Amortization of above- and below- market lease	(328)			(283)
Amortization of deferred loan costs	798			437
Amortization of discount on secured notes	93			1
Receivables interest accretion				(9)	$ (7)
Impairments				156
Allowance for doubtful accounts	(10)			15
Changes in operating assets and liabilities:
Rent receivables, net	107			46
Accounts payable and accrued liabilities	743			(1,443)
Deferred rent receivables	81			(244)
Prepaid rent	1,728			1,306
Due from Landmark and affiliates	1,126			384
Other assets	(343)			146
Net cash provided by operating activities	11,680			6,779
Investing activities
Acquisition of land	(6,931)
Acquisition of real property interests and construction activities	(27,309)			(12,437)
Repayments of receivables	299			245	1,180
Net cash used in investing activities	(33,941)			(12,192)
Financing activities
Proceeds from the issuance of Common Units, net	437
Proceeds from the issuance of Preferred Units, net	603
Proceeds from the issuance of non-controlling interests, net				103
Proceeds from revolving credit facility	40,000			20,000
Principal payments on revolving credit facility				(291)
Principal payments on Secured Notes	(969)
Deferred loan costs	(253)
Capital contribution to fund general and administrative expense reimbursement	491			544
Distributions to non-controlling interests	(4)			(3)
Consideration paid to General Partner associated with Drop-down Acquisitions	(20,394)
Net cash provided by financing activities	8,502			11,031
Effect of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash	21			127
Net increase in cash, cash equivalents and restricted cash	(13,738)			5,745
Cash, cash equivalents and restricted cash at beginning of the period	27,860		$ 11,307	5,562	5,562
Cash, cash equivalents and restricted cash at end of the period	14,122	$ 27,860		11,307	$ 27,860
Common and Subordinated Units
Financing activities
Distributions to limited partners	(9,384)	$ (9,304)	$ (8,222)	(8,133)
Limited Partners | Preferred Units
Financing activities
Distributions to limited partners	(1,996)			(1,337)
Limited Partners | Common and Subordinated Units
Financing activities
Distributions to limited partners	$ (9,413)			$ (7,985)

Business

Business	3 Months Ended
	Mar. 31, 2018
Limited Liability Company Or Limited Partnership Business Organization And Operations [Abstract]
Business	1. Business Landmark Infrastructure Partners LP (the “Partnership”) was formed on July 28, 2014 by Landmark Dividend LLC (“Landmark” or “Sponsor”) to own and manage a portfolio of real property interest and infrastructure assets that are leased to companies in the wireless communication, outdoor advertising and renewable power generation industries. In addition, the Partnership owns certain interests in receivables associated with similar assets. The Partnership is a master limited partnership organized in the State of Delaware and has been publicly traded since its initial public offering on November 19, 2014 (the “IPO”). On July 31, 2017, the Partnership completed changes to its organizational structure by transferring substantially all of its assets to a wholly owned subsidiary, Landmark Infrastructure Inc., a Delaware corporation (“REIT Subsidiary”), which is intended to qualify as a real estate investment trust (“REIT”), under the Internal Revenue Code of 1986, as amended. References in this report to “Landmark Infrastructure Partners LP,” the “partnership,” “we,” “our,” “us,” or like terms 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 March 31, 2018, the Sponsor and affiliates own (a) our general partner; (b) 3,193,743 common units representing limited partnership interest in the Partnership (“Common Units”); and (c) all of our incentive distribution rights (“IDRs”).

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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 Financial Statements In accordance with the adoption of ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The unaudited interim consolidated financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (the “FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under the Accounting Standards Updates (“ASUs”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. Financial information for the three months ended March 31, 2018 and 2017 included in these Notes to the Consolidated Financial Statements is derived from our unaudited financial statements. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. All references to tenant sites are unaudited. Use of Estimates The preparation of the consolidated 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 financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. 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, 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 On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was signed into law, which makes significant changes to U.S. federal income tax laws applicable to businesses and their owners, including REITs and corporations. The Partnership continues to assess the impact of the TCJA, including qualification as a real estate business. Our tax expense is provisional and reflected in the consolidated financial statements as of March 31, 2018. The issuance of future administrative guidance may further clarify the interpretation of the new law and require adjustments to the provisional amount we recorded. Any adjustment required to this provisional amount is not expected to be material. Recently Issued Accounting Standards Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standard Codification. The Partnership considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are not expected to have a material impact on its combined financial position and results of operations because either the ASU is not applicable, or the impact is expected to be immaterial. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash (Topic 230) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases (Topic 842): Land Easement Practical Expedient for Transition to 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)

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions	3. Acquisitions Drop-down Acquisitions During the three months ended March 31, 2018 and for the year ended December 31, 2017, the Partnership completed one and four drop-down acquisitions, respectively, from our Sponsor and affiliates (collectively referred to as the “Drop-down Acquisitions”). Certain real property interests and financing assets included in the Drop-down Acquisitions completed by the Partnership were part of the right of first offer assets acquired from Landmark Dividend Growth Fund-H LLC (“Fund H”) and Landmark Dividend Growth Fund-G LLC (“Fund G”). All other Drop-down Acquisitions have been made directly from our Sponsor or from a wholly-owned subsidiary of our Sponsor. The following table presents the Drop-down Acquisitions completed by the Partnership during 2018 and 2017: Number of Tenant Sites Consideration (in millions) Acquisition Date Source Wireless Communication Outdoor Advertising Renewable Power Generation Total Investments in Receivables Borrowings and Available Cash Common Units Total January 18, 2018 Fund H 30 90 7 127 — $ 32.6 $ 27.3 $ 59.9 2018 Acquisitions 30 90 7 127 — $ 32.6 $ 27.3 $ 59.9 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 (1) In connection with the June 8, 2017 Drop-down acquisition from our Sponsor, the Partnership entered into a contractual obligation to acquire one tenant site and related real property interest. On September 8, 2017, the Partnership completed the acquisition for cash consideration of $1.6 million. (2) In connection with the August 30, 2016 Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. The Partnership acquired one of these tenant sites and related real property interests on March 31, 2017 for cash consideration of $7.5 million and the remaining tenant site for $3.8 million on April 28, 2017. Upon completion of the full $11.3 million acquisition, the Partnership issued 221,729 Common Units to Fund G on April 28, 2017. The Drop-down Acquisitions are a transfer of net assets between entities under common control as the acquisitions do not meet the definition of a business in accordance with ASU No. 2017-01. The transfer of net assets is accounted for prospectively in the period in which the transfer occurs at the net carrying value. Any differences between the cash consideration and the net carrying value of the transfer of net assets have been allocated to the General Partner. Third Party Acquisitions During the three months ended March 31, 2018 and the year ended December 31, 2017, the Partnership completed several direct third-party acquisitions. Third-party acquisitions include acquisitions in exchange for Common Units pursuant to our previously filed and effective registration statement on Form S-4, in which we may offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities (the “Unit Exchange Program” or “UEP”). The following table presents direct third-party acquisitions completed by the Partnership during the three months ended March 31, 2018 and the year ended December 31, 2017: No. of Tenant Sites Consideration (in millions) Acquisition Description Wireless Communication Outdoor Advertising Renewable Power Generation Total Investments in Receivables Borrowings and Available Cash Common Units Total First Quarter UEP 5 1 — 6 — $ — $ 3.2 $ 3.2 Domestic 15 12 — 27 — 21.3 — 21.3 Total 20 13 — 33 — $ 21.3 $ 3.2 $ 24.5 2018 Total 20 13 — 33 — $ 21.3 $ 3.2 $ 24.5 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

Real Property Interests

Real Property Interests	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Property Interests	4. Real Property Interests The following table summarizes the Partnership’s real property interests (in thousands): March 31, 2018 December 31, 2017 Land $ 122,141 $ 114,385 Real property interests – perpetual 124,566 114,612 Real property interests – finite life 525,107 481,810 Construction in progress 18,230 7,574 Total land and real property interests 790,044 718,381 Accumulated amortization of real property interests (41,310 ) (37,817 ) Land and net real property interests $ 748,734 $ 680,564 During the three months ended March 31, 2018 and the year ended December 31, 2017, the Partnership paid total consideration of $59.9 million and $118.3 million for Drop-down Acquisitions, respectively. The Drop-down Acquisitions are a transfer of net assets between entities under common control as the acquisitions do not meet the definition of a business in accordance with ASU No. 2017-01. The transfer of net assets is accounted for prospectively in the period in which the transfer occurs at the net carrying value. During the three months ended March 31, 2018, the difference between the total consideration of $59.9 million and the net carrying value of $39.5 million, was allocated to the General Partner. During 2017, the Partnership started developing an ecosystem of technologies that provides 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 March 31, 2018 and December 31, 2017, the Partnership’s $18.2 million and $7.6 million, respectively, of construction in progress 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 the UK and Europe. Our venture partner provides acquisition opportunities and asset management services to the consolidated joint venture. As of March 31, 2018, the consolidated joint venture had ten tenant sites and one investment in receivable with total assets of $34.3 million. During the three months ended March 31, 2018, the consolidated joint venture generated rental revenue of $0.6 million. The Partnership applies the business combination method to all acquired investments of real property interests for transactions that meet the definition of a business combination. The fair value of the assets acquired and liabilities assumed is typically determined by using Level III valuation methods. The most sensitive assumption is the discount rate used to discount the estimated cash flows from the real estate rights. For purposes of the computation of fair value assigned to the various tangible and intangible assets, the Partnership assigned discount rates ranging between 6% and 20%. The following table summarizes final allocations for acquisitions during the three months ended March 31, 2018 and the year ended December 31, 2017 of estimated fair values of the assets acquired and liabilities assumed (in thousands). Investments in real In-place lease Above-market Below-market Period Land property interests intangibles lease intangibles lease intangibles Total 2018 $ 6,931 $ 53,148 $ 4,859 $ 612 $ (1,473 ) $ 64,077 2017 25,151 107,195 3,781 976 (1,850 ) 135,253 Future estimated aggregate amortization of finite lived real property interests for each of the five succeeding fiscal years and thereafter as of March 31, 2018, are as follows (in thousands): 2018 (nine months) $ 10,678 2019 13,971 2020 13,410 2021 12,819 2022 12,535 Thereafter 420,384 Total $ 483,797 The weighted average remaining amortization period for non ‑ There was no impairment recognized during the three months ended March 31, 2018. During the three months ended March 31, 2017, two of the Partnership’s real property interests were impaired as a result of termination notices received and recognized impairment charges totaling $0.2 million. The carrying value of each real property interest was determined to have a fair value of zero.

Other Intangible Assets and Lia

Other Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2018
Other Intangible Assets And Liabilities [Abstract]
Other Intangible Assets and Liabilities	5. Other Intangible Assets and Liabilities The following table summarizes our identifiable intangible assets, including above/below‑market lease intangibles (in thousands): March 31, 2018 December 31, 2017 Acquired in-place lease Gross amount $ 25,362 $ 20,486 Accumulated amortization (6,644 ) (6,119 ) Net amount $ 18,718 $ 14,367 Acquired above-market leases Gross amount $ 7,113 $ 6,503 Accumulated amortization (3,122 ) (2,886 ) Net amount $ 3,991 $ 3,617 Total other intangible assets, net $ 22,709 $ 17,984 Acquired below-market leases Gross amount $ (22,690 ) $ (21,218 ) Accumulated amortization 8,949 8,385 Total other intangible liabilities, net $ (13,741 ) $ (12,833 ) We recorded net amortization of above‑ and below‑market lease intangibles of $0.3 million as an increase to rental revenue for the three months ended March 31, 2018 and 2017, respectively. We recorded amortization of in‑place lease intangibles of $0.5 million and $0.4 million as amortization expense for the three months ended March 31, 2018 and 2017, respectively. Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of March 31, 2018 follows (in thousands): Acquired in-place leases Acquired above-market Acquired below-market 2018 (nine months) $ 1,741 $ 645 $ (1,741 ) 2019 2,234 710 (2,267 ) 2020 2,141 522 (2,198 ) 2021 1,729 402 (1,909 ) 2022 1,574 323 (1,742 ) Thereafter 9,299 1,389 (3,884 ) Total $ 18,718 $ 3,991 $ (13,741 )

Investments in Receivables

Investments in Receivables	3 Months Ended
	Mar. 31, 2018
Notes Receivable Net [Abstract]
Investments in Receivables	6. Investments in Receivables 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 $0.4 million for the three months ended March 31, 2018 and 2017, respectively. The following table reflects the activity in investments in receivables (in thousands): March 31, 2018 December 31, 2017 Investments in receivables – beginning $ 20,782 $ 17,440 Acquisitions — 4,389 Repayments (299 ) (1,180 ) Interest accretion — 7 Foreign currency translation adjustment 125 126 Investments in receivables – ending $ 20,608 $ 20,782 Annual amounts due as of March 31, 2018, are as follows (in thousands): 2018 (nine months) $ 2,046 2019 2,292 2020 2,285 2021 2,348 2022 2,486 Thereafter 28,422 Total $ 39,879 Interest $ 19,271 Principal 20,608 Total $ 39,879

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	7. Debt The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date March 31, 2018 December 31, 2017 Revolving credit facility November 19, 2019 $ 344,000 $ 304,000 Series 2017-1 Class A 4.10% November 15, 2022 (1) $ 61,733 $ 62,000 Series 2017-1 Class B 3.81% November 15, 2022 (1) 17,880 18,000 Series 2016-1 Class A 3.52% June 1, 2021 (2) 88,589 89,171 Series 2016-1 Class B 7.02% June 1, 2021 (2) 25,100 25,100 Secured Notes 193,302 194,271 Discount on Secured Notes (1,733 ) (1,826 ) Deferred loan costs (5,047 ) (5,196 ) Secured Notes, net $ 186,522 $ 187,249 (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 Substantially all of our assets, excluding equity in and assets of unrestricted subsidiaries, are pledged (or secured by mortgages), as collateral under our revolving credit facility. Our revolving credit facility contains various customary covenants and restrictive provisions. Borrowings under the revolving credit facility bear interest at our option at a variable rate per annum equal to either: • a base rate, which will be the highest of (i) the administrative agent’s prime rate in effect on such day, (ii) the federal funds rate in effect on such day plus 0.50%, and (iii) an adjusted one-month LIBOR plus 1.0%, in each case, plus an applicable margin of 1.50%; or • an adjusted one-month LIBOR plus an applicable margin of 2.50%. The revolving credit facility requires monthly interest payments and the outstanding debt balance is due upon maturity. On December 28, 2017, we exercised our option to increase the available commitments under our revolving credit facility for an additional $23 million, resulting in aggregate commitments of $390 million under the revolving credit facility. Additionally, as part of the Partnership’s organization structure change on July 31, 2017, the Partnership entered into a Second Amended and Restated Credit Agreement related to its revolving credit facility to add new subsidiaries as borrowers and added certain subsidiaries as guarantors. As of March 31, 2018, there was $46 million of undrawn borrowing capacity, subject to compliance with certain financial covenants. As of March 31, 2018, 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 subsequently used on January 18, 2018 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. 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 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 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 March 31, 2018, $3.6 million was held in such reserve accounts which are classified as Restricted Cash on the accompanying consolidated balance sheets. 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). Under the terms of the applicable indenture, the obligors will be permitted to issue additional notes under certain circumstances, including so long as the debt service coverage ratio (“DSCR”) of the issuer is at least 2.0 to 1.0. As of March 31, 2018, the Partnership was in compliance with all financial covenants under the Secured Notes. The Secured Notes’ annual principal payment amounts due as of March 31, 2018, are as follows (in thousands): 2018 (nine months) $ 3,268 2019 6,110 2020 8,077 2021 105,652 2022 70,195 Total $ 193,302 Interest Expense The Partnership incurred interest expense of $6.3 million and $3.9 million for the three months ended March 31, 2018 and 2017, respectively. At March 31, 2018 and December 31, 2017, the Partnership had interest payable of $0.7 million, respectively. Additionally, the Partnership recorded deferred loan costs amortization, which is included in interest expense, of $0.8 million and $0.4 million for three months ended March 31, 2018 and 2017, respectively.

Interest Rate Swap Agreements

Interest Rate Swap Agreements	3 Months Ended
	Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swap Agreements	8. Interest Rate Swap Agreements The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements (in thousands, except percentages): Date Notional Revolver Effective Maturity Fair Value Asset at Entered Value Fixed Rate Date Date March 31, 2018 December 31, 2017 December 24, 2014 $ 70,000 4.02 % 12/24/2014 12/24/2018 $ 279 $ 164 February 5, 2015 25,000 3.79 4/13/2015 4/13/2019 227 174 August 24, 2015 50,000 4.24 10/1/2015 10/1/2022 1,672 840 March 23, 2016 50,000 4.17 12/24/2018 12/24/2021 1,332 761 March 31, 2016 20,000 4.06 12/24/2018 12/24/2021 593 364 March 31, 2016 25,000 4.13 4/13/2019 4/13/2022 709 418 June 12, 2017 50,000 4.56 3/2/2018 9/2/2024 1,495 438 $ 6,307 $ 3,159 During the three months ended March 31, 2018 and 2017, the Partnership recorded a gain of $3.1 million and a gain of $0.5 million, respectively, resulting from the change in fair value of the interest rate swap agreements, which is reflected as an unrealized gain on derivative financial instruments on the consolidated statements of operations. The fair values of the interest rate swap agreements are derived based on Level 2 inputs. To illustrate the effect of movements in the interest rate market, the Partnership performed a market sensitivity analysis on its outstanding interest rate swap agreements. The Partnership applied various basis point spreads to the underlying interest rate curve of the derivative in order to determine the instruments’ change in fair value at March 31, 2018. The following table summarizes the fair values of the interest rate swaps as a result of the analysis performed (in thousands): Effects of Change in Interest Rates Date Entered Maturity Date +50 Basis Points -50 Basis Points +100 Basis Points -100 Basis Points December 24, 2014 12/24/2018 $ 512 $ 45 $ 744 $ (191 ) February 5, 2015 4/13/2019 351 102 475 (25 ) August 24, 2015 10/1/2022 2,703 665 3,685 (394 ) March 23, 2016 12/24/2021 2,029 651 2,691 (64 ) March 31, 2016 12/24/2021 872 322 1,136 37 March 31, 2016 4/13/2022 1,054 375 1,379 21 June 12, 2017 9/2/2024 2,930 69 4,288 (1,436 )

Equity

Equity	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Equity	9. Equity The table below summarizes changes in the number of units outstanding for the three months ended March 31, 2018 and 2017 (in units): Series A Series B Common Subordinated Preferred Preferred Balance as of December 31, 2016 19,450,555 3,135,109 863,957 1,840,000 Unit Exchange Program 8,546 — — — Unit-based compensation 6,798 — — — Balance as of March 31, 2017 19,465,899 3,135,109 863,957 1,840,000 Balance as of December 31, 2017 20,146,458 3,135,109 1,568,402 2,463,015 Issuance of units to Fund H - January 18, 2018 1,506,421 — — — Conversion of subordinated units 3,135,109 (3,135,109 ) — — ATM Programs 27,830 — 24,747 — Unit Exchange Program 185,898 — — — Unit-based compensation 3,826 — — — Balance as of March 31, 2018 25,005,542 — 1,593,149 2,463,015 On February 23, 2017, the Partnership filed a universal shelf registration statement on Form S-3 with the SEC. The shelf registration statement was declared effective by the SEC on March 27, 2017 and permits us to issue and sell common and preferred units, from time to time, representing limited partner interests in us and debt securities up to an aggregate amount of $750.0 million. Common Units On February 16, 2016, the Partnership established a Common Unit at-the-market offering program (the “Common Unit ATM Program”) pursuant to which we may sell, from time to time, Common Units having an aggregate offering price of up to $50.0 million pursuant to our previously filed and effective registration statement on Form S-3. The net proceeds from sales under the Common Unit ATM Program will be used for general partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. During the three months ended March 31, 2018, 27,830 Common Units were issued under the Common Unit ATM Program generating proceeds of approximately $0.5 million before issuance costs. No Common Units were issued under the Common Unit ATM Program during the three months ended March 31, 2017. On February 16, 2016, the Partnership filed a shelf registration statement on Form S-4 with the SEC. The shelf registration statement was declared effective on March 10, 2016 and permits us to offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities. During the three months ended March 31, 2018 and 2017, under the Unit Exchange Program, we completed an acquisition of six and one tenant sites in exchange for 185,898 and 8,546 Common Units, valued at approximately $3.2 million and $0.1 million, respectively. 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 were 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, were 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 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 three months ended March 31, 2018, the Partnership issued 24,747 Series A Preferred Units under our Series A Preferred Unit ATM Program, generating proceeds of approximately $0.6 million before issuance costs. No Series A Preferred Units were issued under the Series A Preferred Unit ATM Program during the three months ended March 31, 2017. 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. No Series B Preferred Units were issued under our Series B Preferred Unit ATM Program during the three months ended March 31, 2018 and 2017. 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, 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 March 31, 2018 April 19, 2018 May 15, 2018 0.3675 9,384 Series A Preferred Units 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 March 31, 2018 March 23, 2018 April 16, 2018 0.5000 797 Series B Preferred Units 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 March 31, 2018 April 19, 2018 May 15, 2018 0.4938 1,216

Net Income (Loss) Per Limited P

Net Income (Loss) Per Limited Partner Unit	3 Months Ended
	Mar. 31, 2018
Earnings Per Unit [Abstract]
Net Income (Loss) Per Limited Partner Unit	10. Net Income (Loss) Per Limited Partner Unit Landmark’s subordinated units and the General Partner’s incentive distribution rights meet the definition of a participating security and therefore we are required to compute income per unit using the two-class method under which any excess of distributions declared over net income shall be allocated to the partners based on their respective sharing of income specified in the Partnership Agreement. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income (loss) allocations used in the calculation of net income (loss) per unit. Net income (loss) per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income (loss), after deducting any Preferred Unit distributions and General Partner incentive distributions, by the weighted-average number of outstanding common and subordinated units. Diluted net income (loss) per unit includes the effects of potentially dilutive units on our common and subordinated units. Net income (loss) related to the Drop-down Assets prior to the Partnership’s acquisition dates of each transaction is allocated to the General Partner. Effective February 15, 2018, all of our subordinated units, which were owned by Landmark, were converted on a one-for-one basis into common units. The board of directors of the general partner declared a cash distribution for the quarter ended March 31, 2018 payable on May 15, 2018 to common unitholders of record as of May 1, 2018. The subordinated units were only allocated excess of distributions declared over net income through the conversion date. The calculation of the undistributed net loss attributable to common and subordinated unitholders for the three months ended March 31, 2018 and 2017 follows (in thousands): Three Months Ended March 31, 2018 2017 Net income attributable to limited partners $ 6,737 $ 3,524 Less: Distributions declared on Preferred Units (1,944 ) (1,344 ) General partner's incentive distribution rights (195 ) (88 ) Net income attributable to common and subordinated unitholders 4,598 2,092 Distributions declared on common units (9,190 ) (6,940 ) Distributions declared on subordinated units — (1,105 ) Undistributed net loss $ (4,592 ) $ (5,953 ) The calculation of net income (loss) per common and subordinated unit for the three months ended March 31, 2018 and 2017 follows (in thousands, except per unit data): Three Months Ended March 31, 2018 2017 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ 9,190 $ — $ 6,940 $ 1,105 Undistributed net loss (4,289 ) (303 ) (5,128 ) (825 ) Net income (loss) attributable to common and subordinated units - basic 4,901 (303 ) 1,812 280 Net income (loss) attributable to subordinated units (303 ) — — — Net income (loss) attributable to common and subordinated units - diluted $ 4,598 $ (303 ) $ 1,812 $ 280 Weighted-average units outstanding: Basic 22,996 1,568 19,457 3,135 Effect of diluted subordinated units 1,568 — — — Diluted 24,564 1,568 19,457 3,135 Net income (loss) per common and subordinated unit: Basic $ 0.21 $ (0.19 ) $ 0.09 $ 0.09 Diluted (1) $ 0.19 $ (0.19 ) $ 0.09 $ 0.09 (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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	11. Fair Value of Financial Instruments The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Partnership’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transaction will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non‑orderly trades. The Partnership evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value: Cash and cash equivalents, rent receivables, net and accounts payable and accrued liabilities : The carrying values of these balances approximate their fair values because of the short‑term nature of these instruments. Revolving credit facility : The fair value of the Partnership’s revolving credit facility is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan‑to‑value ratio, type of collateral and other credit enhancements. Additionally, since a quoted price in an active market is generally not available for the instrument or an identical instrument, the Partnership measures fair value using a valuation technique that is consistent with the principles of fair value measurement which typically considers what management believes is a market participant rate for a similar instrument. The Partnership classifies these inputs as Level 3 inputs. The fair value of the Partnership’s revolving credit facility is considered to approximate the carrying value because the interest payments are based on LIBOR rates that reset every month. The Partnership does not believe its credit risk has changed materially from the date the applicable LIBOR plus 2.50% was set for the revolving credit facility. Secured Notes : The Partnership determines fair value of its secured notes utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information. Quotes from brokers require judgment and are based on the brokers’ interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. Investments in receivables : The Partnership’s investments in receivables are presented in the accompanying consolidated 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 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): March 31, 2018 December 31, 2017 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 20,608 $ 20,719 $ 20,782 $ 20,995 Revolving credit facility 344,000 344,000 304,000 304,000 Secured Notes, net 186,522 186,251 187,249 187,895 Disclosure of the fair values of financial instruments is based on pertinent information available to the Partnership as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Partnership’s estimate of value at a future date could be materially different. As of March 31, 2018 and December 31, 2017, the Partnership measured the following assets at fair value on a recurring basis (in thousands): March 31, 2018 December 31, 2017 Derivative Assets (1) $ 6,307 $ 3,159 (1) Fair value is calculated using level 2 inputs. Level 2 inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations in which significant inputs and significant value drivers are observable in active markets.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related-Party Transactions	12. Related‑Party Transactions General and Administrative Reimbursement Under our omnibus agreement, we are required to reimburse Landmark for expenses related to certain general and administrative services Landmark provides to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $80.0 million and (ii) November 19, 2019. The full amount of general and administrative expenses incurred will be reflected on our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected on our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in the amount of general and administrative expenses. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for us or on our behalf and expenses allocated to our general partner by its affiliates. For the three months ended March 31, 2018 and 2017, Landmark reimbursed us $1.2 million and $1.0 million, respectively, for expenses related to certain general and administrative expenses that exceeded the cap. Patent License Agreement We entered into a Patent License Agreement (“License Agreement”) with American Infrastructure Funds, LLC (“AIF”), an affiliate of the controlling member of Landmark. Under the License Agreement, AIF granted us a nonexclusive, perpetual license to practice certain patented methods related to the apparatus and method for combining easements under a master limited partnership. We have agreed to pay AIF a license fee of $50,000 for the second year of the License Agreement, and thereafter, an amount equal to the greater of (i) one‑tenth of one percent (0.1%) of our gross revenue received during such contract year; or (ii) $100,000. During the three months ended March 31, 2018 and 2017, we incurred $25,000, respectively, 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 three months ended March 31, 2018 and during the year ended December 31, 2017, 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 January 18, 2018 Fund H 127 — $ 59.9 1,506,421 — Various (1) Fund G 2 — 14.8 221,729 221,729 (1) In connection with the Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. The Partnership acquired one of these tenant sites and related real property interests on March 31, 2017 for cash consideration of $7.5 million and the remaining additional tenant site for $3.8 million on April 28, 2017. Upon completion of the full acquisition, the Partnership issued to Fund G on April 28, 2017. See further discussion in Note 3, Acquisitions Secured Tenant Site Assets’ Management Fee In connection with the issuance of the 2016 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 $7,918 and $4,638 of Secured Tenant Site Assets’ management fees during the three months ended March 2018 and 2017, 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 March 31, 2018, 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 March 31, 2018 and December 31, 2017, the Partnership incurred zero and $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 received 15% of the cash distribution in excess of our second target distribution as defined in our Partnership Agreement for the quarter ended March 31, 2018. During the three months ended March 31, 2018 and 2017, we paid $0.2 million and $0.1 million of incentive distribution rights, respectively. Due from Affiliates As of March 31, 2018, the Partnership owed $0.3 million to the General Partner and its affiliates primarily for acquisitions paid on our behalf. At December 31, 2017, the General Partner and its affiliates owed $0.6 million to the Partnership primarily for the current quarter general and administrative reimbursement and for rents received on our behalf.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Information	13. Segment Information The Partnership had three reportable segments, wireless communication, outdoor advertising and renewable power generation for all periods presented. The Partnership’s wireless communication segment consists of leasing infrastructure and real property interests and providing financing to companies in the wireless communication industry in the United States, Canada, and Australia. The Partnership’s outdoor advertising segment consists of leasing real property interests to companies in the outdoor advertising industry in the United States, Canada, Australia, and the United Kingdom. The Partnership’s renewable power generation segment consists of leasing real property interests and providing financing to companies in the renewable power industry in the United States. Items that are not included in any of the reportable segments are included in the corporate category. The reportable segments are strategic business units that offer different products and services. They are commonly managed as all three businesses require similar marketing and business strategies. Because our tenant lease arrangements are mostly effectively triple-net, we evaluate our segments based on revenue. We believe this measure provides investors relevant and useful information because it is presented on an unlevered basis. The statements of operations for the reportable segments are as follows: For the three months ended March 31, 2018 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 9,645 $ 4,210 $ 1,840 $ — $ 15,695 Expenses Property operating 34 171 81 — 286 General and administrative — — — 1,699 1,699 Acquisition-related — — — 185 185 Amortization 3,072 793 157 — 4,022 Total expenses 3,106 964 238 1,884 6,192 Total other income and expenses 171 64 203 (3,124 ) (2,686 ) Income (loss) before income tax expense 6,710 3,310 1,805 (5,008 ) 6,817 Income tax expense — — — 76 76 Net income (loss) $ 6,710 $ 3,310 $ 1,805 $ (5,084 ) $ 6,741 For the three months ended March 31, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 7,963 $ 2,105 $ 1,773 $ — $ 11,841 Expenses Property operating 1 8 78 — 87 General and administrative — — — 1,408 1,408 Acquisition-related 14 174 — 279 467 Amortization 2,654 338 137 — 3,129 Impairments 110 46 — — 156 Total expenses 2,779 566 215 1,687 5,247 Total other income and expenses 180 — 179 (3,426 ) (3,067 ) Net income (loss) $ 5,364 $ 1,539 $ 1,737 $ (5,113 ) $ 3,527 The Partnership’s total assets by segment were (in thousands): March 31, 2018 December 31, 2017 Segments Wireless communication $ 495,741 $ 440,139 Outdoor advertising 191,584 175,825 Renewable power generation 112,499 111,482 Corporate assets 29,722 40,553 Total assets $ 829,546 $ 767,999

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies The Partnership’s commitments and contingencies include customary claims and obligations incurred in the normal course of business. In the opinion of management, these matters will not have a material effect on the Partnership’s combined financial position. There has been consolidation in the wireless communication industry historically that has led to certain lease terminations. The past consolidation in the wireless industry has led to rationalization of wireless networks and reduced demand for tenant sites. We believe the impact of past consolidation is already reflected in our occupancy rates. The impact of any future consolidation in the wireless communication industry and the termination of additional leases in our portfolio would result in lower rental revenue and may lead to impairment of our real property interests or other adverse effects to our business. As of March 31, 2018, the Partnership had approximately $87.9 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	3 Months Ended
	Mar. 31, 2018
Risks And Uncertainties [Abstract]
Tenant Concentration	15. Tenant Concentration For the three months ended March 31, 2018 and 2017, the Partnership had the following tenant revenue concentrations: Three Months Ended March 31, Tenant 2018 2017 T-Mobile 10.8 % 12.4 % AT&T Mobility 10.2 % 11.5 % Sprint 8.9 % 10.1 % Crown Castle 8.5 % 9.3 % Most tenants are subsidiaries of these companies but have been aggregated for purposes of showing revenue concentration. Financial information for these companies can be found at www.sec.gov. The loss of any one of our large customers as a result of consolidation, merger, bankruptcy, insolvency, network sharing, roaming, joint development, resale agreements by our customers or otherwise may result in (1) a material decrease in our revenue, (2) uncollectible account receivables, (3) an impairment of our deferred site rental receivables, wireless infrastructure assets, site rental contracts or customer relationships intangible assets, or (4) other adverse effects to our business.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	16. Supplemental Cash Flow Information Noncash activities for the three months ended March 31, 2018 and 2017 were as follows (in thousands): Three Months Ended March 31, 2018 2017 Capital contribution to fund general and administrative expense reimbursement $ 1,202 $ 955 Purchase price for acquisitions included in due to Landmark and affiliates 493 227 Issuance of common units for assets acquired from Fund H 27,342 — Unit Exchange Program acquisitions 3,147 128 Distributions payable to preferred unitholders 1,244 807 Offering costs included in accounts payable and accrued liabilities 207 — Deferred loan costs included in accounts payable and accrued liabilities 44 241 Purchase price for acquisitions and construction activities included in accounts payable 9,677 285 Cash flows related to interest paid was as follows (in thousands): Three Months Ended March 31, 2018 2017 Cash paid for interest $ 5,438 $ 3,527 Capitalized interest 76 —

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events On April 2, 2018, the Partnership completed a public offering of 2,000,000 Series C Floating-to-Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units (“Series C Preferred Units”), representing limited partner interest in the Partnership, at a price of $25.00 per unit. We received net proceeds of approximately $47.5 million after deducting underwriters’ discounts and offering expenses paid by us of $2.5 million. We used substantially all net proceeds to repay a portion of the borrowings under our revolving credit facility. In connection with the closing of the Series C Preferred Units offering, the Partnership executed the Fourth Amended and Restated Agreement of Limited Partnership of Landmark Infrastructure Partners LP (the “Partnership Agreement”) for the purpose of defining the preferences, rights, powers and duties of holders of the Series C Preferred Units. On April 24, 2018, the Partnership entered into a note purchase and private shelf agreement (“Note Purchase Agreement”) pursuant to which the Partnership agreed to sell an initial $43.7 million aggregate principal amount of 4.38% senior secured notes, in a private placement. The senior secured notes are fully amortized through June 30, 2036. The Partnership may from time to time issue and sell additional senior secured notes pursuant to the Note Purchase Agreement, in an aggregate principal amount when aggregated with the initial principal amount of up to $225 million. We used all the net proceeds of $41.0 million to repay a portion of the borrowings under our revolving credit facility.

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidated Financial Statements	Basis of Presentation and Principles of Consolidated Financial Statements In accordance with the adoption of ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The unaudited interim consolidated financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (the “FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under the Accounting Standards Updates (“ASUs”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. Financial information for the three months ended March 31, 2018 and 2017 included in these Notes to the Consolidated Financial Statements is derived from our unaudited financial statements. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. All references to tenant sites are unaudited.
Use of Estimates	Use of Estimates The preparation of the consolidated 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 financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
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, 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 On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was signed into law, which makes significant changes to U.S. federal income tax laws applicable to businesses and their owners, including REITs and corporations. The Partnership continues to assess the impact of the TCJA, including qualification as a real estate business. Our tax expense is provisional and reflected in the consolidated financial statements as of March 31, 2018. The issuance of future administrative guidance may further clarify the interpretation of the new law and require adjustments to the provisional amount we recorded. Any adjustment required to this provisional amount is not expected to be material.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standard Codification. The Partnership considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are not expected to have a material impact on its combined financial position and results of operations because either the ASU is not applicable, or the impact is expected to be immaterial. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash (Topic 230) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases (Topic 842): Land Easement Practical Expedient for Transition to 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)

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2018
Drop-down Acquisitions
Business Acquisition [Line Items]
Schedule of Acquisitions	The following table presents the Drop-down Acquisitions completed by the Partnership during 2018 and 2017: Number of Tenant Sites Consideration (in millions) Acquisition Date Source Wireless Communication Outdoor Advertising Renewable Power Generation Total Investments in Receivables Borrowings and Available Cash Common Units Total January 18, 2018 Fund H 30 90 7 127 — $ 32.6 $ 27.3 $ 59.9 2018 Acquisitions 30 90 7 127 — $ 32.6 $ 27.3 $ 59.9 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 (1) In connection with the June 8, 2017 Drop-down acquisition from our Sponsor, the Partnership entered into a contractual obligation to acquire one tenant site and related real property interest. On September 8, 2017, the Partnership completed the acquisition for cash consideration of $1.6 million. (2) In connection with the August 30, 2016 Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. The Partnership acquired one of these tenant sites and related real property interests on March 31, 2017 for cash consideration of $7.5 million and the remaining tenant site for $3.8 million on April 28, 2017. Upon completion of the full $11.3 million acquisition, the Partnership issued 221,729 Common Units to Fund G on April 28, 2017.
Third Party Acquisitions
Business Acquisition [Line Items]
Schedule of Acquisitions	The following table presents direct third-party acquisitions completed by the Partnership during the three months ended March 31, 2018 and the year ended December 31, 2017: No. of Tenant Sites Consideration (in millions) Acquisition Description Wireless Communication Outdoor Advertising Renewable Power Generation Total Investments in Receivables Borrowings and Available Cash Common Units Total First Quarter UEP 5 1 — 6 — $ — $ 3.2 $ 3.2 Domestic 15 12 — 27 — 21.3 — 21.3 Total 20 13 — 33 — $ 21.3 $ 3.2 $ 24.5 2018 Total 20 13 — 33 — $ 21.3 $ 3.2 $ 24.5 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

Real Property Interests (Tables

Real Property Interests (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Summary of the Partnership's Real Property Interests	The following table summarizes the Partnership’s real property interests (in thousands): March 31, 2018 December 31, 2017 Land $ 122,141 $ 114,385 Real property interests – perpetual 124,566 114,612 Real property interests – finite life 525,107 481,810 Construction in progress 18,230 7,574 Total land and real property interests 790,044 718,381 Accumulated amortization of real property interests (41,310 ) (37,817 ) Land and net real property interests $ 748,734 $ 680,564
Schedule of Allocation of Estimated Fair Values of the Assets Acquired and Liabilities Assumed	The following table summarizes final allocations for acquisitions during the three months ended March 31, 2018 and the year ended December 31, 2017 of estimated fair values of the assets acquired and liabilities assumed (in thousands). Investments in real In-place lease Above-market Below-market Period Land property interests intangibles lease intangibles lease intangibles Total 2018 $ 6,931 $ 53,148 $ 4,859 $ 612 $ (1,473 ) $ 64,077 2017 25,151 107,195 3,781 976 (1,850 ) 135,253
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 March 31, 2018, are as follows (in thousands): 2018 (nine months) $ 10,678 2019 13,971 2020 13,410 2021 12,819 2022 12,535 Thereafter 420,384 Total $ 483,797

Other Intangible Assets and L28

Other Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Other Intangible Assets And Liabilities [Abstract]
Summary of Identifiable Intangible Assets, Including Above/Below Market Lease Intangibles	The following table summarizes our identifiable intangible assets, including above/below‑market lease intangibles (in thousands): March 31, 2018 December 31, 2017 Acquired in-place lease Gross amount $ 25,362 $ 20,486 Accumulated amortization (6,644 ) (6,119 ) Net amount $ 18,718 $ 14,367 Acquired above-market leases Gross amount $ 7,113 $ 6,503 Accumulated amortization (3,122 ) (2,886 ) Net amount $ 3,991 $ 3,617 Total other intangible assets, net $ 22,709 $ 17,984 Acquired below-market leases Gross amount $ (22,690 ) $ (21,218 ) Accumulated amortization 8,949 8,385 Total other intangible liabilities, net $ (13,741 ) $ (12,833 )
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 March 31, 2018 follows (in thousands): Acquired in-place leases Acquired above-market Acquired below-market 2018 (nine months) $ 1,741 $ 645 $ (1,741 ) 2019 2,234 710 (2,267 ) 2020 2,141 522 (2,198 ) 2021 1,729 402 (1,909 ) 2022 1,574 323 (1,742 ) Thereafter 9,299 1,389 (3,884 ) Total $ 18,718 $ 3,991 $ (13,741 )

Investments in Receivables (Tab

Investments in Receivables (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Receivable Net [Abstract]
Activity in investments in receivables	The following table reflects the activity in investments in receivables (in thousands): March 31, 2018 December 31, 2017 Investments in receivables – beginning $ 20,782 $ 17,440 Acquisitions — 4,389 Repayments (299 ) (1,180 ) Interest accretion — 7 Foreign currency translation adjustment 125 126 Investments in receivables – ending $ 20,608 $ 20,782
Annual amounts due	Annual amounts due as of March 31, 2018, are as follows (in thousands): 2018 (nine months) $ 2,046 2019 2,292 2020 2,285 2021 2,348 2022 2,486 Thereafter 28,422 Total $ 39,879 Interest $ 19,271 Principal 20,608 Total $ 39,879

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Partnership's debt	The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date March 31, 2018 December 31, 2017 Revolving credit facility November 19, 2019 $ 344,000 $ 304,000 Series 2017-1 Class A 4.10% November 15, 2022 (1) $ 61,733 $ 62,000 Series 2017-1 Class B 3.81% November 15, 2022 (1) 17,880 18,000 Series 2016-1 Class A 3.52% June 1, 2021 (2) 88,589 89,171 Series 2016-1 Class B 7.02% June 1, 2021 (2) 25,100 25,100 Secured Notes 193,302 194,271 Discount on Secured Notes (1,733 ) (1,826 ) Deferred loan costs (5,047 ) (5,196 ) Secured Notes, net $ 186,522 $ 187,249 (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 'secured notes' annual amounts due	The Secured Notes’ annual principal payment amounts due as of March 31, 2018, are as follows (in thousands): 2018 (nine months) $ 3,268 2019 6,110 2020 8,077 2021 105,652 2022 70,195 Total $ 193,302

Interest Rate Swap Agreements (

Interest Rate Swap Agreements (Tables)	3 Months Ended
	Mar. 31, 2018
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 Revolver Effective Maturity Fair Value Asset at Entered Value Fixed Rate Date Date March 31, 2018 December 31, 2017 December 24, 2014 $ 70,000 4.02 % 12/24/2014 12/24/2018 $ 279 $ 164 February 5, 2015 25,000 3.79 4/13/2015 4/13/2019 227 174 August 24, 2015 50,000 4.24 10/1/2015 10/1/2022 1,672 840 March 23, 2016 50,000 4.17 12/24/2018 12/24/2021 1,332 761 March 31, 2016 20,000 4.06 12/24/2018 12/24/2021 593 364 March 31, 2016 25,000 4.13 4/13/2019 4/13/2022 709 418 June 12, 2017 50,000 4.56 3/2/2018 9/2/2024 1,495 438 $ 6,307 $ 3,159
Table Summarizing Fair Values of Sensitivity Analysis	The following table summarizes the fair values of the interest rate swaps as a result of the analysis performed (in thousands): Effects of Change in Interest Rates Date Entered Maturity Date +50 Basis Points -50 Basis Points +100 Basis Points -100 Basis Points December 24, 2014 12/24/2018 $ 512 $ 45 $ 744 $ (191 ) February 5, 2015 4/13/2019 351 102 475 (25 ) August 24, 2015 10/1/2022 2,703 665 3,685 (394 ) March 23, 2016 12/24/2021 2,029 651 2,691 (64 ) March 31, 2016 12/24/2021 872 322 1,136 37 March 31, 2016 4/13/2022 1,054 375 1,379 21 June 12, 2017 9/2/2024 2,930 69 4,288 (1,436 )

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of changes in the number of units outstanding	The table below summarizes changes in the number of units outstanding for the three months ended March 31, 2018 and 2017 (in units): Series A Series B Common Subordinated Preferred Preferred Balance as of December 31, 2016 19,450,555 3,135,109 863,957 1,840,000 Unit Exchange Program 8,546 — — — Unit-based compensation 6,798 — — — Balance as of March 31, 2017 19,465,899 3,135,109 863,957 1,840,000 Balance as of December 31, 2017 20,146,458 3,135,109 1,568,402 2,463,015 Issuance of units to Fund H - January 18, 2018 1,506,421 — — — Conversion of subordinated units 3,135,109 (3,135,109 ) — — ATM Programs 27,830 — 24,747 — Unit Exchange Program 185,898 — — — Unit-based compensation 3,826 — — — Balance as of March 31, 2018 25,005,542 — 1,593,149 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, 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 March 31, 2018 April 19, 2018 May 15, 2018 0.3675 9,384 Series A Preferred Units 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 March 31, 2018 March 23, 2018 April 16, 2018 0.5000 797 Series B Preferred Units 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 March 31, 2018 April 19, 2018 May 15, 2018 0.4938 1,216

Net Income (Loss) Per Limited33

Net Income (Loss) Per Limited Partner Unit (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Unit [Abstract]
Schedule of calculation of undistributed net loss	The calculation of the undistributed net loss attributable to common and subordinated unitholders for the three months ended March 31, 2018 and 2017 follows (in thousands): Three Months Ended March 31, 2018 2017 Net income attributable to limited partners $ 6,737 $ 3,524 Less: Distributions declared on Preferred Units (1,944 ) (1,344 ) General partner's incentive distribution rights (195 ) (88 ) Net income attributable to common and subordinated unitholders 4,598 2,092 Distributions declared on common units (9,190 ) (6,940 ) Distributions declared on subordinated units — (1,105 ) Undistributed net loss $ (4,592 ) $ (5,953 )
Calculation of net income (loss) per unit	The calculation of net income (loss) per common and subordinated unit for the three months ended March 31, 2018 and 2017 follows (in thousands, except per unit data): Three Months Ended March 31, 2018 2017 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ 9,190 $ — $ 6,940 $ 1,105 Undistributed net loss (4,289 ) (303 ) (5,128 ) (825 ) Net income (loss) attributable to common and subordinated units - basic 4,901 (303 ) 1,812 280 Net income (loss) attributable to subordinated units (303 ) — — — Net income (loss) attributable to common and subordinated units - diluted $ 4,598 $ (303 ) $ 1,812 $ 280 Weighted-average units outstanding: Basic 22,996 1,568 19,457 3,135 Effect of diluted subordinated units 1,568 — — — Diluted 24,564 1,568 19,457 3,135 Net income (loss) per common and subordinated unit: Basic $ 0.21 $ (0.19 ) $ 0.09 $ 0.09 Diluted (1) $ 0.19 $ (0.19 ) $ 0.09 $ 0.09 (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.

Fair Value of Financial Instr34

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
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): March 31, 2018 December 31, 2017 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 20,608 $ 20,719 $ 20,782 $ 20,995 Revolving credit facility 344,000 344,000 304,000 304,000 Secured Notes, net 186,522 186,251 187,249 187,895
Assets Measured at Fair Value on a Recurring Basis	As of March 31, 2018 and December 31, 2017, the Partnership measured the following assets at fair value on a recurring basis (in thousands): March 31, 2018 December 31, 2017 Derivative Assets (1) $ 6,307 $ 3,159 (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)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Schedule of Right of First Offer acquisitions	During the three months ended March 31, 2018 and during the year ended December 31, 2017, 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 January 18, 2018 Fund H 127 — $ 59.9 1,506,421 — Various (1) Fund G 2 — 14.8 221,729 221,729 (1) In connection with the Fund G drop-down acquisition, the Partnership entered into a contractual obligation to acquire two tenant sites and related real property interests. The Partnership acquired one of these tenant sites and related real property interests on March 31, 2017 for cash consideration of $7.5 million and the remaining additional tenant site for $3.8 million on April 28, 2017. Upon completion of the full acquisition, the Partnership issued to Fund G on April 28, 2017.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of Statement of Operations by Reportable Segment	For the three months ended March 31, 2018 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 9,645 $ 4,210 $ 1,840 $ — $ 15,695 Expenses Property operating 34 171 81 — 286 General and administrative — — — 1,699 1,699 Acquisition-related — — — 185 185 Amortization 3,072 793 157 — 4,022 Total expenses 3,106 964 238 1,884 6,192 Total other income and expenses 171 64 203 (3,124 ) (2,686 ) Income (loss) before income tax expense 6,710 3,310 1,805 (5,008 ) 6,817 Income tax expense — — — 76 76 Net income (loss) $ 6,710 $ 3,310 $ 1,805 $ (5,084 ) $ 6,741 For the three months ended March 31, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 7,963 $ 2,105 $ 1,773 $ — $ 11,841 Expenses Property operating 1 8 78 — 87 General and administrative — — — 1,408 1,408 Acquisition-related 14 174 — 279 467 Amortization 2,654 338 137 — 3,129 Impairments 110 46 — — 156 Total expenses 2,779 566 215 1,687 5,247 Total other income and expenses 180 — 179 (3,426 ) (3,067 ) Net income (loss) $ 5,364 $ 1,539 $ 1,737 $ (5,113 ) $ 3,527
Schedule of Total Assets by Reportable Segment	The Partnership’s total assets by segment were (in thousands): March 31, 2018 December 31, 2017 Segments Wireless communication $ 495,741 $ 440,139 Outdoor advertising 191,584 175,825 Renewable power generation 112,499 111,482 Corporate assets 29,722 40,553 Total assets $ 829,546 $ 767,999

Tenant Concentration (Tables)

Tenant Concentration (Tables)	3 Months Ended
	Mar. 31, 2018
Risks And Uncertainties [Abstract]
Schedule of Tenant Revenue Concentrations	For the three months ended March 31, 2018 and 2017, the Partnership had the following tenant revenue concentrations: Three Months Ended March 31, Tenant 2018 2017 T-Mobile 10.8 % 12.4 % AT&T Mobility 10.2 % 11.5 % Sprint 8.9 % 10.1 % Crown Castle 8.5 % 9.3 %

Supplemental Cash Flow Inform38

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Information [Abstract]
Schedule of noncash activities	Noncash activities for the three months ended March 31, 2018 and 2017 were as follows (in thousands): Three Months Ended March 31, 2018 2017 Capital contribution to fund general and administrative expense reimbursement $ 1,202 $ 955 Purchase price for acquisitions included in due to Landmark and affiliates 493 227 Issuance of common units for assets acquired from Fund H 27,342 — Unit Exchange Program acquisitions 3,147 128 Distributions payable to preferred unitholders 1,244 807 Offering costs included in accounts payable and accrued liabilities 207 — Deferred loan costs included in accounts payable and accrued liabilities 44 241 Purchase price for acquisitions and construction activities included in accounts payable 9,677 285
Schedule of cash flows related to interest paid	Cash flows related to interest paid was as follows (in thousands): Three Months Ended March 31, 2018 2017 Cash paid for interest $ 5,438 $ 3,527 Capitalized interest 76 —

Business (Details)

Business (Details) - Limited Partners - Common Units - shares	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Partnership Equity
Number of units held (in shares)	25,005,542	20,146,458	19,465,899	19,450,555
Landmark Dividend LLC
Partnership Equity
Number of units held (in shares)	3,193,743

Basis of Presentation and Sum40

Basis of Presentation and Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Restricted cash	$ 3,621	$ 18,672	$ 1,800	$ 2,900

Acquisitions - Drop-down Acquis

Acquisitions - Drop-down Acquisitions - General Information (Details) - Landmark, General Partner and affiliates - Acquisition from related party - item	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
2018 Drop-down Acquisitions
Acquisitions
Number of drop-down acquisitions	1
2017 Drop-down Acquisitions
Acquisitions
Number of drop-down acquisitions		4

Acquisitions - Drop-down Acqu42

Acquisitions - Drop-down Acquisitions - Summary of Acquisitions Completed (Details) $ in Millions	Sep. 08, 2017USD ($)	Apr. 28, 2017USD ($)	Mar. 31, 2018USD ($)site	Mar. 31, 2017USD ($)site	Dec. 31, 2017USD ($)itemsite
Acquisitions
Number of tenant sites acquired			33		63
Investments in Receivables | item					1
Consideration
Borrowings and Available Cash | $			$ 21.3		$ 37.2
Common Units Issued to Landmark and Affiliates | $			3.2		3.8
Total | $			$ 24.5		$ 41
1-site acquisition
Acquisitions
Number of tenant sites acquired				1
Consideration
Borrowings and Available Cash | $		$ 3.8		$ 7.5
Wireless Communication
Acquisitions
Number of tenant sites acquired			20		35
Outdoor Advertising
Acquisitions
Number of tenant sites acquired			13		26
Renewable Power Generation
Acquisitions
Number of tenant sites acquired					2
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 | 127-site fund H acquisition
Acquisitions
Number of tenant sites acquired			127
Consideration
Borrowings and Available Cash | $			$ 32.6
Common Units Issued to Landmark and Affiliates | $			27.3
Total | $			$ 59.9
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 | 32-site acquisition
Acquisitions
Number of tenant sites acquired					32
Investments in Receivables | item					2
Consideration
Borrowings and Available Cash | $					$ 22
Total | $					$ 22
Landmark, General Partner and affiliates | Acquisition from related party | 41-site acquisition
Acquisitions
Number of tenant sites acquired					41
Consideration
Borrowings and Available Cash | $					$ 24.7
Total | $					$ 24.7
Landmark, General Partner and affiliates | Acquisition from related party | 2018 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired			127
Consideration
Borrowings and Available Cash | $			$ 32.6
Common Units Issued to Landmark and Affiliates | $			27.3
Total | $			$ 59.9
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 | 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 | 127-site fund H acquisition
Acquisitions
Number of tenant sites acquired			30
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 | 32-site acquisition
Acquisitions
Number of tenant sites acquired					30
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 41-site acquisition
Acquisitions
Number of tenant sites acquired					30
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 2018 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired			30
Landmark, General Partner and affiliates | Wireless Communication | Acquisition from related party | 2017 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired					122
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 | 127-site fund H acquisition
Acquisitions
Number of tenant sites acquired			90
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 | 32-site acquisition
Acquisitions
Number of tenant sites acquired					1
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 41-site acquisition
Acquisitions
Number of tenant sites acquired					9
Landmark, General Partner and affiliates | Outdoor Advertising | Acquisition from related party | 2018 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired			90
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 | 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 | 127-site fund H acquisition
Acquisitions
Number of tenant sites acquired			7
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 | 32-site acquisition
Acquisitions
Number of tenant sites acquired					1
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 41-site acquisition
Acquisitions
Number of tenant sites acquired					2
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 2018 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired			7
Landmark, General Partner and affiliates | Renewable Power Generation | Acquisition from related party | 2017 Drop-down Acquisitions
Acquisitions
Number of tenant sites acquired					5

Acquisitions - Drop-down Acqu43

Acquisitions - Drop-down Acquisitions - Summary of Acquisitions Completed - Additional Information (Details) $ in Millions	Sep. 08, 2017USD ($)	Apr. 28, 2017USD ($)shares	Mar. 31, 2018USD ($)siteshares	Mar. 31, 2017USD ($)site	Dec. 31, 2017USD ($)site	Jun. 08, 2017site	Aug. 30, 2016site
Acquisitions
Number of tenant sites obligated to acquire | site			2
Cash consideration			$ 21.3		$ 37.2
Number of tenant sites acquired | site			33		63
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 | 2-site acquisition
Acquisitions
Cash consideration		11.3
Landmark, General Partner and affiliates | Acquisition from related party | Landmark Acquisition
Acquisitions
Cash consideration		$ 0.6

Acquisitions - Third Party Acqu

Acquisitions - Third Party Acquisitions - General Information (Details) - shares	Apr. 28, 2017	Mar. 31, 2018	Dec. 31, 2017
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 Ac45

Acquisitions - Third Party Acquisitions - Summary of Acquisitions Completed (Details) $ in Millions	3 Months Ended					12 Months Ended
	Mar. 31, 2018USD ($)site	Dec. 31, 2017USD ($)site	Sep. 30, 2017USD ($)site	Jun. 30, 2017USD ($)itemsite	Mar. 31, 2017USD ($)site	Dec. 31, 2017USD ($)itemsite
Acquisitions
Number of tenant sites acquired	33					63
Consideration
Borrowings and Available Cash | $	$ 21.3					$ 37.2
Common Units Issued to Landmark and Affiliates | $	3.2					3.8
Consideration | $	$ 24.5					$ 41
Investments in Receivables | item						1
International
Acquisitions
Number of tenant sites acquired		3	2	6	7
Consideration
Borrowings and Available Cash | $		$ 11.5	$ 4.1	$ 9	$ 3.6
Consideration | $		$ 11.5	$ 4.1	$ 9	$ 3.6
Investments in Receivables | item				1
Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired	6	7		4	1
Consideration
Common Units Issued to Landmark and Affiliates | $	$ 3.2	$ 2.7		$ 1	$ 0.1
Consideration | $	$ 3.2	$ 2.7		$ 1	$ 0.1
Domestic
Acquisitions
Number of tenant sites acquired	27	21	3	1	8
Consideration
Borrowings and Available Cash | $	$ 21.3	$ 6.5	$ 0.8	$ 0.5	$ 1.2
Consideration | $	$ 21.3	$ 6.5	$ 0.8	$ 0.5	$ 1.2
2017 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired				11
Consideration
Borrowings and Available Cash | $				$ 9.5
Common Units Issued to Landmark and Affiliates | $				1
Consideration | $				$ 10.5
Investments in Receivables | item				1
2018 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired	33
Consideration
Borrowings and Available Cash | $	$ 21.3
Common Units Issued to Landmark and Affiliates | $	3.2
Consideration | $	$ 24.5
2017 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired					16
Consideration
Borrowings and Available Cash | $					$ 4.8
Common Units Issued to Landmark and Affiliates | $					0.1
Consideration | $					$ 4.9
2017 Direct Third Party Acquisitions, Third Quarter
Acquisitions
Number of tenant sites acquired			5
Consideration
Borrowings and Available Cash | $			$ 4.9
Consideration | $			$ 4.9
2017 Direct Third Party Acquisitions, Fourth Quarter
Acquisitions
Number of tenant sites acquired		31
Consideration
Borrowings and Available Cash | $		$ 18
Common Units Issued to Landmark and Affiliates | $		2.7
Consideration | $		$ 20.7
Wireless Communication
Acquisitions
Number of tenant sites acquired	20					35
Wireless Communication | International
Acquisitions
Number of tenant sites acquired				2	3
Wireless Communication | Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired	5	3		3	1
Wireless Communication | Domestic
Acquisitions
Number of tenant sites acquired	15	14	3	1	5
Wireless Communication | 2017 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired				6
Wireless Communication | 2018 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired	20
Wireless Communication | 2017 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired					9
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
Outdoor Advertising
Acquisitions
Number of tenant sites acquired	13					26
Outdoor Advertising | International
Acquisitions
Number of tenant sites acquired		3	2	4	4
Outdoor Advertising | Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired	1	4		1
Outdoor Advertising | Domestic
Acquisitions
Number of tenant sites acquired	12	5			3
Outdoor Advertising | 2017 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired				5
Outdoor Advertising | 2018 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired	13
Outdoor Advertising | 2017 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired					7
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
Renewable Power Generation
Acquisitions
Number of tenant sites acquired						2
Renewable Power Generation | Domestic
Acquisitions
Number of tenant sites acquired		2
Renewable Power Generation | 2017 Direct Third Party Acquisitions, Fourth Quarter
Acquisitions
Number of tenant sites acquired		2

Real Property Interests - Summa

Real Property Interests - Summary of Real Property Interests (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 122,141	$ 114,385
Real property interests – perpetual	124,566	114,612
Real property interests – finite life	525,107	481,810
Construction in progress	18,230	7,574
Total land and real property interests	790,044	718,381
Accumulated amortization of real property interests	(41,310)	(37,817)
Land and net real property interests	$ 748,734	$ 680,564

Real Property Interests - Acqui

Real Property Interests - Acquisitions (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)itemsite	Dec. 31, 2017USD ($)itemsite
Acquisitions
Consideration	$ 24,500	$ 41,000
Construction in progress	$ 18,230	$ 7,574
Number of tenant sites acquired | site	33	63
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	$ 34,300
Rental revenue generated by consolidated joint venture	600
Acquisition from related party | 2016 Drop-down Acquisitions | Landmark, General Partner and affiliates
Acquisitions
Consideration	59,900	$ 118,300
Net carry value	39,500
Flex Grid
Acquisitions
Construction in progress	$ 18,200	$ 7,600

Real Property Interests - Sum48

Real Property Interests - Summary of Allocation of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Below market lease intangibles	$ (22,690)	$ (21,218)
Landmark, General Partner and affiliates | Acquisition from related party
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land	6,931	25,151
Investments in real property interests	53,148	107,195
Below market lease intangibles	(1,473)	(1,850)
Total	64,077	135,253
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	4,859	3,781
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	$ 612	$ 976

Real Property Interests - Futur

Real Property Interests - Future Estimated Aggregate Amortization of Finite Lived Real Property Interests (Details) $ in Thousands	Mar. 31, 2018USD ($)
Future estimated aggregate amortization of real property interests
2018 (nine months)	$ 10,678
2,019	13,971
2,020	13,410
2,021	12,819
2,022	12,535
Thereafter	420,384
Total	$ 483,797

Real Property Interests - Weigh

Real Property Interests - Weighted Average Remaining Amortization Period for Non-perpetual Real Property Interests (Details)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Weighted average remaining amortization period for non-perpetual real property interests	46 years

Real Property Interests - Impai

Real Property Interests - Impairment (Details)	3 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)site
Impairment
Recognized impairment charge		$ 156,000
Impaired Real Property Interest
Impairment
Number of real property interests impaired | site		2
Recognized impairment charge	$ 0	$ 200,000
Impaired real property interests		$ 0

Other Intangible Assets and L52

Other Intangible Assets and Liabilities - Total Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Other Intangible Assets
Net amount	$ 22,709	$ 17,984
Acquired in-place leases
Other Intangible Assets
Gross amount	25,362	20,486
Accumulated amortization	(6,644)	(6,119)
Net amount	18,718	14,367
Acquired above-market leases
Other Intangible Assets
Gross amount	7,113	6,503
Accumulated amortization	(3,122)	(2,886)
Net amount	$ 3,991	$ 3,617

Other Intangible Assets and L53

Other Intangible Assets and Liabilities - Total Other Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Acquired below-market leases
Below market lease intangibles	$ (22,690)	$ (21,218)
Accumulated amortization	8,949	8,385
Net amount	$ (13,741)	$ (12,833)

Other Intangible Assets and L54

Other Intangible Assets and Liabilities - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Intangible Assets And Liabilities [Abstract]
Amortization of above-and below-market leases	$ 328	$ 283
Amortization expense	$ 500	$ 400

Other Intangible Assets and L55

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Future amortization of lease intangibles
Net amount	$ 22,709	$ 17,984
Acquired in-place leases
Future amortization of lease intangibles
2018 (nine months)	1,741
2,019	2,234
2,020	2,141
2,021	1,729
2,022	1,574
Thereafter	9,299
Net amount	18,718	14,367
Acquired above-market leases
Future amortization of lease intangibles
2018 (nine months)	645
2,019	710
2,020	522
2,021	402
2,022	323
Thereafter	1,389
Net amount	$ 3,991	$ 3,617

Other Intangible Assets and L56

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Future amortization of acquired below-market leases
2018 (nine months)	$ (1,741)
2,019	(2,267)
2,020	(2,198)
2,021	(1,909)
2,022	(1,742)
Thereafter	(3,884)
Net amount	$ (13,741)	$ (12,833)

Investments in Receivables - Ge

Investments in Receivables - General Information (Details) - USD ($) $ in Millions	Jul. 21, 2015	Mar. 31, 2018	Mar. 31, 2017
Receivables With Imputed Interest [Line Items]
Payment collection period, minimum		2 years
Payment collection period, maximum		99 years
Interest income recognized		$ 0.4	$ 0.4
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	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Notes Receivable Net [Abstract]
Investments in receivables – beginning	$ 20,782	$ 17,440	$ 17,440
Acquisitions			4,389
Repayments	(299)	(245)	(1,180)
Interest accretion		$ 9	7
Foreign currency translation adjustment	125		126
Investments in receivables – ending	$ 20,608		$ 20,782

Investments in Receivables - An

Investments in Receivables - Annual Amounts Due (Details) $ in Thousands	Mar. 31, 2018USD ($)
Notes Receivable Net [Abstract]
2018 (nine months)	$ 2,046
2,019	2,292
2,020	2,285
2,021	2,348
2,022	2,486
Thereafter	28,422
Total	$ 39,879

Investments in Receivables - 60

Investments in Receivables - Annual Amounts Due - Principal and Interest (Details) $ in Thousands	Mar. 31, 2018USD ($)
Notes Receivable Net [Abstract]
Interest	$ 19,271
Principal	20,608
Total	$ 39,879

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Nov. 30, 2017	Jun. 16, 2016
Debt
Outstanding Balance, revolving credit facility	$ 344,000,000	$ 304,000,000
Deferred loan costs	(3,149,000)	(3,589,000)
Secured notes, net	186,522,000	187,249,000
Senior secured revolving credit facility
Debt
Outstanding Balance, revolving credit facility	$ 344,000,000	304,000,000
Maturity Date	Nov. 19, 2019
Series 2017-1 Class A 4.10%
Debt
Outstanding Balance, secured debt	$ 61,733,000	62,000,000
Maturity Date	Nov. 15, 2022
Series 2017-1 Class B 3.81%
Debt
Outstanding Balance, secured debt	$ 17,880,000	18,000,000
Maturity Date	Nov. 15, 2022
Series 2016-1 Class A 3.52%
Debt
Outstanding Balance, secured debt	$ 88,589,000	89,171,000
Maturity Date	Jun. 1, 2021
Series 2016-1 Class B 7.02%
Debt
Outstanding Balance, secured debt	$ 25,100,000	25,100,000
Maturity Date	Jun. 1, 2021
Secured notes
Debt
Outstanding Balance, secured debt	$ 193,302,000	194,271,000
Discount on Secured Notes	(1,733,000)	(1,826,000)	$ (1,800,000)	$ (17,292)
Deferred loan costs	(5,047,000)	(5,196,000)
Secured notes, net	$ 186,522,000	$ 187,249,000

Debt - Summary of Debt (Parenth

Debt - Summary of Debt (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2018
Series 2017-1 Class A 4.10%
Debt Instrument [Line Items]
Interest rate (as a percent)	4.10%
Debt instrument, final legal maturity date	Nov. 15, 2022
Series 2017-1 Class B 3.81%
Debt Instrument [Line Items]
Interest rate (as a percent)	3.81%
Debt instrument, final legal maturity date	Nov. 15, 2022
Series 2016-1 Class A 3.52%
Debt Instrument [Line Items]
Interest rate (as a percent)	3.52%
Debt instrument, final legal maturity date	Jun. 1, 2021
Series 2016-1 Class B 7.02%
Debt Instrument [Line Items]
Interest rate (as a percent)	7.02%
Debt instrument, final legal maturity date	Jun. 1, 2021
Series 2017-1 Class A 4.10% and Class B 3.81%
Debt Instrument [Line Items]
Debt instrument, final legal maturity date	Nov. 15, 2047
Series 2016-1 Class A 3.52% and Class B 7.02%
Debt Instrument [Line Items]
Debt instrument, final legal maturity date	Jul. 15, 2046

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Senior secured revolving credit facility - USD ($) $ in Millions	Dec. 28, 2017	Mar. 31, 2018
Debt
Additional available commitments	$ 23
Aggregate commitments	$ 390
Undrawn borrowing capacity		$ 46
Base rate - federal funds rate
Debt
Applicable margin (as a percent)		0.50%
Base rate - one month LIBOR
Debt
Applicable margin (as a percent)		1.00%
Base rate
Debt
Applicable margin (as a percent)		1.50%
One month LIBOR
Debt
Applicable margin (as a percent)		2.50%

Debt - Secured Notes (Details)

Debt - Secured Notes (Details) - USD ($)	Nov. 30, 2017	Jun. 16, 2016	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Restricted cash reserved			$ 3,621,000	$ 18,672,000	$ 1,800,000	$ 2,900,000
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	$ 1,733,000	$ 1,826,000
Secured notes | Minimum
Debt Instrument [Line Items]
Debt service coverage ratio			200.00%
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 2016-1 Class A 3.52%
Debt Instrument [Line Items]
Interest rate (as a percent)			3.52%
Series 2016-1 Class B 7.02%
Debt Instrument [Line Items]
Interest rate (as a percent)			7.02%

Debt - Annual Principal Payment

Debt - Annual Principal Payment Amounts (Details) - Secured notes - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
2018 (nine months)	$ 3,268
2,019	6,110
2,020	8,077
2,021	105,652
2,022	70,195
Total	$ 193,302	$ 194,271

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Interest Expense
Debt interest expense	$ 6,300	$ 3,900
Interest payable	700		$ 700
Amortization of deferred loan costs	798	437
Interest expense
Interest Expense
Amortization of deferred loan costs	$ 800	$ 400

Interest Rate Swap Agreements -

Interest Rate Swap Agreements - Fair Value of Interest Rate Swap Agreements (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Agreement effective date December 24, 2014
Interest Rate Swap Agreements
Notional value	$ 70,000,000
Revolver Fixed Rate	4.02%
Agreement effective date April 13, 2015
Interest Rate Swap Agreements
Notional value	$ 25,000,000
Revolver Fixed Rate	3.79%
Agreement effective date October 1, 2015
Interest Rate Swap Agreements
Notional value	$ 50,000,000
Revolver Fixed Rate	4.24%
Agreement entered into March 23, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Notional value	$ 50,000,000
Revolver Fixed Rate	4.17%
Agreement entered into March 31, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Notional value	$ 20,000,000
Revolver Fixed Rate	4.06%
Agreement entered into March 31, 2016 effective date April 13, 2019
Interest Rate Swap Agreements
Notional value	$ 25,000,000
Revolver Fixed Rate	4.13%
Agreement entered into June 12, 2017 effective date March 02, 2018
Interest Rate Swap Agreements
Notional value	$ 50,000,000
Revolver Fixed Rate	4.56%
Level 2 inputs | Agreement effective date December 24, 2014
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 279,000	$ 164,000
Level 2 inputs | Agreement effective date April 13, 2015
Interest Rate Swap Agreements
Fair Value Asset (Liability)	227,000	174,000
Level 2 inputs | Agreement effective date October 1, 2015
Interest Rate Swap Agreements
Fair Value Asset (Liability)	1,672,000	840,000
Level 2 inputs | Agreement entered into March 23, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Fair Value Asset (Liability)	1,332,000	761,000
Level 2 inputs | Agreement entered into March 31, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Fair Value Asset (Liability)	593,000	364,000
Level 2 inputs | Agreement entered into March 31, 2016 effective date April 13, 2019
Interest Rate Swap Agreements
Fair Value Asset (Liability)	709,000	418,000
Level 2 inputs | Agreement entered into June 12, 2017 effective date March 02, 2018
Interest Rate Swap Agreements
Fair Value Asset (Liability)	1,495,000	438,000
Level 2 inputs | Agreement entered into April 1, 2015 effective date April, 1, 2015
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 6,307,000	$ 3,159,000

Interest Rate Swap Agreements68

Interest Rate Swap Agreements - Gain on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest Rate Swap Agreements
Unrealized gain on derivatives	$ 3,148	$ 494

Interest Rate Swap Agreements69

Interest Rate Swap Agreements - Sensitivity Analysis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
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	$ 512
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	45
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	744
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	(191)
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	351
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	102
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	475
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	(25)
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	2,703
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	665
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	3,685
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	(394)
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	2,029
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	651
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	2,691
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	(64)
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	872
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	322
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	1,136
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	37
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	1,054
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	375
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	1,379
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	21
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	2,930
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	69
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	4,288
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	$ (1,436)
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%)

Equity - Changes in Units Outst

Equity - Changes in Units Outstanding (Details) - shares	Apr. 28, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Increase (decrease) in partners' capital
Issuance of units to Fund H	221,729
Limited Partners | Common Units
Increase (decrease) in partners' capital
Balance (in units)		20,146,458	19,450,555	19,450,555
Unit-based compensation (in units)		3,826	6,798
Balance (in units)		25,005,542	19,465,899	20,146,458
Conversion of subordinated units (in units)		3,135,109
Limited Partners | Common Units | Landmark, General Partner and affiliates
Increase (decrease) in partners' capital
Issuance of units to Fund H		1,506,421
Limited Partners | Common Units | Unit Exchange Program
Increase (decrease) in partners' capital
Issuance of units, net (in units)		185,898	8,546
Limited Partners | Common Units | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)		27,830
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
Conversion of subordinated units (in units)		(3,135,109)
Limited Partners | Preferred Units Series A
Increase (decrease) in partners' capital
Balance (in units)		1,568,402	863,957	863,957
Balance (in units)		1,593,149	863,957	1,568,402
Limited Partners | Preferred Units Series A | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)		24,747
Limited Partners | Preferred Units Series B
Increase (decrease) in partners' capital
Balance (in units)		2,463,015	1,840,000	1,840,000
Balance (in units)		2,463,015	1,840,000	2,463,015

Equity - General Information (D

Equity - General Information (Details) $ / shares in Units, $ in Millions	Feb. 15, 2018	Apr. 28, 2017shares	Mar. 30, 2017USD ($)	Mar. 27, 2017USD ($)	Jun. 24, 2016USD ($)	Feb. 16, 2016USD ($)	Mar. 31, 2018USD ($)site$ / sharesshares	Mar. 31, 2017USD ($)siteshares	Dec. 31, 2017USD ($)site	Mar. 10, 2016shares
Partnership Equity
Aggregate offering price | $				$ 750
Number of tenant sites acquired | site							33		63
Number of common units in connection with acquisition (in shares) | shares		221,729
Common Units Issued to Landmark and Affiliates | $							$ 3.2		$ 3.8
Quarterly distributions
Conversion ratio of subordinated units into common units	100.00%
Wireless Communication
Partnership Equity
Number of tenant sites acquired | site							20		35
1-site acquisition
Partnership Equity
Number of tenant sites acquired | site								1
At The Market Issuance Sales Agreement | Preferred Units
Partnership Equity
Aggregate offering price | $					$ 40
Unit Exchange Program | 1-site acquisition | Wireless Communication
Partnership Equity
Number of tenant sites acquired | site							6
Common Units Issued to Landmark and Affiliates | $							$ 3.2
Unit Exchange Program | 3-site acquisition | Wireless Communication
Partnership Equity
Number of tenant sites acquired | site								1
Common Units Issued to Landmark and Affiliates | $								$ 0.1
Limited Partners | Common Units
Partnership Equity
Issuance of units, net (in shares) | shares							1,721,000	8,000
Quarterly distributions
Minimum quarterly distribution per unit (in dollars per share) | $ / shares							$ 0.2875
Limited Partners | Preferred Units Series A
Partnership Equity
Issuance of units, net (in shares) | shares							25,000
Limited Partners | At The Market Issuance Sales Agreement | Common Units
Partnership Equity
Aggregate offering price | $						$ 50
Issuance of units, net (in shares) | shares							27,830	0
Proceeds from issuance of unit, before costs | $							$ 0.5
Limited Partners | At The Market Issuance Sales Agreement | Preferred Units Series A
Partnership Equity
Issuance of units, net (in shares) | shares							24,747	0
Proceeds from issuance of unit, before costs | $							$ 0.6
Limited Partners | At The Market Issuance Sales Agreement | Preferred Units Series B
Partnership Equity
Aggregate offering price | $			$ 50
Issuance of units, net (in shares) | shares							0	0
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							185,898
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								8,546

Equity - Summary of Quarterly D

Equity - Summary of Quarterly Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Common and Subordinated Units
Quarterly distributions
Declaration Date	Apr. 19, 2018	Jan. 24, 2018	Oct. 18, 2017	Jul. 19, 2017	Apr. 20, 2017
Distribution Date	May 15, 2018	Feb. 14, 2018	Nov. 14, 2017	Aug. 14, 2017	May 15, 2017
Distribution Per Unit Paid (in dollars per share)	$ 0.3675	$ 0.3675	$ 0.3575	$ 0.3550	$ 0.3525
Total Distribution Paid	$ 9,384	$ 9,304	$ 8,303	$ 8,222	$ 8,133
Preferred Units Series A
Quarterly distributions
Declaration Date	Mar. 23, 2018	Dec. 21, 2017	Sep. 21, 2017	Jun. 22, 2017	Mar. 16, 2017
Distribution Date	Apr. 16, 2018	Jan. 16, 2018	Oct. 16, 2017	Jul. 17, 2017	Apr. 17, 2017
Distribution Per Unit Paid (in dollars per share)	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000
Total Distribution Paid	$ 797	$ 784	$ 713	$ 555	$ 432
Preferred Units Series B
Quarterly distributions
Declaration Date	Apr. 19, 2018	Jan. 22, 2018	Oct. 18, 2017	Jul. 19, 2017	Apr. 20, 2017
Distribution Date	May 15, 2018	Feb. 15, 2018	Nov. 15, 2017	Aug. 15, 2017	May 15, 2017
Distribution Per Unit Paid (in dollars per share)	$ 0.4938	$ 0.4938	$ 0.4938	$ 0.4938	$ 0.4938
Total Distribution Paid	$ 1,216	$ 1,216	$ 1,203	$ 990	$ 934

Net Income (Loss) Per Limited73

Net Income (Loss) Per Limited Partner Unit - Additional Information (Details) - item	Feb. 15, 2018	Mar. 31, 2018
General Partner | Common Units
Limited Partners Capital Account [Line Items]
Cash distribution declaration date		Mar. 31, 2018
Cash distribution payable date		May 15, 2018
Cash distribution record date		May 1, 2018
Landmark Dividend LLC
Limited Partners Capital Account [Line Items]
Number of common units that will convert from each outstanding subordinated unit	1

Net Income (Loss) Per Limited74

Net Income (Loss) Per Limited Partner Unit - Undistributed Net Loss Attributable to Common and Subordinated Unitholders (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income (loss) attributable to partners:
Net income attributable to limited partners	$ 6,737	$ 3,524
Less: Distributions declared	(1,944)	(1,344)
Incentive distribution rights	(195)	(88)
Net income attributable to common and subordinated unitholders	4,598	2,092
General Partner
Net income (loss) attributable to partners:
Incentive distribution rights	(195)	(88)
Preferred Units
Net income (loss) attributable to partners:
Less: Distributions declared	(1,944)	(1,344)
Common Units
Net income (loss) attributable to partners:
Less: Distributions declared	(9,190)	(6,940)
Net income attributable to common and subordinated unitholders	4,901	1,812
Undistributed net loss	(4,289)	(5,128)
Subordinated Units
Net income (loss) attributable to partners:
Less: Distributions declared		(1,105)
Net income attributable to common and subordinated unitholders	(303)	280
Undistributed net loss	(303)	(825)
Common and Subordinated Units
Net income (loss) attributable to partners:
Undistributed net loss	$ (4,592)	$ (5,953)

Net Income (Loss) Per Limited75

Net Income (Loss) Per Limited Partner Unit - Net Income (Loss) per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income (loss) attributable to partners:
Distributions declared	$ 1,944	$ 1,344
Net income attributable to common and subordinated unitholders	$ 4,598	$ 2,092
Weighted-average units outstanding:
Basic (in shares)	22,996	19,457
Units - diluted (in shares)	24,564	19,457
Net income (loss) per common and subordinated unit:
Basic (in dollars per share)	$ 0.21	$ 0.09
Diluted (in dollars per share)	$ 0.19	$ 0.09
Common Units
Net income (loss) attributable to partners:
Distributions declared	$ 9,190	$ 6,940
Undistributed net loss	(4,289)	(5,128)
Net income attributable to common and subordinated unitholders	4,901	1,812
Net income (loss) attributable to subordinated units	(303)
Net income (loss) attributable to common and subordinated units - diluted	$ 4,598	$ 1,812
Weighted-average units outstanding:
Basic (in shares)	22,996	19,457
Effect of diluted subordinated units (in shares)	1,568
Units - diluted (in shares)	24,564	19,457
Net income (loss) per common and subordinated unit:
Basic (in dollars per share)	$ 0.21	$ 0.09
Diluted (in dollars per share)	$ 0.19	$ 0.09
Subordinated Units
Net income (loss) attributable to partners:
Distributions declared		$ 1,105
Undistributed net loss	$ (303)	(825)
Net income attributable to common and subordinated unitholders	(303)	280
Net income (loss) attributable to common and subordinated units - diluted	$ (303)	$ 280
Weighted-average units outstanding:
Basic (in shares)	1,568	3,135
Units - diluted (in shares)	1,568	3,135
Net income (loss) per common and subordinated unit:
Basic (in dollars per share)	$ (0.19)	$ 0.09
Diluted (in dollars per share)	$ (0.19)	$ 0.09

Net Income (Loss) Per Limited76

Net Income (Loss) Per Limited Partner Unit - Net Income (Loss) per Unit (Parenthetical) (Details) - Landmark Dividend LLC	Feb. 15, 2018item	Mar. 31, 2018shares
Limited Partners Capital Account [Line Items]
Number of common units that will convert from each outstanding subordinated unit | item	1
Common Units
Limited Partners Capital Account [Line Items]
Number of units converted | shares		3,135,109

Fair Value of Financial Instr77

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Carrying Amount
Investment in receivables, net
Investment in receivables, net	$ 20,608	$ 20,782
Fair Value
Investment in receivables, net
Investment in receivables, net	20,719	20,995
Senior secured revolving credit facility | Carrying Amount
Debt
Revolving credit facility	344,000	304,000
Senior secured revolving credit facility | Fair Value
Debt
Revolving credit facility	$ 344,000	304,000
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	$ 186,522	187,249
Secured notes | Fair Value
Debt
Secured Notes, net	$ 186,251	$ 187,895

Fair Value of Financial Instr78

Fair Value of Financial Instruments - Assets Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Recurring | Level 2 inputs
Fair Value of Financial Instruments
Derivative Assets	$ 6,307	$ 3,159

Related-Party Transactions (Det

Related-Party Transactions (Details)	Nov. 30, 2017	Jun. 16, 2017	Mar. 31, 2018USD ($)item$ / shares	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Jun. 13, 2017
Related-Party Transactions
Incentive Distribution Distribution Rights			$ 195,000	$ 88,000
Due from Landmark and affiliates					$ 629,000
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			$ 200,000	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			$ 300,000		600,000
Landmark, General Partner and affiliates | Capped reimbursement for certain general and administrative expenses
Related-Party Transactions
Quarterly cap			$ 162,500
Percentage of revenue (as a percent)			3.00%
Expiration of quarterly cap, measurement period, number of consecutive fiscal quarters (in periods) | item			4
Expiration of quarterly cap, measurement period, minimum revenue			$ 80,000,000
Reimbursement of expenses that exceeded the cap			1,200,000	1,000,000
American Infrastructure Funds | Patent License Agreement Fees
Related-Party Transactions
Fee for second year of agreement (in dollars per year)			$ 50,000
Maximum fee each year starting in third year of agreement, as a percentage of our gross revenue			0.10%
Minimum fee each year starting in third year of agreement (in dollars per year)			$ 100,000
License fees related to agreement			25,000	25,000
General Partner | Secured Notes Management Agreement
Related-Party Transactions
Management fee (as a percent)	1.50%	1.50%
General Partner | Management fees
Related-Party Transactions
Costs incurred			7,918	$ 4,638
Landmark Dividend LLC | Management fees
Related-Party Transactions
Costs incurred			0
Penteon Corporation
Related-Party Transactions
Leasing costs incurred for deployment of LPWAN			$ 0		$ 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	Jan. 18, 2018USD ($)itemshares	Apr. 28, 2017shares	Mar. 31, 2018USD ($)itemsiteshares	Dec. 31, 2017USD ($)itemsite
Related-Party Transactions
Total No. of Tenant Sites | site			33	63
Total No. of Investments in Receivables | item				1
Total Consideration | $			$ 24.5	$ 41
Common units issued to Fund G		221,729
Landmark Dividend Growth Fund H LLC | 127-site acquisition
Related-Party Transactions
Total No. of Tenant Sites | item	127
Total Consideration | $	$ 59.9
Landmark Dividend Growth Fund G LLC | 2-site acquisition
Related-Party Transactions
Total No. of Tenant Sites | item			2
Total Consideration | $			$ 14.8
Common units issued to Fund G			221,729
Landmark, General Partner and affiliates | 127-site acquisition
Related-Party Transactions
Common units issued to Fund G	1,506,421
Landmark, General Partner and affiliates | 2-site acquisition
Related-Party Transactions
Common units issued to Fund G			221,729

Related-Party Transactions - 81

Related-Party Transactions - Summary of Completed Right of First Offer ("ROFO") Acquisitions (Parenthetical) (Details) $ in Millions	Apr. 28, 2017USD ($)shares	Mar. 31, 2018USD ($)site	Mar. 31, 2017USD ($)site	Dec. 31, 2017USD ($)site
Related-Party Transactions
Number of tenant sites obligated to acquire | site		2
Number of tenant sites acquired | site		33		63
Cash consideration | $		$ 21.3		$ 37.2
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	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting [Abstract]
Number of reportable segments	3	3

Segment Information - Statement

Segment Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue
Rental revenue	$ 15,695	$ 11,841
Expenses
Property operating	286	87
General and administrative	1,699	1,408
Acquisition-related	185	467
Amortization	4,022	3,129
Impairments		156
Total expenses	6,192	5,247
Total other income and expenses	(2,686)	(3,067)
Income before income tax expense	6,817	3,527
Income tax expense	76
Net income	6,741	3,527
Operating Segments | Wireless Communication
Revenue
Rental revenue	9,645	7,963
Expenses
Property operating	34	1
Acquisition-related		14
Amortization	3,072	2,654
Impairments		110
Total expenses	3,106	2,779
Total other income and expenses	171	180
Income before income tax expense	6,710
Net income	6,710	5,364
Operating Segments | Outdoor Advertising
Revenue
Rental revenue	4,210	2,105
Expenses
Property operating	171	8
Acquisition-related		174
Amortization	793	338
Impairments		46
Total expenses	964	566
Total other income and expenses	64
Income before income tax expense	3,310
Net income	3,310	1,539
Operating Segments | Renewable Power Generation
Revenue
Rental revenue	1,840	1,773
Expenses
Property operating	81	78
Amortization	157	137
Total expenses	238	215
Total other income and expenses	203	179
Income before income tax expense	1,805
Net income	1,805	1,737
Corporate
Expenses
General and administrative	1,699	1,408
Acquisition-related	185	279
Total expenses	1,884	1,687
Total other income and expenses	(3,124)	(3,426)
Income before income tax expense	(5,008)
Income tax expense	76
Net income	$ (5,084)	$ (5,113)

Segment Information - Total Ass

Segment Information - Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 829,546	$ 767,999
Corporate
Segment Reporting Asset Reconciling Item [Line Items]
Assets	29,722	40,553
Wireless Communication | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	495,741	440,139
Outdoor Advertising | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	191,584	175,825
Renewable Power Generation | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 112,499	$ 111,482

Commitments and Contingencies -

Commitments and Contingencies - Real Property Interest Subject to Subordination (Details) $ in Millions	Mar. 31, 2018USD ($)
Commitments And Contingencies Disclosure [Abstract]
Real property interest subject to subordination	$ 87.9

Tenant Concentration (Details)

Tenant Concentration (Details) - Concentration - Tenant Revenue	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
T-Mobile
Concentration Risk [Line Items]
Percentage of revenue	10.80%	12.40%
AT&T Mobility
Concentration Risk [Line Items]
Percentage of revenue	10.20%	11.50%
Sprint
Concentration Risk [Line Items]
Percentage of revenue	8.90%	10.10%
Crown Castle
Concentration Risk [Line Items]
Percentage of revenue	8.50%	9.30%

Supplemental Cash Flow Inform87

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017
Noncash activities
Capital contribution to fund general and administrative expense reimbursement	$ 1,202			$ 955
Issuance of common units for assets acquired from Fund H	3,200				$ 3,800
Distributions payable to preferred unitholders	1,244			807
Offering costs included in accounts payable and accrued liabilities	207
Deferred loan costs included in accounts payable and accrued liabilities	44			241
Purchase price for acquisitions and construction activities included in accounts payable	9,677			285
Cash flows related to interest paid
Cash paid for interest	5,438			3,527
Capitalized interest	76
Unit Exchange Acquisitions
Noncash activities
Issuance of common units for assets acquired from Fund H	3,200	$ 2,700	$ 1,000	100
Unit Exchange Program acquisitions	3,147			128
Landmark, General Partner and affiliates
Noncash activities
Purchase price for acquisitions included in due to Landmark and affiliates	493			$ 227
Landmark Dividend Growth Fund H LLC
Noncash activities
Issuance of common units for assets acquired from Fund H	$ 27,342

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 24, 2018	Apr. 02, 2018	Mar. 31, 2018
Subsequent Event
Proceeds from the issuance of Preferred Units, net			$ 603
Subsequent Event | Note Purchase Agreement
Subsequent Event
Aggregate principal amount	$ 43,700
Interest rate	4.38%
Maturity Date	Jun. 30, 2036
Debt instrument amortized, description	The senior secured notes are fully amortized through June 30, 2036
Subsequent Event | Note Purchase Agreement | Revolving Credit Facility
Subsequent Event
Net proceeds from borrowings	$ 41,000
Subsequent Event | Note Purchase Agreement | Maximum
Subsequent Event
Aggregate principal amount	$ 225,000
Limited Partners | Public Offering | Preferred Units Series C | Subsequent Event
Subsequent Event
Issuance of Units, net (in units)		2,000,000
Unit offering price (in dollars per share)		$ 25
Proceeds from the issuance of Preferred Units, net		$ 47,500
Offering expenses paid		$ 2,500