Landmark Infrastructure Partners (LMRK) 10-Q 7 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 02, 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	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	LMRK
Limited Partners Units		25,266,060

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Land	$ 128,791	$ 114,385
Real property interests	517,283	596,422
Construction in progress	26,413	7,574
Total land and real property interests	672,487	718,381
Accumulated amortization real property interests	(35,965)	(37,817)
Land and net real property interests	636,522	680,564
Investments in receivables, net	18,964	20,782
Investment in unconsolidated joint venture	65,670
Cash and cash equivalents	6,907	9,188
Restricted cash	6,205	18,672
Rent receivables, net	4,014	4,141
Due from Landmark and affiliates	145	629
Deferred loan costs, net	2,199	3,589
Deferred rent receivable	5,391	4,252
Derivative assets	8,366	3,159
Other intangible assets, net	21,474	17,984
Assets held for sale (AHFS)	7,846
Other assets	3,970	5,039
Total assets	787,673	767,999
Liabilities and equity
Revolving credit facility	140,500	304,000
Secured notes, net	225,729	187,249
Accounts payable and accrued liabilities	7,312	4,978
Other intangible liabilities, net	9,717	12,833
Liabilities associated with AHFS	397
Prepaid rent	5,563	4,581
Total liabilities	389,218	513,641
Commitments and contingencies (Note 15)
Equity
Accumulated other comprehensive income (loss)	(1,349)	968
Total partners' equity	350,720	254,157
Noncontrolling interests	201	201
Total equity	350,921	254,358
Total liabilities, mezzanine equity and equity	787,673	767,999
Limited Partners | Preferred Units Series A
Equity
Limited partners	37,207	36,604
Limited Partners | Preferred Units Series C
Mezzanine equity
Limited partners	47,534
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	424,875	288,527
Total equity	424,875	288,527
Limited Partners | Subordinated Units
Equity
Limited partners		19,641
Total equity		19,641
General Partner
Equity
General Partner	(168,949)	(150,519)
Total equity	$ (168,949)	$ (150,519)

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - Limited Partners - shares	Sep. 30, 2018	Dec. 31, 2017
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
Preferred Units Series C
Temporary equity, preferred units
Preferred units issued (in shares)	2,000,000	0
Preferred units outstanding (in shares)	2,000,000	0
Preferred Units Series B
Preferred units
Preferred units issued (in shares)	2,463,015	2,463,015
Preferred units outstanding (in shares)	2,463,015	2,463,015
Common Units
Common and subordinated units
Units issued (in shares)	25,266,060	20,146,458
Units outstanding (in shares)	25,266,060	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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue
Rental revenue	$ 17,560	$ 13,499	$ 50,051	$ 38,143
Expenses
Property operating	360	86	875	247
General and administrative	735	1,422	3,523	4,267
Acquisition-related	88	255	469	1,007
Amortization	4,293	3,458	12,548	9,826
Impairments	877		980	848
Total expenses	6,353	5,221	18,395	16,195
Other income and expenses
Interest and other income	434	430	1,280	1,168
Interest expense	(6,906)	(4,777)	(19,586)	(12,931)
Unrealized gain (loss) on derivatives	774	(61)	5,208	(111)
Equity income from unconsolidated joint venture	59		59
Gain on sale of real property interests	100,039		100,039
Total other income and expenses	94,400	(4,408)	87,000	(11,874)
Income (loss) before income tax expense	105,607	3,870	118,656	10,074
Income tax expense	460	72	663	72
Net income	105,147	3,798	117,993	10,002
Less: Net income attributable to noncontrolling interest	8	4	20	11
Net income attributable to limited partners	105,139	3,794	117,973	9,991
Less: Distributions declared to preferred unitholders	(2,868)	(1,818)	(7,742)	(4,672)
Less: General partner's incentive distribution rights	(197)	(109)	(587)	(295)
Net income attributable to common and subordinated unitholders	$ 102,074	$ 1,867	$ 109,644	$ 5,024
Net income (loss) per common and subordinated unit
Common units – basic	$ 4.06	$ 0.08	$ 4.51	$ 0.22
Common units – diluted	$ 3.71	0.08	4.18	0.22
Subordinated units – basic and diluted		$ 0.08	$ (0.59)	$ 0.22
Weighted average common and subordinated units outstanding
Common units – basic	25,138	19,750	24,405	19,620
Common units – diluted	27,741	22,885	26,658	22,755
Subordinated units – basic and diluted		3,135	517	3,135
Cash distributions declared per common and subordinated unit	$ 0.3675	$ 0.3575	$ 1.1025	$ 1.0650

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 105,147	$ 3,798	$ 117,993	$ 10,002
Other comprehensive income (loss):
Foreign currency translation adjustment	(1,035)	705	(2,317)	1,225
Other comprehensive income (loss)	(1,035)	705	(2,317)	1,225
Comprehensive income	104,112	4,503	115,676	11,227
Less: Comprehensive income attributable to noncontrolling interest	8	4	20	11
Comprehensive income attributable to limited partners	$ 104,104	$ 4,499	$ 115,656	$ 11,216

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Limited PartnersCommon Units	Limited PartnersSubordinated Units	Limited PartnersPreferred Units Series A	Limited PartnersPreferred Units Series B	Limited PartnersPreferred Units Series C	General Partner	Accumulated Other Comprehensive Income (loss)	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
Net investment of Drop-down Assets	(16,023)						(16,023)
Foreign currency translation adjustment	1,225							1,225
Issuance of Preferred Units, net	26,112			$ 13,736	$ 12,376
Issuance of Units, net (in units)		292,000		563,000	529,000
Issuance of Common Units, net	4,591	$ 4,591
Issuance of non-controlling interests, net	103								$ 103
Distributions	(29,023)	(20,761)	$ (3,315)	$ (1,660)	$ (3,012)		(264)		(11)
Capital contribution to fund general and administrative expense reimbursement	3,025						3,025
Unit-based compensation	105	$ 105
Unit-based compensation (in units)		6,798
Net income (loss)	10,002	$ 4,346	678	1,660	3,012		295		11
Balance at Sep. 30, 2017	244,447	$ 282,577	$ 19,887	$ 33,129	$ 56,632		(148,597)	716	103
Balance (in units) at Sep. 30, 2017		19,749,563	3,135,109	1,426,461	2,368,927
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	(2,317)							(2,317)
Issuance of Preferred Units, net	603			$ 603
Issuance of Units, net (in units)		1,981,000		25,000
Issuance of Common Units, net	34,529	$ 34,529
Conversion of subordinated units		$ 18,186	$ (18,186)
Conversion of subordinated units (in units)		3,135,109	(3,135,109)
Distributions	(34,451)	$ (26,384)	$ (1,152)	$ (2,370)	$ (3,636)		(889)		(20)
Capital contribution to fund general and administrative expense reimbursement	2,069						2,069
Other deemed contributions	197						197
Unit-based compensation	70	$ 70
Unit-based compensation (in units)		3,826
Net income (loss)	116,257	$ 109,947	$ (303)	2,370	3,636		587		20
Balance at Sep. 30, 2018	$ 350,921	$ 424,875		$ 37,207	$ 58,936		$ (168,949)	$ (1,349)	$ 201
Balance (in units) at Sep. 30, 2018		25,266,060		1,593,149	2,463,015	2,000,000
Increase (Decrease) in temporary equity
Temporary equity, Issuance of Preferred Units, net						$ 47,534
Temporary equity, Distributions						(1,736)
Temporary equity, Net income (loss)						1,736
Temporary equity, Balance at Sep. 30, 2018						$ 47,534

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Operating activities
Net income	$ 105,147		$ 3,798	$ 117,993	$ 10,002
Adjustments to reconcile net income to net cash provided by operating activities:
Unit-based compensation				70	105
Unrealized (gain) loss on derivatives	(774)		61	(5,208)	111
Amortization expense	4,293		3,458	12,548	9,826
Amortization of above- and below- market lease	(300)		(300)	(1,008)	(964)
Amortization of deferred loan costs				2,724	1,515
Amortization of discount on secured notes				280	3
Receivables interest accretion					(7)	$ (7)
Impairments	877			980	848
Gain on sale of real property interests	(100,039)			(100,039)
Allowance for doubtful accounts				(23)	79
Equity income from unconsolidated joint venture	(59)			(59)
Changes in operating assets and liabilities:
Rent receivables, net				123	(1,981)
Accounts payable and accrued liabilities				414	48
Deferred rent receivables				177	(304)
Prepaid rent				1,005	697
Due from Landmark and affiliates				61	319
Other assets				1,031	1,191
Net cash provided by operating activities				31,069	21,488
Investing activities
Acquisition of land				(15,573)	(9,995)
Acquisition of real property interests and development activities				(85,411)	(88,843)
Proceeds from sale of real property interests				64,036
Acquisition of receivables					(4,389)
Repayments of receivables				915	868	1,180
Net cash used in investing activities				(36,033)	(102,359)
Financing activities
Proceeds from the issuance of Common Units, net				437
Proceeds from the issuance of Preferred Units, net				48,137	26,112
Proceeds from the issuance of non-controlling interests, net					103
Proceeds from revolving credit facility				105,500	108,500
Proceeds from the issuance of secured notes				169,128
Principal payments on revolving credit facility				(269,000)
Principal payments on secured notes				(3,995)	(1,165)
Deferred loan costs				(6,233)	(1,906)
Capital contribution to fund general and administrative expense reimbursement				2,271	2,573
Distributions to non-controlling interests				(20)	(11)
Consideration associated with Drop-down Acquisitions				(20,394)	(16,023)
Net cash provided by (used in) financing activities				(9,717)	89,583
Effect of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash				(67)	157
Net increase (decrease) in cash, cash equivalents and restricted cash				(14,748)	8,869
Cash, cash equivalents and restricted cash at beginning of the period		$ 14,431		27,860	5,562	5,562
Cash, cash equivalents and restricted cash at end of the period	$ 13,112	$ 27,860	$ 14,431	13,112	14,431	$ 27,860
Limited Partners | Preferred Units
Financing activities
Distributions to limited partners				(7,320)	(4,260)
Limited Partners | Common and Subordinated Units
Financing activities
Distributions to limited partners				$ (28,228)	$ (24,340)

Business

Business	9 Months Ended
	Sep. 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 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”) and our foreign subsidiaries. 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. Asset OpCo and 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 (the “Tax Act”) 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. Concurrently, the SEC issued Staff Accounting Bulletin (“SAB 118”), which provides guidance on accounting for tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. The Partnership continues to assess the impact of the Tax Act, including qualification as a real estate business. Our tax expense is provisional and reflected in the consolidated financial statements as of September 30, 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. Investment in Unconsolidated Joint Venture The Partnership accounts for its investment in an unconsolidated joint venture using the equity method of accounting. Under the equity method, the investment is initially recorded at fair value and subsequently adjusted for distributions and the Partnership’s proportionate share of equity in the joint venture’s income (loss). The Partnership recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture as equity income (loss) from unconsolidated joint venture on the consolidated statements of operations. On a quarterly basis, the Partnership evaluates its investment in an unconsolidated joint venture for other-than-temporary impairments. 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 June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 Income Taxes Basis of Presentation and Summary of Significant Accounting Policies 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	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Acquisitions	3. Acquisitions Drop-down Acquisitions During nine months ended September 30, 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 investments in receivables 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. During the nine months ended September 30, 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. Third Party Acquisitions During the nine months ended September 30, 2018 and the year ended December 31, 2017, the Partnership completed various direct third-party acquisitions. Third-party acquisitions include acquisitions in exchange for Common Units pursuant to our previously filed and effective registration statement on Form S-4, in which we may offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities (the “Unit Exchange Program” or “UEP”). The following table presents direct third-party acquisitions completed by the Partnership during the nine months ended September 30, 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 Second Quarter International — 8 — 8 — $ 7.3 $ — $ 7.3 UEP 7 1 — 8 — 0.6 1.8 2.4 Domestic 3 1 — 4 — 21.5 — 21.5 Total 10 10 — 20 — $ 29.4 $ 1.8 $ 31.2 Third Quarter International 2 12 — 14 — $ 14.2 $ — $ 14.2 UEP 10 — — 10 — 0.9 1.8 2.7 Domestic 2 11 — 13 — 2.0 — 2.0 Total 14 23 — 37 — $ 17.1 $ 1.8 $ 18.9 2018 Total 44 46 — 90 — $ 67.8 $ 6.8 $ 74.6 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	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Real Property Interests	4. Real Property Interests The following table summarizes the Partnership’s real property interests (in thousands): September 30, 2018 December 31, 2017 Land $ 128,791 $ 114,385 Real property interests – perpetual 101,471 114,612 Real property interests – finite life 415,812 481,810 Construction in progress 26,413 7,574 Total land and real property interests 672,487 718,381 Accumulated amortization of real property interests (35,965 ) (37,817 ) Land and net real property interests $ 636,522 $ 680,564 During 2017, the Partnership started developing an ecosystem of technologies that provides smart enabled infrastructure (“FlexGrid TM TM TM 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 September 30, 2018, the consolidated joint venture had 26 tenant sites and one investment in receivable with total net book value of $42.5 million. During the three and nine months ended September 30, 2018, the consolidated joint venture generated rental revenue of $0.9 million and $2.0 million, respectively. The Partnership applies the business combination method to all acquired investments of real property interests for transactions that meet the definition of a business combination. The fair value of the assets acquired and liabilities assumed is typically determined by using Level III valuation methods. The most sensitive assumption is the discount rate used to discount the estimated cash flows from the real estate rights. For purposes of the computation of fair value assigned to the various tangible and intangible assets, the Partnership assigned discount rates ranging between 6% and 20%. The following table summarizes final allocations for acquisitions during the nine months ended September 30, 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 $ 15,228 $ 77,292 $ 6,617 $ 1,301 $ (1,533 ) $ 98,905 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 September 30, 2018, are as follows (in thousands): 2018 (three months) $ 3,012 2019 11,895 2020 11,334 2021 10,744 2022 10,459 Thereafter 332,403 Total $ 379,847 The weighted average remaining amortization period for non‑perpetual real property interests is 43 years as of September 30, 2018. During the three and nine months ended September 30, 2018, one and two of the Partnership’s real property interests were impaired and we recognized impairment charges totaling $0.1 million and $0.2 million, respectively. During the nine months ended September 30, 2017, six of the Partnership’s real property interests were impaired as a result of termination notices received and recognized impairment charges totaling $0.8 million. There was no impairment during the three months ended September 30, 2017. The carrying value of each real property interest was determined to have a fair value of zero. During the three and nine months ended September 30, 2018, the Partnership recognized a gain on the contribution of real property interests of $100 million in connection with the formation of an unconsolidated joint venture (the “JV”) in which 545 tenant sites were contributed to the JV by the Partnership as described in Note 7, Investment in Unconsolidated Joint Venture The Partnership used $59.7 million of the net proceeds to repay a portion of the borrowings under the revolving credit facility. In June 2018, the Partnership entered into a plan to sell one of its real property interests with an anticipated closing date in the fourth quarter of 2018. The Partnership has determined that the sale does not meet the criteria for discontinued operations presentation as the plan to sell does not represent a strategic shift that will have a major effect on its operations and financial results. As a result of this classification, the assets and liabilities of the real property interest are separately presented as AHFS and liabilities associated with AHFS in the consolidated balance sheet as of September 30, 2018. The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are as follows (in thousands): September 30, 2018 Land $ 1,286 Real property interests, net 5,566 Other intangible assets, net 994 AHFS $ 7,846 Other intangible liabilities, net $ 397 Liabilities associated with AHFS $ 397

Other Intangible Assets and Lia

Other Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 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): September 30, 2018 December 31, 2017 Acquired in-place lease Gross amount $ 23,273 $ 20,486 Accumulated amortization (5,804 ) (6,119 ) Net amount $ 17,469 $ 14,367 Acquired above-market leases Gross amount $ 6,545 $ 6,503 Accumulated amortization (2,540 ) (2,886 ) Net amount $ 4,005 $ 3,617 Total other intangible assets, net $ 21,474 $ 17,984 Acquired below-market leases Gross amount $ (17,127 ) $ (21,218 ) Accumulated amortization 7,410 8,385 Total other intangible liabilities, net $ (9,717 ) $ (12,833 ) We recorded net amortization of above‑ and below‑market lease intangibles of $0.3 million and $1.0 million as an increase to rental revenue for the three and nine months ended September 30, 2018, respectively, and $0.3 million and $1.0 million as an increase to rental revenue for the three and nine months ended September 30, 2017, respectively. We recorded amortization of in‑place lease intangibles of $0.6 million and $1.7 million as amortization expense for the three and nine months ended September 30, 2018, respectively, and $0.4 million and $1.2 million as amortization expense for the three and nine months ended September 30, 2017, respectively. Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of September 30, 2018 follows (in thousands): Acquired in-place leases Acquired above-market Acquired below-market 2018 (three months) $ 439 $ 184 $ (406 ) 2019 1,725 670 (1,577 ) 2020 1,650 511 (1,531 ) 2021 1,586 411 (1,404 ) 2022 1,503 337 (1,281 ) Thereafter 10,566 1,892 (3,518 ) Total $ 17,469 $ 4,005 $ (9,717 )

Investments in Receivables

Investments in Receivables	9 Months Ended
	Sep. 30, 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 During the three and nine months ended September 30, 2018, 16 of the Partnership’s investments in receivables were impaired and recognized impairment charges totaling $0.8 million. The investments in receivables were impaired to net realizable value. Pursuant to the terms of the omnibus agreement, Landmark will indemnify the Partnership for the $0.8 million impairment of investments in receivables during the fourth quarter of fiscal 2018 which will be treated as a deemed capital contribution. Interest income recognized on the receivables totaled $0.4 million and $1.3 million for the three and nine months ended September 30, 2018, respectively, and $0.4 million and $1.2 million for the three and nine months ended September 30, 2017, respectively. The following table reflects the activity in investments in receivables (in thousands): September 30, 2018 December 31, 2017 Investments in receivables – beginning $ 20,782 $ 17,440 Acquisitions — 4,389 Impairments (785 ) — Repayments (915 ) (1,180 ) Interest accretion — 7 Foreign currency translation adjustment (118 ) 126 Investments in receivables – ending $ 18,964 $ 20,782 Annual amounts due as of September 30, 2018, are as follows (in thousands): 2018 (three months) $ 574 2019 2,166 2020 2,154 2021 2,212 2022 2,345 Thereafter 27,157 Total $ 36,608 Interest $ 17,644 Principal 18,964 Total $ 36,608

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	9 Months Ended
	Sep. 30, 2018
Equity Method Investments And Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	7. Investment in Unconsolidated Joint Venture On September 24, 2018, the Partnership completed the formation of the unconsolidated JV. The Partnership contributed 545 tenant site assets to the unconsolidated JV that secured the Partnership’s $125.4 million Series 2018-1 secured notes (the “2018 Securitization”), in exchange for a 50.01% membership interest in the unconsolidated JV and $65.5 million in cash (the “Transaction”). The Partnership does not control the unconsolidated JV and therefore, accounts for its investment in the unconsolidated JV using the equity method of accounting prospectively upon formation of the unconsolidated JV. The Partnership recognized a gain on contribution of real property interests in accordance with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets In addition to the contribution of assets, the JV assumed the 2018 Securitization On June 6, 2018, the Partnership completed the 2018 Securitization involving certain tenant sites and related property interests owned by certain unrestricted special purpose subsidiaries of the Partnership, through the issuance of the Class C, Class D and Class F Series 2018-1 Secured Notes (the “2018 Secured Notes”), in an aggregate principal amount of $125.4 million. The net proceeds from the 2018 Securitization were primarily used to pay down the revolving credit facility by $120.5 million. The Class F notes are subordinated in right of payment to the Class D notes and the Class D notes are subordinated in right of payment to the Class C notes. The 2018 Secured Notes were issued at a discount of less than $0.1 million, which will be accreted and recognized as interest expense over the term of the secured notes. The Class C, Class D and Class F 2018 Secured Notes bear interest at a fixed note rate per annum of 3.97%, 4.70% and 5.92%, respectively. The following table summarizes the Partnership’s contribution of assets and liabilities, at cost, to the unconsolidated JV as of the date of the Transaction (in thousands): Assets Cash, cash equivalents and restricted cash $ 1,549 Real property interests, net 153,028 Other intangible assets, net 2,468 Total assets $ 157,045 Liabilities Secured notes, net $ 122,084 Other intangible liabilities, net 3,046 Other liabilities 758 Total liabilities $ 125,888 Net equity contributed to the unconsolidated joint venture $ 31,157 The following table summarizes the Partnership’s gain on the contribution of real property interests to the unconsolidated JV as of the date of the Transaction (in thousands): Investment in unconsolidated joint venture $ 65,611 Proceeds from sale of real property interests 65,585 Less: Net equity contributed to the unconsolidated joint venture (31,157 ) Gain on sale of real property interests $ 100,039

Debt

Debt	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Debt	8. Debt The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date September 30, 2018 December 31, 2017 Revolving credit facility November 19, 2019 $ 140,500 $ 304,000 4.38% senior secured notes June 30, 2036 $ 43,103 $ — Series 2017-1 Class A 4.10% November 15, 2022 (1) 61,273 62,000 Series 2017-1 Class B 3.81% November 15, 2022 (1) 17,683 18,000 Series 2016-1 Class A 3.52% June 1, 2021 (2) 87,132 89,171 Series 2016-1 Class B 7.02% June 1, 2021 (2) 25,100 25,100 Secured Notes 234,291 194,271 Discount on Secured Notes (1,547 ) (1,826 ) Deferred loan costs (7,015 ) (5,196 ) Secured Notes, net $ 225,729 $ 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 September 30, 2018, there was $249.5 million of undrawn borrowing capacity, subject to compliance with certain financial covenants. As of September 30, 2018, the Partnership was in compliance with all financial covenants required under the revolving credit facility. Subsequent to September 30, 2018, the Partnership obtained commitments from a syndicate of banks for an amended and restated five-year revolving credit facility with initial borrowing commitments of no less than $450.0 million. The amended credit facility is expected to close in the fourth quarter of 2018, however until definitive documentation is entered into, there is no guarantee that the Partnership will be able to refinance the credit facility. Secured Notes 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 “4.38% Senior Secured Notes”) involving a segregated pool of renewable power generation sites and related property interests. The 4.38% 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. 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 Class A and Class B Series 2017-1 Secured Notes (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 Class A and Class B Series 2016-1 Secured Notes (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 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 September 30, 2018, $6.2 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 for the 2017 Secured Notes and 2016 Secured Notes, respectively and at least 1.1 to 1.0 for the 4.38% Senior Secured Notes. As of September 30, 2018, the Partnership was in compliance with all financial covenants under the Secured Notes. The Secured Notes’ annual principal payment amounts due as of September 30, 2018, are as follows (in thousands): 2018 (three months) $ 2,273 2019 8,206 2020 10,313 2021 (1) 108,013 2022 72,737 Thereafter (1) 32,749 Total $ 234,291 (1) Reflects anticipated repayment dates Interest Expense The Partnership incurred interest expense of $6.9 million and $19.6 million for the three and nine months ended September 30, 2018, respectively, and $4.8 million and $12.9 million for the three and nine months ended September 30, 2017, respectively. At September 30, 2018 and December 31, 2017, the Partnership had interest payable of $1.2 million and $0.7 million, respectively. Additionally, the Partnership recorded amortization of deferred loan costs and amortization of discount on secured notes, which is included in interest expense, of $1.1 million and $3.0 million for three and nine months ended September 30, 2018, respectively, and $0.6 million and $1.5 million for the three and nine months ended September 30, 2017, respectively.

Interest Rate Swap Agreements

Interest Rate Swap Agreements	9 Months Ended
	Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swap Agreements	9. Interest Rate Swap Agreements The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements (in thousands, except percentages): Date Notional Revolver Effective Maturity Fair Value Asset at Entered Value Fixed Rate Date Date September 30, 2018 December 31, 2017 December 24, 2014 $ 70,000 4.02 % 12/24/2014 12/24/2018 $ 134 $ 164 February 5, 2015 25,000 3.79 4/13/2015 4/13/2019 165 174 August 24, 2015 50,000 4.24 10/1/2015 10/1/2022 2,206 840 March 23, 2016 50,000 4.17 12/24/2018 12/24/2021 1,810 761 March 31, 2016 20,000 4.06 12/24/2018 12/24/2021 784 364 March 31, 2016 25,000 4.13 4/13/2019 4/13/2022 952 418 June 12, 2017 50,000 4.56 3/2/2018 9/2/2024 2,315 438 $ 8,366 $ 3,159 During the three and nine months ended September 30, 2018, the Partnership recorded a gain of $0.8 million and a gain of $5.2 million, respectively, and for the three and nine months ended September 30, 2017, the Partnership recorded a loss of less than $0.1 million and $0.1 million, respectively, resulting from the change in fair value of the interest rate swap agreements, which is reflected as an unrealized gain (loss) on derivative financial instruments on the consolidated 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 September 30, 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 $ 193 $ 75 $ 251 $ 17 February 5, 2015 4/13/2019 227 103 289 40 August 24, 2015 10/1/2022 3,111 1,324 3,974 400 March 23, 2016 12/24/2021 2,508 1,126 3,178 414 March 31, 2016 12/24/2021 1,064 512 1,331 228 March 31, 2016 4/13/2022 1,297 617 1,625 265 June 12, 2017 9/2/2024 3,623 1,036 4,856 (320 )

Equity

Equity	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Equity	10. Equity The table below summarizes changes in the number of units outstanding for the nine months ended September 30, 2018 and 2017 (in units): Mezzanine Equity - Series A Series B Series C Common Subordinated Preferred Preferred Preferred Balance as of December 31, 2016 19,450,555 3,135,109 863,957 1,840,000 — Issuance of units to Fund G - April 28, 2017 221,729 — — — — Issuance under ATM Programs — — 562,504 528,927 — Issuance under Unit Exchange Program 70,481 — — — — Unit-based compensation 6,798 — — — — Balance as of September 30, 2017 19,749,563 3,135,109 1,426,461 2,368,927 — 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 ) — — — Issuance of Series C Preferred Units - April 2, 2018 — — — — 2,000,000 Issuance under ATM Programs 27,830 — 24,747 — — Issuance under Unit Exchange Program 446,416 — — — — Unit-based compensation 3,826 — — — — Balance as of September 30, 2018 25,266,060 — 1,593,149 2,463,015 2,000,000 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 nine months ended September 30, 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 nine months ended September 30, 2017. As of September 30, 2018, we have $38.4 million remaining available to be issued under the Common Unit ATM Program. On February 16, 2016, the Partnership filed a shelf registration statement on Form S-4 with the SEC. The shelf registration statement was declared effective on March 10, 2016 and permits us to offer and issue, from time to time, an aggregate of up to 5,000,000 Common Units in connection with the acquisition by us or our subsidiaries of other businesses, assets or securities. During the nine months ended September 30, 2018 and 2017, under the Unit Exchange Program, we completed an acquisition of 24 and five tenant sites in exchange for 446,416 and 70,481 Common Units, valued at approximately $6.7 million and $1.1 million, respectively. As of September 30, 2018, we have 4,153,649 Common Units remaining available to be issued under the Unit Exchange Program. 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 nine months ended September 30, 2018 and 2017, the Partnership issued 24,747 and 562,504 Series A Preferred Units under our Series A Preferred Unit ATM Program, generating proceeds of approximately $0.6 million and $14.1 million before issuance costs, respectively. As of September 30, 2018, we have $20.1 million remaining available to be issued under the Series A Preferred Unit ATM Program. 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 Mezzanine Equity 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” and together with the Series A Preferred Units and the “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. Distributions on the Series C Preferred Units are cumulative from the date of original issue and will be payable quarterly in arrears on the 15th day of February, May, August and November of each year, when, as and if declared by the board of directors of our General Partner. The initial distribution on the Series C Preferred Units was paid on May 15, 2018 in an amount equal to $0.2090 per unit. Distributions accruing from, and including, the date of original issuance and to, but excluding May 15, 2025 will accrue at an annual rate equal to the greater of (i) 7.00% per annum, and (ii) the sum of (a) three-month LIBOR as calculated on each applicable date of determination and (b) 4.698% per annum, based on the $25.00 liquidation preference per Series C Preferred Unit. Distributions accruing on and after May 15, 2025 will accrue at 9.00% per annum of the stated liquidation preference. Holders of Series C Preferred Units, at their option, may, at any time and from time to time, convert some or all of their Series C Preferred Units based on an initial conversion rate of 1.3017 common units per Series C Preferred Unit. In the event of a fundamental change, holder of the Series C Preferred Units, at their option, may convert some or all of their Series C Preferred Units into the greater of (i) a number of common units plus a make-whole premium and (ii) a number of common units equal to the lessor of (a) the liquidation preference divided by the market value of our common units on the effective date of such fundamental change and (b) 11.13 (subject to adjustments). On May 15, 2025, May 15, 2028, and each subsequent five-year anniversary date thereafter (each such date, a “designated redemption date”), each holder of Series C Preferred Units shall have the right (a “redemption right”) to require the Partnership to redeem any or all of the Series C Preferred Units held by such holder outstanding on such designated redemption date at a redemption price equal to the liquidation preference of $25.00, plus all accrued and unpaid distributions to, but not including, in each case out of funds legally available for such payment and to the extent not prohibited by law, the designated redemption date (the “put redemption price”). At our option we may pay the redemption in our common units or cash, subject to certain limitations. At any time on or after May 20, 2025, the Partnership shall have the option to redeem the Series C Preferred Units, in whole or in part, at a redemption price of $25.00 per Series C Preferred Unit plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared. The Partnership has classified the Series C Preferred Units as mezzanine equity in the accompanying consolidated balance sheets based upon the terms and conditions of the holder’s redemption option. The Partnership concluded that the Series C Preferred Units are not currently redeemable and are not probable of being redeemed by the holder for cash. If redemption becomes probable, the units will be recorded to redemption value. 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 and IDRs 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 June 30, 2018 July 19, 2018 August 14, 2018 0.3675 9,431 September 30, 2018 (1) October 26, 2018 November 14, 2018 0.3675 9,285 Series A Preferred Units 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 June 30, 2018 June 21, 2018 July 16, 2018 0.5000 797 September 30, 2018 September 20, 2018 October 15, 2018 0.5000 797 Series B Preferred Units 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 June 30, 2018 July 19, 2018 August 15, 2018 0.4938 1,216 September 30, 2018 October 22, 2018 November 15, 2018 0.4938 1,216 Series C Preferred Units June 30, 2018 (2) April 19, 2018 May 15, 2018 $ 0.2090 $ 418 June 30, 2018 July 19, 2018 August 15, 2018 0.4400 880 September 30, 2018 October 22, 2018 November 15, 2018 0.4382 876 (1) The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations related to the three months ended September 30, 2018 quarterly distribution. (2) The first distribution declared by the Partnership for the Series C Preferred Units was prorated for the 43-day period following the closing of the issuance on April 2, 2018. The distribution was paid on May 15, 2018 to unitholders of record as of May 1, 2018.

Net Income (Loss) Per Limited P

Net Income (Loss) Per Limited Partner Unit	9 Months Ended
	Sep. 30, 2018
Earnings Per Unit [Abstract]
Net Income (Loss) Per Limited Partner Unit	11. 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. 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 the 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 and nine months ended September 30, 2018 and 2017 follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income attributable to limited partners $ 105,139 $ 3,794 $ 117,973 $ 9,991 Less: Distributions declared on Preferred Units (2,868 ) (1,818 ) (7,742 ) (4,672 ) General partner's incentive distribution rights (1) (197 ) (109 ) (587 ) (295 ) Net income attributable to common and subordinated unitholders 102,074 1,867 109,644 5,024 Distributions declared on common units (9,285 ) (7,073 ) (27,710 ) (21,024 ) Distributions declared on subordinated units — (1,121 ) — (3,339 ) Undistributed net income (loss) $ 92,789 $ (6,327 ) $ 81,934 $ (19,339 ) (1) The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations related to the three months ended September 30, 2018 quarterly distribution. For purposes of determining net income per common unit, the amount otherwise due to the general partner has been referenced as a deemed distribution. The calculation of net income per common and subordinated unit for the three months ended September 30, 2018 and 2017 follows (in thousands, except per unit data): Three Months Ended September 30, 2018 2017 Common Units Common Units Subordinated Units Distributions declared $ 9,285 $ 7,073 $ 1,121 Undistributed net income (loss) 92,789 (5,460 ) (867 ) Net income attributable to common and subordinated units - basic 102,074 1,613 254 Net income attributable to subordinated units — 254 — Distributions on dilutive preferred units 868 — — Net income attributable to common and subordinated units - diluted $ 102,942 $ 1,867 $ 254 Weighted-average units outstanding: Basic 25,138 19,750 3,135 Effect of dilutive subordinated units — 3,135 — Effect of dilutive preferred units 2,603 — — Diluted 27,741 22,885 3,135 Net income per common and subordinated unit: Basic $ 4.06 $ 0.08 $ 0.08 Diluted (1)(2) $ 3.71 $ 0.08 $ 0.08 (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. (2) Diluted earnings per unit takes into account the potential dilutive effect of common units that could be issued by the Partnership in conjunction with the Series C Preferred Units conversion features. Potential common unit equivalents are dilutive for the three months ended September 30, 2018 and, as a result, have been included in the determination of diluted net income (loss) per common unit. The calculation of net income (loss) per common and subordinated unit for the nine months ended September 30, 2018 and 2017 follows (in thousands, except per unit data): Nine Months Ended September 30, 2018 2017 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ 27,710 $ — $ 21,024 $ 3,339 Undistributed net income (loss) 82,237 (303 ) (16,678 ) (2,661 ) Net income (loss) attributable to common and subordinated units - basic 109,947 (303 ) 4,346 678 Net income (loss) attributable to subordinated units (303 ) — 678 — Distributions on dilutive preferred units 1,736 — — — Net income (loss) attributable to common and subordinated units - diluted $ 111,380 $ (303 ) $ 5,024 $ 678 Weighted-average units outstanding: Basic 24,405 517 19,620 3,135 Effect of dilutive subordinated units 517 — 3,135 — Effect of dilutive preferred units 1,736 — — — Diluted 26,658 517 22,755 3,135 Net income (loss) per common and subordinated unit: Basic $ 4.51 $ (0.59 ) $ 0.22 $ 0.22 Diluted (1)(2) $ 4.18 $ (0.59 ) $ 0.22 $ 0.22 (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. (2) Diluted earnings per unit takes into account the potential dilutive effect of common units that could be issued by the Partnership in conjunction with the Series C Preferred Units conversion features. Potential common unit equivalents are dilutive for the nine months ended September 30, 2018 and, as a result, have been included in the determination of diluted net income (loss) per common unit.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	12. 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): September 30, 2018 December 31, 2017 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 18,964 $ 19,267 $ 20,782 $ 20,995 Revolving credit facility 140,500 140,500 304,000 304,000 Secured Notes, net 225,729 223,482 187,249 187,895 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 September 30, 2018 and December 31, 2017, the Partnership measured the following assets at fair value on a recurring basis (in thousands): September 30, 2018 December 31, 2017 Derivative Assets (1) $ 8,366 $ 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	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related-Party Transactions	13. Related ‑ General and Administrative Reimbursement Under our omnibus agreement, we are required to reimburse Landmark for expenses related to certain general and administrative services Landmark provides to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $80.0 million and (ii) November 19, 2019. The full amount of general and administrative expenses incurred will be reflected on our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected on our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in the amount of general and administrative expenses. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for us or on our behalf and expenses allocated to our general partner by its affiliates. For the three and nine months ended September 30, 2018, Landmark reimbursed us $0.3 million and $2.1 million, respectively, for expenses related to certain general and administrative expenses that exceeded the cap, and 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 ‑ uring the three and nine months ended September 30, 2017 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 nine months ended September 30, 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 Secured Notes, the Partnership entered into applicable management agreements with the General Partner. 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 for the 2016 and 2017 secured notes and 0.5% of operating revenue for the 4.38% senior secured notes. 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 $10,939 and $26,965 of Secured Tenant Site Assets’ management fees during the three and nine months ended September 30, 2018, respectively, and $4,569 and $13,817 of three and nine months ended September 30, 2017 Acquisition of Real Property Interests In connection with third party acquisitions, Landmark will be obligated to provide acquisition services to us, including asset identification, underwriting and due diligence, negotiation, documentation and closing, at the reasonable request of our General Partner, but we are under no obligation to utilize such services. We will pay Landmark reasonable fees, as mutually agreed to by Landmark and us, for providing these services. These fees will not be subject to the cap on general and administrative expenses described above. As of September 30, 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 September 30, 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. The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations related to the three months ended September 30, 2018 quarterly distribution. During three and nine months ended September 30, 2018, we paid zero and $0.4 million of incentive distribution rights, respectively. For purposes of determining net income per common unit, the amount otherwise due to the general partner has been referenced as a deemed distribution. Due from Affiliates At September 30, 2018 and December 31, 2017, the General Partner and its affiliates owed $0.1 million and $0.6 million, respectively, to the Partnership primarily for the current quarter general and administrative reimbursement and for rents received on our behalf.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Segment Information	14. Segment Information The Partnership had three reportable segments, wireless communication, outdoor advertising and renewable power generation for all periods presented. The Partnership’s wireless communication segment consists of leasing infrastructure and real property interests and providing financing to companies in the wireless communication industry in the United States, Canada, and Australia. The Partnership’s outdoor advertising segment consists of leasing real property interests to companies in the outdoor advertising industry in the United States, Canada, Australia, and the United Kingdom. The Partnership’s renewable power generation segment consists of leasing real property interests and providing financing to companies in the renewable power industry in the United States. Items that are not included in any of the reportable segments are included in the corporate category. The reportable segments are strategic business units that offer different products and services. They are commonly managed as all three businesses require similar marketing and business strategies. Because our tenant lease arrangements are mostly effectively triple-net, we evaluate our segments based on revenue. We believe this measure provides investors relevant and useful information because it is presented on an unlevered basis. The statements of operations for the reportable segments are as follows: For the three months ended September 30, 2018 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 10,511 $ 4,989 $ 2,060 $ — $ 17,560 Expenses Property operating 141 185 34 — 360 General and administrative — — — 735 735 Acquisition-related — — — 88 88 Amortization 3,155 962 176 — 4,293 Impairments 785 92 — — 877 Total expenses 4,081 1,239 210 823 6,353 Total other income and expenses 100,187 61 206 (6,054 ) 94,400 Income (loss) before income tax expense 106,617 3,811 2,056 (6,877 ) 105,607 Income tax expense — — — 460 460 Net income (loss) $ 106,617 $ 3,811 $ 2,056 $ (7,337 ) $ 105,147 For the three months ended September 30, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 8,502 $ 3,134 $ 1,863 $ — $ 13,499 Expenses Property operating 14 49 23 — 86 General and administrative — — — 1,422 1,422 Acquisition-related — — — 255 255 Amortization 2,744 572 142 — 3,458 Total expenses 2,758 621 165 1,677 5,221 Total other income and expenses 175 65 190 (4,838 ) (4,408 ) Income (loss) before income tax expense 5,919 2,578 1,888 (6,515 ) 3,870 Income tax expense — — — 72 72 Net income (loss) $ 5,919 $ 2,578 $ 1,888 $ (6,587 ) $ 3,798 For the nine months ended September 30, 2018 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 30,518 $ 13,537 $ 5,996 $ — $ 50,051 Expenses Property operating 214 510 151 — 875 General and administrative — — — 3,523 3,523 Acquisition-related — — — 469 469 Amortization 9,456 2,589 503 — 12,548 Impairments 785 195 — — 980 Total expenses 10,455 3,294 654 3,992 18,395 Total other income and expenses 105,286 190 609 (19,085 ) 87,000 Income (loss) before income tax expense 125,349 10,433 5,951 (23,077 ) 118,656 Income tax expense — — — 663 663 Net income (loss) $ 125,349 $ 10,433 $ 5,951 $ (23,740 ) $ 117,993 For the nine months ended September 30, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 24,705 $ 7,693 $ 5,745 $ — $ 38,143 Expenses Property operating 32 93 122 — 247 General and administrative — — — 4,267 4,267 Acquisition-related 14 174 — 819 1,007 Amortization 8,058 1,352 416 — 9,826 Impairments 645 203 — — 848 Total expenses 8,749 1,822 538 5,086 16,195 Total other income and expenses 545 79 544 (13,042 ) (11,874 ) Income (loss) before income tax expense 16,501 5,950 5,751 (18,128 ) 10,074 Income tax expense — — — 72 72 Net income (loss) $ 16,501 $ 5,950 $ 5,751 $ (18,200 ) $ 10,002 The Partnership’s total assets by segment were (in thousands): September 30, 2018 December 31, 2017 Segments Wireless communication $ 434,927 $ 440,139 Outdoor advertising 214,084 175,825 Renewable power generation 112,621 111,482 Corporate assets 26,041 40,553 Total assets $ 787,673 $ 767,999 The following table represents the Partnership’s rental revenues by country (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Country United States $ 16,450 $ 13,025 $ 47,346 $ 37,301 United Kingdom 851 285 2,045 383 Australia 244 175 616 420 Canada 15 14 44 39 Total rental revenue $ 17,560 $ 13,499 $ 50,051 $ 38,143 The following table represents the Partnership’s total assets by country (in thousands): September 30, 2018 December 31, 2017 Country United States $ 726,100 $ 729,109 United Kingdom 48,815 30,391 Australia 12,122 7,938 Canada 636 561 Total assets $ 787,673 $ 767,999

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. 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. In April 2018, T-Mobile and Sprint announced a proposed merger. Significant consolidation among our tenants in the wireless communication industry (or our tenants’ sub‑lessees) may result in the decommissioning of certain existing communications sites, because certain portions of these tenants’ (or their sub‑lessees’) networks may be redundant. The impact of any future consolidation in the wireless communication industry and the termination of additional leases in our portfolio would result in lower rental revenue and may lead to impairment of our real property interests or other adverse effects to our business. As of September 30, 2018, the Partnership had approximately $69.7 million of real property interests subject to subordination to lenders of the underlying property. To the extent a lender forecloses on a property the Partnership would take impairment charges for the book value of the asset and no longer be entitled to the revenue associated with the asset. Substantially all of our tenant sites are subject to triple net or effectively triple-net lease arrangements, which require the tenant or the underlying property owner to pay all utilities, property taxes, insurance and repair and maintenance costs. Our overall financial results could be impacted to the extent the owners of the fee interest in the real property or our tenants do not satisfy their obligations.

Tenant Concentration

Tenant Concentration	9 Months Ended
	Sep. 30, 2018
Risks And Uncertainties [Abstract]
Tenant Concentration	16. Tenant Concentration For the three and nine months ended September 30, 2018 and 2017, the Partnership had the following tenant revenue concentrations: Three Months Ended September 30, Nine Months Ended September 30, Tenant 2018 2017 2018 2017 T-Mobile 10.0 % 11.4 % 10.3 % 12.0 % Clear Channel 10.9 % 8.8 % 10.9 % 7.7 % AT&T Mobility 9.7 % 10.6 % 10.0 % 11.2 % Sprint 8.2 % 9.1 % 8.6 % 9.8 % Most tenants are subsidiaries of these companies but have been aggregated for purposes of showing revenue concentration. Financial information for these companies can be found at www.sec.gov. The loss of any one of our large customers as a result of consolidation, merger, bankruptcy, insolvency, network sharing, roaming, joint development, resale agreements by our customers or otherwise may result in (1) a material decrease in our revenue, (2) uncollectible account receivables, (3) an impairment of our deferred site rental receivables, wireless infrastructure assets, site rental contracts or customer relationships intangible assets, or (4) other adverse effects to our business.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	17. Supplemental Cash Flow Information Noncash activities for the nine months ended September 30, 2018 and 2017 were as follows (in thousands): Nine Months Ended September 30, 2018 2017 Capital contribution to fund general and administrative expense reimbursement $ 289 $ 996 Purchase price for acquisitions included in due to Landmark and affiliates 436 146 Issuance of common units for assets acquired from Fund H 27,342 — Unit Exchange Program acquisitions 6,750 1,099 Distributions payable to preferred unitholders 1,718 1,212 Deferred loan costs included in accounts payable and accrued liabilities 50 — Investment in unconsolidated joint venture (65,611 ) — Total assets contributed to unconsolidated joint venture 157,045 — Total liabilities contributed to unconsolidated joint venture (125,888 ) — Purchase price for acquisitions and development activities included in accounts payable 1,452 285 Deemed contribution by the General Partner 197 — Deemed distribution to the General Partner (197 ) — Cash flows related to interest paid was as follows (in thousands): Nine Months Ended September 30, 2018 2017 Cash paid for interest $ 16,135 $ 11,420 Capitalized interest 479 —

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Event	18. Subsequent Event Subsequent to September 30, 2018, the Partnership obtained commitments from a syndicate of banks for an amended and restated five-year revolving credit facility with initial borrowing commitments of no less than $450.0 million. The amended credit facility is expected to close in the fourth quarter of 2018, however until definitive documentation is entered into, there is no guarantee that the Partnership will be able to refinance the credit facility.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 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”) and our foreign subsidiaries. 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. Asset OpCo and 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 (the “Tax Act”) 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. Concurrently, the SEC issued Staff Accounting Bulletin (“SAB 118”), which provides guidance on accounting for tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. The Partnership continues to assess the impact of the Tax Act, including qualification as a real estate business. Our tax expense is provisional and reflected in the consolidated financial statements as of September 30, 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.
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture The Partnership accounts for its investment in an unconsolidated joint venture using the equity method of accounting. Under the equity method, the investment is initially recorded at fair value and subsequently adjusted for distributions and the Partnership’s proportionate share of equity in the joint venture’s income (loss). The Partnership recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture as equity income (loss) from unconsolidated joint venture on the consolidated statements of operations. On a quarterly basis, the Partnership evaluates its investment in an unconsolidated joint venture for other-than-temporary impairments.
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 June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 Income Taxes Basis of Presentation and Summary of Significant Accounting Policies 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)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 Second Quarter International — 8 — 8 — $ 7.3 $ — $ 7.3 UEP 7 1 — 8 — 0.6 1.8 2.4 Domestic 3 1 — 4 — 21.5 — 21.5 Total 10 10 — 20 — $ 29.4 $ 1.8 $ 31.2 Third Quarter International 2 12 — 14 — $ 14.2 $ — $ 14.2 UEP 10 — — 10 — 0.9 1.8 2.7 Domestic 2 11 — 13 — 2.0 — 2.0 Total 14 23 — 37 — $ 17.1 $ 1.8 $ 18.9 2018 Total 44 46 — 90 — $ 67.8 $ 6.8 $ 74.6 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)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Summary of the Partnership's Real Property Interests	The following table summarizes the Partnership’s real property interests (in thousands): September 30, 2018 December 31, 2017 Land $ 128,791 $ 114,385 Real property interests – perpetual 101,471 114,612 Real property interests – finite life 415,812 481,810 Construction in progress 26,413 7,574 Total land and real property interests 672,487 718,381 Accumulated amortization of real property interests (35,965 ) (37,817 ) Land and net real property interests $ 636,522 $ 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 nine months ended September 30, 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 $ 15,228 $ 77,292 $ 6,617 $ 1,301 $ (1,533 ) $ 98,905 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 September 30, 2018, are as follows (in thousands): 2018 (three months) $ 3,012 2019 11,895 2020 11,334 2021 10,744 2022 10,459 Thereafter 332,403 Total $ 379,847
Schedule of Carrying Amounts of Major Classes of Assets and Liabilities Held for Sale	The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are as follows (in thousands): September 30, 2018 Land $ 1,286 Real property interests, net 5,566 Other intangible assets, net 994 AHFS $ 7,846 Other intangible liabilities, net $ 397 Liabilities associated with AHFS $ 397

Other Intangible Assets and L_2

Other Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2018 December 31, 2017 Acquired in-place lease Gross amount $ 23,273 $ 20,486 Accumulated amortization (5,804 ) (6,119 ) Net amount $ 17,469 $ 14,367 Acquired above-market leases Gross amount $ 6,545 $ 6,503 Accumulated amortization (2,540 ) (2,886 ) Net amount $ 4,005 $ 3,617 Total other intangible assets, net $ 21,474 $ 17,984 Acquired below-market leases Gross amount $ (17,127 ) $ (21,218 ) Accumulated amortization 7,410 8,385 Total other intangible liabilities, net $ (9,717 ) $ (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 September 30, 2018 follows (in thousands): Acquired in-place leases Acquired above-market Acquired below-market 2018 (three months) $ 439 $ 184 $ (406 ) 2019 1,725 670 (1,577 ) 2020 1,650 511 (1,531 ) 2021 1,586 411 (1,404 ) 2022 1,503 337 (1,281 ) Thereafter 10,566 1,892 (3,518 ) Total $ 17,469 $ 4,005 $ (9,717 )

Investments in Receivables (Tab

Investments in Receivables (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Receivable Net [Abstract]
Activity in investments in receivables	The following table reflects the activity in investments in receivables (in thousands): September 30, 2018 December 31, 2017 Investments in receivables – beginning $ 20,782 $ 17,440 Acquisitions — 4,389 Impairments (785 ) — Repayments (915 ) (1,180 ) Interest accretion — 7 Foreign currency translation adjustment (118 ) 126 Investments in receivables – ending $ 18,964 $ 20,782
Annual amounts due	Annual amounts due as of September 30, 2018, are as follows (in thousands): 2018 (three months) $ 574 2019 2,166 2020 2,154 2021 2,212 2022 2,345 Thereafter 27,157 Total $ 36,608 Interest $ 17,644 Principal 18,964 Total $ 36,608

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Tables)	9 Months Ended
	Sep. 30, 2018
Equity Method Investments And Joint Ventures [Abstract]
Summary of Partnership Contribution of Assets and Liabilities at Cost to JV	The following table summarizes the Partnership’s contribution of assets and liabilities, at cost, to the unconsolidated JV as of the date of the Transaction (in thousands): Assets Cash, cash equivalents and restricted cash $ 1,549 Real property interests, net 153,028 Other intangible assets, net 2,468 Total assets $ 157,045 Liabilities Secured notes, net $ 122,084 Other intangible liabilities, net 3,046 Other liabilities 758 Total liabilities $ 125,888 Net equity contributed to the unconsolidated joint venture $ 31,157
Summary of Partnership Gain on Contribution of Real Property Interests to JV	The following table summarizes the Partnership’s gain on the contribution of real property interests to the unconsolidated JV as of the date of the Transaction (in thousands): Investment in unconsolidated joint venture $ 65,611 Proceeds from sale of real property interests 65,585 Less: Net equity contributed to the unconsolidated joint venture (31,157 ) Gain on sale of real property interests $ 100,039

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of Partnership's debt	The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date September 30, 2018 December 31, 2017 Revolving credit facility November 19, 2019 $ 140,500 $ 304,000 4.38% senior secured notes June 30, 2036 $ 43,103 $ — Series 2017-1 Class A 4.10% November 15, 2022 (1) 61,273 62,000 Series 2017-1 Class B 3.81% November 15, 2022 (1) 17,683 18,000 Series 2016-1 Class A 3.52% June 1, 2021 (2) 87,132 89,171 Series 2016-1 Class B 7.02% June 1, 2021 (2) 25,100 25,100 Secured Notes 234,291 194,271 Discount on Secured Notes (1,547 ) (1,826 ) Deferred loan costs (7,015 ) (5,196 ) Secured Notes, net $ 225,729 $ 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 September 30, 2018, are as follows (in thousands): 2018 (three months) $ 2,273 2019 8,206 2020 10,313 2021 (1) 108,013 2022 72,737 Thereafter (1) 32,749 Total $ 234,291 (1) Reflects anticipated repayment dates

Interest Rate Swap Agreements (

Interest Rate Swap Agreements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2018 December 31, 2017 December 24, 2014 $ 70,000 4.02 % 12/24/2014 12/24/2018 $ 134 $ 164 February 5, 2015 25,000 3.79 4/13/2015 4/13/2019 165 174 August 24, 2015 50,000 4.24 10/1/2015 10/1/2022 2,206 840 March 23, 2016 50,000 4.17 12/24/2018 12/24/2021 1,810 761 March 31, 2016 20,000 4.06 12/24/2018 12/24/2021 784 364 March 31, 2016 25,000 4.13 4/13/2019 4/13/2022 952 418 June 12, 2017 50,000 4.56 3/2/2018 9/2/2024 2,315 438 $ 8,366 $ 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 $ 193 $ 75 $ 251 $ 17 February 5, 2015 4/13/2019 227 103 289 40 August 24, 2015 10/1/2022 3,111 1,324 3,974 400 March 23, 2016 12/24/2021 2,508 1,126 3,178 414 March 31, 2016 12/24/2021 1,064 512 1,331 228 March 31, 2016 4/13/2022 1,297 617 1,625 265 June 12, 2017 9/2/2024 3,623 1,036 4,856 (320 )

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2018 and 2017 (in units): Mezzanine Equity - Series A Series B Series C Common Subordinated Preferred Preferred Preferred Balance as of December 31, 2016 19,450,555 3,135,109 863,957 1,840,000 — Issuance of units to Fund G - April 28, 2017 221,729 — — — — Issuance under ATM Programs — — 562,504 528,927 — Issuance under Unit Exchange Program 70,481 — — — — Unit-based compensation 6,798 — — — — Balance as of September 30, 2017 19,749,563 3,135,109 1,426,461 2,368,927 — 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 ) — — — Issuance of Series C Preferred Units - April 2, 2018 — — — — 2,000,000 Issuance under ATM Programs 27,830 — 24,747 — — Issuance under Unit Exchange Program 446,416 — — — — Unit-based compensation 3,826 — — — — Balance as of September 30, 2018 25,266,060 — 1,593,149 2,463,015 2,000,000
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 and IDRs 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 June 30, 2018 July 19, 2018 August 14, 2018 0.3675 9,431 September 30, 2018 (1) October 26, 2018 November 14, 2018 0.3675 9,285 Series A Preferred Units 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 June 30, 2018 June 21, 2018 July 16, 2018 0.5000 797 September 30, 2018 September 20, 2018 October 15, 2018 0.5000 797 Series B Preferred Units 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 June 30, 2018 July 19, 2018 August 15, 2018 0.4938 1,216 September 30, 2018 October 22, 2018 November 15, 2018 0.4938 1,216 Series C Preferred Units June 30, 2018 (2) April 19, 2018 May 15, 2018 $ 0.2090 $ 418 June 30, 2018 July 19, 2018 August 15, 2018 0.4400 880 September 30, 2018 October 22, 2018 November 15, 2018 0.4382 876 (1) The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations related to the three months ended September 30, 2018 quarterly distribution. (2) The first distribution declared by the Partnership for the Series C Preferred Units was prorated for the 43-day period following the closing of the issuance on April 2, 2018. The distribution was paid on May 15, 2018 to unitholders of record as of May 1, 2018.

Net Income (Loss) Per Limited_2

Net Income (Loss) Per Limited Partner Unit (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2018 and 2017 follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income attributable to limited partners $ 105,139 $ 3,794 $ 117,973 $ 9,991 Less: Distributions declared on Preferred Units (2,868 ) (1,818 ) (7,742 ) (4,672 ) General partner's incentive distribution rights (1) (197 ) (109 ) (587 ) (295 ) Net income attributable to common and subordinated unitholders 102,074 1,867 109,644 5,024 Distributions declared on common units (9,285 ) (7,073 ) (27,710 ) (21,024 ) Distributions declared on subordinated units — (1,121 ) — (3,339 ) Undistributed net income (loss) $ 92,789 $ (6,327 ) $ 81,934 $ (19,339 )
Calculation of net income (loss) per unit	The calculation of net income per common and subordinated unit for the three months ended September 30, 2018 and 2017 follows (in thousands, except per unit data): Three Months Ended September 30, 2018 2017 Common Units Common Units Subordinated Units Distributions declared $ 9,285 $ 7,073 $ 1,121 Undistributed net income (loss) 92,789 (5,460 ) (867 ) Net income attributable to common and subordinated units - basic 102,074 1,613 254 Net income attributable to subordinated units — 254 — Distributions on dilutive preferred units 868 — — Net income attributable to common and subordinated units - diluted $ 102,942 $ 1,867 $ 254 Weighted-average units outstanding: Basic 25,138 19,750 3,135 Effect of dilutive subordinated units — 3,135 — Effect of dilutive preferred units 2,603 — — Diluted 27,741 22,885 3,135 Net income per common and subordinated unit: Basic $ 4.06 $ 0.08 $ 0.08 Diluted (1)(2) $ 3.71 $ 0.08 $ 0.08 (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. (2) Diluted earnings per unit takes into account the potential dilutive effect of common units that could be issued by the Partnership in conjunction with the Series C Preferred Units conversion features. Potential common unit equivalents are dilutive for the three months ended September 30, 2018 and, as a result, have been included in the determination of diluted net income (loss) per common unit. The calculation of net income (loss) per common and subordinated unit for the nine months ended September 30, 2018 and 2017 follows (in thousands, except per unit data): Nine Months Ended September 30, 2018 2017 Common Units Subordinated Units Common Units Subordinated Units Distributions declared $ 27,710 $ — $ 21,024 $ 3,339 Undistributed net income (loss) 82,237 (303 ) (16,678 ) (2,661 ) Net income (loss) attributable to common and subordinated units - basic 109,947 (303 ) 4,346 678 Net income (loss) attributable to subordinated units (303 ) — 678 — Distributions on dilutive preferred units 1,736 — — — Net income (loss) attributable to common and subordinated units - diluted $ 111,380 $ (303 ) $ 5,024 $ 678 Weighted-average units outstanding: Basic 24,405 517 19,620 3,135 Effect of dilutive subordinated units 517 — 3,135 — Effect of dilutive preferred units 1,736 — — — Diluted 26,658 517 22,755 3,135 Net income (loss) per common and subordinated unit: Basic $ 4.51 $ (0.59 ) $ 0.22 $ 0.22 Diluted (1)(2) $ 4.18 $ (0.59 ) $ 0.22 $ 0.22 (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. (2) Diluted earnings per unit takes into account the potential dilutive effect of common units that could be issued by the Partnership in conjunction with the Series C Preferred Units conversion features. Potential common unit equivalents are dilutive for the nine months ended September 30, 2018 and, as a result, have been included in the determination of diluted net income (loss) per common unit.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2018 December 31, 2017 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 18,964 $ 19,267 $ 20,782 $ 20,995 Revolving credit facility 140,500 140,500 304,000 304,000 Secured Notes, net 225,729 223,482 187,249 187,895
Assets Measured at Fair Value on a Recurring Basis	As of September 30, 2018 and December 31, 2017, the Partnership measured the following assets at fair value on a recurring basis (in thousands): September 30, 2018 December 31, 2017 Derivative Assets (1) $ 8,366 $ 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)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of Right of First Offer acquisitions	During the nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Schedule of Statement of Operations by Reportable Segment	For the three months ended September 30, 2018 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 10,511 $ 4,989 $ 2,060 $ — $ 17,560 Expenses Property operating 141 185 34 — 360 General and administrative — — — 735 735 Acquisition-related — — — 88 88 Amortization 3,155 962 176 — 4,293 Impairments 785 92 — — 877 Total expenses 4,081 1,239 210 823 6,353 Total other income and expenses 100,187 61 206 (6,054 ) 94,400 Income (loss) before income tax expense 106,617 3,811 2,056 (6,877 ) 105,607 Income tax expense — — — 460 460 Net income (loss) $ 106,617 $ 3,811 $ 2,056 $ (7,337 ) $ 105,147 For the three months ended September 30, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 8,502 $ 3,134 $ 1,863 $ — $ 13,499 Expenses Property operating 14 49 23 — 86 General and administrative — — — 1,422 1,422 Acquisition-related — — — 255 255 Amortization 2,744 572 142 — 3,458 Total expenses 2,758 621 165 1,677 5,221 Total other income and expenses 175 65 190 (4,838 ) (4,408 ) Income (loss) before income tax expense 5,919 2,578 1,888 (6,515 ) 3,870 Income tax expense — — — 72 72 Net income (loss) $ 5,919 $ 2,578 $ 1,888 $ (6,587 ) $ 3,798 For the nine months ended September 30, 2018 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 30,518 $ 13,537 $ 5,996 $ — $ 50,051 Expenses Property operating 214 510 151 — 875 General and administrative — — — 3,523 3,523 Acquisition-related — — — 469 469 Amortization 9,456 2,589 503 — 12,548 Impairments 785 195 — — 980 Total expenses 10,455 3,294 654 3,992 18,395 Total other income and expenses 105,286 190 609 (19,085 ) 87,000 Income (loss) before income tax expense 125,349 10,433 5,951 (23,077 ) 118,656 Income tax expense — — — 663 663 Net income (loss) $ 125,349 $ 10,433 $ 5,951 $ (23,740 ) $ 117,993 For the nine months ended September 30, 2017 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 24,705 $ 7,693 $ 5,745 $ — $ 38,143 Expenses Property operating 32 93 122 — 247 General and administrative — — — 4,267 4,267 Acquisition-related 14 174 — 819 1,007 Amortization 8,058 1,352 416 — 9,826 Impairments 645 203 — — 848 Total expenses 8,749 1,822 538 5,086 16,195 Total other income and expenses 545 79 544 (13,042 ) (11,874 ) Income (loss) before income tax expense 16,501 5,950 5,751 (18,128 ) 10,074 Income tax expense — — — 72 72 Net income (loss) $ 16,501 $ 5,950 $ 5,751 $ (18,200 ) $ 10,002
Schedule of Total Assets by Reportable Segment	The Partnership’s total assets by segment were (in thousands): September 30, 2018 December 31, 2017 Segments Wireless communication $ 434,927 $ 440,139 Outdoor advertising 214,084 175,825 Renewable power generation 112,621 111,482 Corporate assets 26,041 40,553 Total assets $ 787,673 $ 767,999
Schedule of Rental Revenues by Country	The following table represents the Partnership’s rental revenues by country (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Country United States $ 16,450 $ 13,025 $ 47,346 $ 37,301 United Kingdom 851 285 2,045 383 Australia 244 175 616 420 Canada 15 14 44 39 Total rental revenue $ 17,560 $ 13,499 $ 50,051 $ 38,143
Schedule of Total Assets by Country	The following table represents the Partnership’s total assets by country (in thousands): September 30, 2018 December 31, 2017 Country United States $ 726,100 $ 729,109 United Kingdom 48,815 30,391 Australia 12,122 7,938 Canada 636 561 Total assets $ 787,673 $ 767,999

Tenant Concentration (Tables)

Tenant Concentration (Tables)	9 Months Ended
	Sep. 30, 2018
Risks And Uncertainties [Abstract]
Schedule of Tenant Revenue Concentrations	For the three and nine months ended September 30, 2018 and 2017, the Partnership had the following tenant revenue concentrations: Three Months Ended September 30, Nine Months Ended September 30, Tenant 2018 2017 2018 2017 T-Mobile 10.0 % 11.4 % 10.3 % 12.0 % Clear Channel 10.9 % 8.8 % 10.9 % 7.7 % AT&T Mobility 9.7 % 10.6 % 10.0 % 11.2 % Sprint 8.2 % 9.1 % 8.6 % 9.8 %

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Information [Abstract]
Schedule of noncash activities	Noncash activities for the nine months ended September 30, 2018 and 2017 were as follows (in thousands): Nine Months Ended September 30, 2018 2017 Capital contribution to fund general and administrative expense reimbursement $ 289 $ 996 Purchase price for acquisitions included in due to Landmark and affiliates 436 146 Issuance of common units for assets acquired from Fund H 27,342 — Unit Exchange Program acquisitions 6,750 1,099 Distributions payable to preferred unitholders 1,718 1,212 Deferred loan costs included in accounts payable and accrued liabilities 50 — Investment in unconsolidated joint venture (65,611 ) — Total assets contributed to unconsolidated joint venture 157,045 — Total liabilities contributed to unconsolidated joint venture (125,888 ) — Purchase price for acquisitions and development activities included in accounts payable 1,452 285 Deemed contribution by the General Partner 197 — Deemed distribution to the General Partner (197 ) —
Schedule of cash flows related to interest paid	Cash flows related to interest paid was as follows (in thousands): Nine Months Ended September 30, 2018 2017 Cash paid for interest $ 16,135 $ 11,420 Capitalized interest 479 —

Business (Details)

Business (Details) - Limited Partners - Common Units - shares	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Partnership Equity
Number of units held (in shares)	25,266,060	20,146,458	19,749,563	19,450,555
Landmark Dividend LLC
Partnership Equity
Number of units held (in shares)	3,193,743

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Restricted cash	$ 6,205	$ 18,672	$ 1,000	$ 2,900
Ground lease rental payments	$ 200

Acquisitions - Drop-down Acquis

Acquisitions - Drop-down Acquisitions - General Information (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)item	Dec. 31, 2017USD ($)item
Acquisitions
Consideration	$ 74.6	$ 41
Landmark, General Partner and affiliates | Acquisition from related party | 2018 Drop-down Acquisitions
Acquisitions
Number of drop-down acquisitions | item	1
Consideration	$ 59.9
Landmark, General Partner and affiliates | Acquisition from related party | 2017 Drop-down Acquisitions
Acquisitions
Number of drop-down acquisitions | item		4
Consideration		$ 118.3
Landmark, General Partner and affiliates | Acquisition from related party | 2016 Drop-down Acquisitions
Acquisitions
Consideration	59.9
Net carry value	$ 39.5

Acquisitions - Drop-down Acqu_2

Acquisitions - Drop-down Acquisitions - Summary of Acquisitions Completed (Details) $ in Millions	Sep. 08, 2017USD ($)	Apr. 28, 2017USD ($)	Mar. 31, 2017USD ($)site	Sep. 30, 2018USD ($)site	Dec. 31, 2017USD ($)itemsite
Acquisitions
Number of tenant sites acquired				90	63
Investments in Receivables | item					1
Consideration
Borrowings and Available Cash | $				$ 67.8	$ 37.2
Common Units Issued to Landmark and Affiliates | $				6.8	3.8
Total | $				$ 74.6	$ 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				44	35
Outdoor Advertising
Acquisitions
Number of tenant sites acquired				46	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 Acqu_3

Acquisitions - Drop-down Acquisitions - Summary of Acquisitions Completed - Additional Information (Details) $ in Millions	Sep. 08, 2017USD ($)	Apr. 28, 2017USD ($)shares	Mar. 31, 2017USD ($)site	Sep. 30, 2018USD ($)siteshares	Dec. 31, 2017USD ($)site	Jun. 08, 2017site	Aug. 30, 2016site
Acquisitions
Number of tenant sites obligated to acquire | site				2
Cash consideration				$ 67.8	$ 37.2
Number of tenant sites acquired | site				90	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	Sep. 30, 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 Ac_2

Acquisitions - Third Party Acquisitions - Summary of Acquisitions Completed (Details) $ in Millions	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)site	Jun. 30, 2018USD ($)site	Mar. 31, 2018USD ($)site	Dec. 31, 2017USD ($)site	Sep. 30, 2017USD ($)site	Jun. 30, 2017USD ($)itemsite	Mar. 31, 2017USD ($)site	Sep. 30, 2018USD ($)site	Dec. 31, 2017USD ($)itemsite
Acquisitions
Number of tenant sites acquired								90	63
Consideration
Borrowings and Available Cash | $								$ 67.8	$ 37.2
Common Units Issued to Landmark and Affiliates | $								6.8	3.8
Consideration | $								$ 74.6	$ 41
Investments in Receivables | item									1
International
Acquisitions
Number of tenant sites acquired	14	8		3	2	6	7
Consideration
Borrowings and Available Cash | $	$ 14.2	$ 7.3		$ 11.5	$ 4.1	$ 9	$ 3.6
Consideration | $	$ 14.2	$ 7.3		$ 11.5	$ 4.1	$ 9	$ 3.6
Investments in Receivables | item						1
Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired	10	8	6	7		4	1
Consideration
Borrowings and Available Cash | $	$ 0.9	$ 0.6
Common Units Issued to Landmark and Affiliates | $	1.8	1.8	$ 3.2	$ 2.7		$ 1	$ 0.1
Consideration | $	$ 2.7	$ 2.4	$ 3.2	$ 2.7		$ 1	$ 0.1
Domestic
Acquisitions
Number of tenant sites acquired	13	4	27	21	3	1	8
Consideration
Borrowings and Available Cash | $	$ 2	$ 21.5	$ 21.3	$ 6.5	$ 0.8	$ 0.5	$ 1.2
Consideration | $	$ 2	$ 21.5	$ 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
2018 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired		20
Consideration
Borrowings and Available Cash | $		$ 29.4
Common Units Issued to Landmark and Affiliates | $		1.8
Consideration | $		$ 31.2
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
2018 Direct Third Party Acquisitions, Third Quarter
Acquisitions
Number of tenant sites acquired	37
Consideration
Borrowings and Available Cash | $	$ 17.1
Common Units Issued to Landmark and Affiliates | $	1.8
Consideration | $	$ 18.9
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								44	35
Wireless Communication | International
Acquisitions
Number of tenant sites acquired	2					2	3
Wireless Communication | Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired	10	7	5	3		3	1
Wireless Communication | Domestic
Acquisitions
Number of tenant sites acquired	2	3	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 | 2018 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired		10
Wireless Communication | 2017 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired							9
Wireless Communication | 2018 Direct Third Party Acquisitions, Third Quarter
Acquisitions
Number of tenant sites acquired	14
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								46	26
Outdoor Advertising | International
Acquisitions
Number of tenant sites acquired	12	8		3	2	4	4
Outdoor Advertising | Unit Exchange Acquisitions
Acquisitions
Number of tenant sites acquired		1	1	4		1
Outdoor Advertising | Domestic
Acquisitions
Number of tenant sites acquired	11	1	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 | 2018 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired		10
Outdoor Advertising | 2017 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired							7
Outdoor Advertising | 2018 Direct Third Party Acquisitions, Third Quarter
Acquisitions
Number of tenant sites acquired	23
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	Sep. 30, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 128,791	$ 114,385
Real property interests – perpetual	101,471	114,612
Real property interests – finite life	415,812	481,810
Construction in progress	26,413	7,574
Total land and real property interests	672,487	718,381
Accumulated amortization of real property interests	(35,965)	(37,817)
Land and net real property interests	$ 636,522	$ 680,564

Real Property Interests - Acqui

Real Property Interests - Acquisitions (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)site	Sep. 30, 2018USD ($)site	Dec. 31, 2017USD ($)site
Acquisitions
Construction in progress	$ 26,413	$ 26,413	$ 7,574
Number of tenant sites acquired | site		90	63
Measurement Input, Discount Rate | Minimum
Acquisitions
Discount rate used to estimate fair values (as a percent)	6	6
Measurement Input, Discount Rate | Maximum
Acquisitions
Discount rate used to estimate fair values (as a percent)	20	20
Joint Venture
Acquisitions
Number of tenant sites acquired | site		26
Total net book value, one investment in receivable	$ 42,500	$ 42,500
Rental revenue generated by consolidated joint venture	900	2,000
Flex Grid
Acquisitions
Construction in progress	$ 26,400	$ 26,400	$ 7,600
Construction completed on number of infrastructure sites | site	4	4
Infrastructure Sites Completion Cost of Construction	$ 1,500

Real Property Interests - Sum_2

Real Property Interests - Summary of Allocation of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Below market lease intangibles	$ (17,127)	$ (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	15,228	25,151
Investments in real property interests	77,292	107,195
Below market lease intangibles	(1,533)	(1,850)
Total	98,905	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	6,617	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	$ 1,301	$ 976

Real Property Interests - Futur

Real Property Interests - Future Estimated Aggregate Amortization of Finite Lived Real Property Interests (Details) $ in Thousands	Sep. 30, 2018USD ($)
Future estimated aggregate amortization of real property interests
2018 (three months)	$ 3,012
2,019	11,895
2,020	11,334
2,021	10,744
2,022	10,459
Thereafter	332,403
Total	$ 379,847

Real Property Interests - Weigh

Real Property Interests - Weighted Average Remaining Amortization Period for Non-perpetual Real Property Interests (Details)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Weighted average remaining amortization period for non-perpetual real property interests	43 years

Real Property Interests - Impai

Real Property Interests - Impairment (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)site	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)site	Sep. 30, 2017USD ($)site
Impairment
Recognized impairment charge	$ 877,000		$ 980,000	$ 848,000
Impaired Real Property Interest
Impairment
Number of real property interests impaired | site	1		2	6
Recognized impairment charge	$ 100,000	$ 0	$ 200,000	$ 800,000
Impaired real property interests	$ 0		$ 0

Real Property Interests - Uncon

Real Property Interests - Unconsolidated Joint Venture (Details) $ in Thousands	Sep. 24, 2018site	Sep. 30, 2018USD ($)site	Sep. 30, 2018USD ($)site
Impaired Assets To Be Disposed Of By Method Other Than Sale [Line Items]
Gain on sale of real property interests		$ 100,039	$ 100,039
Net proceeds to repay the borrowings		59	59
Revolving Credit Facility
Impaired Assets To Be Disposed Of By Method Other Than Sale [Line Items]
Net proceeds to repay the borrowings			59,700
Unconsolidated Joint Venture
Impaired Assets To Be Disposed Of By Method Other Than Sale [Line Items]
Gain on sale of real property interests		$ 100,000	$ 100,000
Number of tenant site assets contributed | site	545	545	545

Real Property Interests - Carry

Real Property Interests - Carrying Amounts of Major Classes of Assets and Liabilities Held for Sale (Details) $ in Thousands	Sep. 30, 2018USD ($)
Real Estate [Abstract]
Land	$ 1,286
Real property interests, net	5,566
Other intangible assets, net	994
AHFS	7,846
Other intangible liabilities, net	397
Liabilities associated with AHFS	$ 397

Other Intangible Assets and L_3

Other Intangible Assets and Liabilities - Total Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Other Intangible Assets
Net amount	$ 21,474	$ 17,984
Acquired in-place leases
Other Intangible Assets
Gross amount	23,273	20,486
Accumulated amortization	(5,804)	(6,119)
Net amount	17,469	14,367
Acquired above-market leases
Other Intangible Assets
Gross amount	6,545	6,503
Accumulated amortization	(2,540)	(2,886)
Net amount	$ 4,005	$ 3,617

Other Intangible Assets and L_4

Other Intangible Assets and Liabilities - Total Other Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Acquired below-market leases
Below market lease intangibles	$ (17,127)	$ (21,218)
Accumulated amortization	7,410	8,385
Net amount	$ (9,717)	$ (12,833)

Other Intangible Assets and L_5

Other Intangible Assets and Liabilities - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other Intangible Assets And Liabilities [Abstract]
Amortization of above-and below-market leases	$ 300	$ 300	$ 1,008	$ 964
Amortization expense	$ 600	$ 400	$ 1,700	$ 1,200

Other Intangible Assets and L_6

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Future amortization of lease intangibles
Net amount	$ 21,474	$ 17,984
Acquired in-place leases
Future amortization of lease intangibles
2018 (three months)	439
2,019	1,725
2,020	1,650
2,021	1,586
2,022	1,503
Thereafter	10,566
Net amount	17,469	14,367
Acquired above-market leases
Future amortization of lease intangibles
2018 (three months)	184
2,019	670
2,020	511
2,021	411
2,022	337
Thereafter	1,892
Net amount	$ 4,005	$ 3,617

Other Intangible Assets and L_7

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Future amortization of acquired below-market leases
2018 (three months)	$ (406)
2,019	(1,577)
2,020	(1,531)
2,021	(1,404)
2,022	(1,281)
Thereafter	(3,518)
Net amount	$ (9,717)	$ (12,833)

Investments in Receivables - Ge

Investments in Receivables - General Information (Details) - USD ($) $ in Thousands	Jul. 21, 2015	Dec. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Receivables With Imputed Interest [Line Items]
Payment collection period, minimum					2 years
Payment collection period, maximum					99 years
Interest income recognized			$ 400	$ 400	$ 1,300	$ 1,200
Recognized impairment charge			$ 800		$ 785
Scenario Forecast
Receivables With Imputed Interest [Line Items]
Impairment of investments in receivable		$ 800
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	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Notes Receivable Net [Abstract]
Investments in receivables – beginning		$ 20,782	$ 17,440	$ 17,440
Acquisitions				4,389
Impairments	$ (800)	(785)
Repayments		(915)	(868)	(1,180)
Interest accretion			$ 7	7
Foreign currency translation adjustment		(118)		126
Investments in receivables – ending	$ 18,964	$ 18,964		$ 20,782

Investments in Receivables - An

Investments in Receivables - Annual Amounts Due (Details) $ in Thousands	Sep. 30, 2018USD ($)
Notes Receivable Net [Abstract]
2018 (three months)	$ 574
2,019	2,166
2,020	2,154
2,021	2,212
2,022	2,345
Thereafter	27,157
Total	$ 36,608

Investments in Receivables - _2

Investments in Receivables - Annual Amounts Due - Principal and Interest (Details) $ in Thousands	Sep. 30, 2018USD ($)
Notes Receivable Net [Abstract]
Interest	$ 17,644
Principal	18,964
Total	$ 36,608

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Venture - Additional Information (Details)	Sep. 24, 2018USD ($)site	Jun. 06, 2018USD ($)	Jun. 16, 2016USD ($)	Sep. 30, 2018USD ($)site	Sep. 30, 2018USD ($)site	Dec. 31, 2017USD ($)	Nov. 30, 2017USD ($)
Secured notes
Schedule Of Equity Method Investments [Line Items]
Aggregate principal amount		$ 125,400,000	$ 116,600,000				$ 80,000,000
Debt discount			17,292	$ 1,547,000	$ 1,547,000	$ 1,826,000	$ 1,800,000
Secured notes | Maximum
Schedule Of Equity Method Investments [Line Items]
Debt discount		100,000
Senior secured revolving credit facility
Schedule Of Equity Method Investments [Line Items]
Repayment of debt		$ 120,500,000	$ 112,300,000
Series 2018-1 Class C 3.97%
Schedule Of Equity Method Investments [Line Items]
Interest rate (as a percent)				3.97%	3.97%
Series 2018-1 Class D 4.70%
Schedule Of Equity Method Investments [Line Items]
Interest rate (as a percent)				4.70%	4.70%
Series 2018-1 Class F 5.92%
Schedule Of Equity Method Investments [Line Items]
Interest rate (as a percent)				5.92%	5.92%
Unconsolidated Joint Venture
Schedule Of Equity Method Investments [Line Items]
Number of tenant site assets contributed | site	545			545	545
Aggregate principal amount	$ 125,400,000
Percentage of membership interest in unconsolidated JV	50.01%
Cash transaction in unconsolidated JV	$ 65,500,000

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Venture - Summary of Partnership Contribution of Assets and Liabilities at Cost to JV (Details) - Unconsolidated Joint Venture $ in Thousands	Sep. 30, 2018USD ($)
Assets
Cash, cash equivalents and restricted cash	$ 1,549
Real property interests, net	153,028
Other intangible assets, net	2,468
Total assets	157,045
Liabilities
Secured notes, net	122,084
Other intangible liabilities, net	3,046
Other liabilities	758
Total liabilities	125,888
Net equity contributed to the unconsolidated joint venture	$ 31,157

Investment in Unconsolidated _5

Investment in Unconsolidated Joint Venture - Summary of Partnership Gain on Contribution of Real Property Interests to JV (Details) - Unconsolidated Joint Venture $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Schedule Of Equity Method Investments [Line Items]
Investment in unconsolidated joint venture	$ 65,611
Proceeds from sale of real property interests	65,585
Less: Net equity contributed to the unconsolidated joint venture	(31,157)
Gain on sale of real property interests	$ 100,039

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Nov. 30, 2017	Jun. 16, 2016
Debt
Outstanding Balance, revolving credit facility	$ 140,500,000	$ 304,000,000
Deferred loan costs	(2,199,000)	(3,589,000)
Secured notes, net	225,729,000	187,249,000
Senior secured revolving credit facility
Debt
Outstanding Balance, revolving credit facility	$ 140,500,000	304,000,000
Maturity Date	Nov. 19, 2019
4.38% senior secured notes
Debt
Outstanding Balance, secured debt	$ 43,103,000
Maturity Date	Jun. 30, 2036
Series 2017-1 Class A 4.10%
Debt
Outstanding Balance, secured debt	$ 61,273,000	62,000,000
Maturity Date	Nov. 15, 2022
Series 2017-1 Class B 3.81%
Debt
Outstanding Balance, secured debt	$ 17,683,000	18,000,000
Maturity Date	Nov. 15, 2022
Series 2016-1 Class A 3.52%
Debt
Outstanding Balance, secured debt	$ 87,132,000	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	$ 234,291,000	194,271,000
Discount on Secured Notes	(1,547,000)	(1,826,000)	$ (1,800,000)	$ (17,292)
Deferred loan costs	(7,015,000)	(5,196,000)
Secured notes, net	$ 225,729,000	$ 187,249,000

Debt - Summary of Debt (Parenth

Debt - Summary of Debt (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2018
4.38% senior secured notes
Debt Instrument [Line Items]
Interest rate (as a percent)	4.38%
Debt instrument, final legal maturity date	Jun. 30, 2036
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) - USD ($) $ in Millions	Nov. 07, 2018	Dec. 28, 2017	Sep. 30, 2018
Senior secured revolving credit facility
Debt
Additional available commitments		$ 23
Aggregate commitments		$ 390
Undrawn borrowing capacity			$ 249.5
Senior secured revolving credit facility | Base rate - federal funds rate
Debt
Applicable margin (as a percent)			0.50%
Senior secured revolving credit facility | Base rate - one month LIBOR
Debt
Applicable margin (as a percent)			1.00%
Senior secured revolving credit facility | Base rate
Debt
Applicable margin (as a percent)			1.50%
Senior secured revolving credit facility | One month LIBOR
Debt
Applicable margin (as a percent)			2.50%
Amended and Restated Senior Secured Revolving Credit Facility | Subsequent Event
Debt
Initial borrowing capacity	$ 450
Credit facility term	5 years

Debt - Secured Notes (Details)

Debt - Secured Notes (Details) - USD ($)	Jun. 06, 2018	Apr. 24, 2018	Nov. 30, 2017	Jun. 16, 2016	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Restricted cash reserved					$ 6,205,000	$ 18,672,000	$ 1,000,000	$ 2,900,000
Note Purchase Agreement
Debt Instrument [Line Items]
Aggregate principal amount		$ 43,700,000
Interest rate (as a percent)		4.38%
Maturity Date		Jun. 30, 2036
Debt instrument amortized, description					The 4.38% Senior Secured Notes are fully amortized through June 30, 2036
Note Purchase Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Net proceeds from borrowings		$ 41,000,000
Note Purchase Agreement | Maximum
Debt Instrument [Line Items]
Aggregate principal amount		$ 225,000,000
Secured notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 125,400,000		$ 80,000,000	$ 116,600,000
Acquisition costs, period cost			16,000,000
Debt discount			1,800,000	17,292	$ 1,547,000	$ 1,826,000
Secured notes | Maximum
Debt Instrument [Line Items]
Debt discount	100,000
Senior secured revolving credit facility
Debt Instrument [Line Items]
Maturity Date					Nov. 19, 2019
Repayment of debt	$ 120,500,000			$ 112,300,000
Senior secured revolving credit facility | Maximum | Restricted Reserve Accounts
Debt Instrument [Line Items]
Repayment of debt			17,500,000
Senior secured revolving credit facility | Minimum | Restricted Reserve Accounts
Debt Instrument [Line Items]
Repayment of debt			$ 54,000,000
Series 2017-1 Class A 4.10%
Debt Instrument [Line Items]
Interest rate (as a percent)					4.10%
Maturity Date					Nov. 15, 2022
Series 2017-1 Class B 3.81%
Debt Instrument [Line Items]
Interest rate (as a percent)					3.81%
Maturity Date					Nov. 15, 2022
Series 2016-1 Class A 3.52%
Debt Instrument [Line Items]
Interest rate (as a percent)					3.52%
Maturity Date					Jun. 1, 2021
Series 2016-1 Class B 7.02%
Debt Instrument [Line Items]
Interest rate (as a percent)					7.02%
Maturity Date					Jun. 1, 2021
2017 Secured notes | Minimum
Debt Instrument [Line Items]
Debt service coverage ratio					200.00%
2016 Secured notes | Minimum
Debt Instrument [Line Items]
Debt service coverage ratio					200.00%
4.38% senior secured notes
Debt Instrument [Line Items]
Interest rate (as a percent)					4.38%
Maturity Date					Jun. 30, 2036
4.38% senior secured notes | Minimum
Debt Instrument [Line Items]
Debt service coverage ratio					110.00%

Debt - Annual Principal Payment

Debt - Annual Principal Payment Amounts (Details) - Secured notes - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
2018 (three months)	$ 2,273
2,019	8,206
2,020	10,313
2,021	108,013
2,022	72,737
Thereafter	32,749
Total	$ 234,291	$ 194,271

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Interest Expense
Debt interest expense	$ 6.9	$ 4.8	$ 19.6	$ 12.9
Interest payable	1.2		1.2		$ 0.7
Interest expense
Interest Expense
Amortization of deferred loan costs and discount on secured notes	$ 1.1	$ 0.6	$ 3	$ 1.5

Interest Rate Swap Agreements -

Interest Rate Swap Agreements - Fair Value of Interest Rate Swap Agreements (Details) - USD ($)	Sep. 30, 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)	$ 134,000	$ 164,000
Level 2 inputs | Agreement effective date April 13, 2015
Interest Rate Swap Agreements
Fair Value Asset (Liability)	165,000	174,000
Level 2 inputs | Agreement effective date October 1, 2015
Interest Rate Swap Agreements
Fair Value Asset (Liability)	2,206,000	840,000
Level 2 inputs | Agreement entered into March 23, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Fair Value Asset (Liability)	1,810,000	761,000
Level 2 inputs | Agreement entered into March 31, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Fair Value Asset (Liability)	784,000	364,000
Level 2 inputs | Agreement entered into March 31, 2016 effective date April 13, 2019
Interest Rate Swap Agreements
Fair Value Asset (Liability)	952,000	418,000
Level 2 inputs | Agreement entered into June 12, 2017 effective date March 02, 2018
Interest Rate Swap Agreements
Fair Value Asset (Liability)	2,315,000	438,000
Level 2 inputs | Agreement entered into April 1, 2015 effective date April, 1, 2015
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 8,366,000	$ 3,159,000

Interest Rate Swap Agreements_2

Interest Rate Swap Agreements - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Interest Rate Swap Agreements
Unrealized gain (loss) on derivatives	$ 774	$ (61)	$ 5,208	$ (111)
Maximum
Interest Rate Swap Agreements
Unrealized gain (loss) on derivatives				$ (100)

Interest Rate Swap Agreements_3

Interest Rate Swap Agreements - Sensitivity Analysis (Details) $ in Thousands	9 Months Ended
	Sep. 30, 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	$ 193
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	75
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	251
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	17
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	227
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	103
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	289
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	40
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	3,111
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	1,324
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	3,974
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	400
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	2,508
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	1,126
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	3,178
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	414
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	1,064
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	512
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	1,331
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	228
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	1,297
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	617
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	1,625
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	265
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	3,623
Agreement entered into June 12, 2017 effective date March 02, 2018 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	1,036
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	4,856
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	$ (320)
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	Sep. 30, 2018	Sep. 30, 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
Conversion of subordinated units (in units)		3,135,109
Unit-based compensation (in units)		3,826	6,798
Balance (in units)		25,266,060	19,749,563	20,146,458
Limited Partners | Common Units | Landmark, General Partner and affiliates
Increase (decrease) in partners' capital
Issuance of units to Fund H		1,506,421	221,729
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 | Common Units | Unit Exchange Program
Increase (decrease) in partners' capital
Issuance of units, net (in units)		446,416	70,481
Limited Partners | Subordinated Units
Increase (decrease) in partners' capital
Balance (in units)		3,135,109	3,135,109	3,135,109
Conversion of subordinated units (in units)		(3,135,109)
Balance (in units)			3,135,109	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	1,426,461	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	562,504
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	2,368,927	2,463,015
Limited Partners | Preferred Units Series B | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)			528,927
Limited Partners | Preferred Units Series C
Increase (decrease) in partners' capital
Issuance of units, net (in units)		2,000,000
Balance (in units)		2,000,000

Equity - General Information (D

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

Sep. 30, 2018USD ($)$ / sharesshares

May 15, 2018$ / shares

Apr. 02, 2018USD ($)$ / sharesshares

Feb. 15, 2018

Apr. 28, 2017shares

Mar. 30, 2017USD ($)

Mar. 27, 2017USD ($)

Jun. 24, 2016USD ($)

Feb. 16, 2016USD ($)

Sep. 30, 2018$ / sharesshares

Jun. 30, 2018$ / shares

Mar. 31, 2018$ / shares

Dec. 31, 2017$ / shares

Sep. 30, 2017$ / shares

Sep. 30, 2018USD ($)site$ / sharesshares

Sep. 30, 2017USD ($)siteshares

Dec. 31, 2017USD ($)site

Mar. 10, 2016shares

Partnership Equity

Aggregate offering price

$ 750,000

Number of tenant sites acquired | site

90

63

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

221,729

Common Units Issued to Landmark and Affiliates

$ 6,800

$ 3,800

Proceeds from the issuance of Preferred Units, net

$ 48,137

$ 26,112

Quarterly distributions

Conversion ratio of subordinated units into common units

100.00%

Wireless Communication

Partnership Equity

Number of tenant sites acquired | site

44

35

Preferred Units Series A

Partnership Equity

Distribution date

Oct. 15, 2018

Jul. 16, 2018

Apr. 16, 2018

Jan. 16, 2018

Oct. 16, 2017

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

$ 0.5000

$ 0.5000

$ 0.5000

$ 0.5000

$ 0.5000

Preferred Units Series B

Partnership Equity

Distribution date

Nov. 15, 2018

Aug. 15, 2018

May 15, 2018

Feb. 15, 2018

Nov. 15, 2017

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

$ 0.4938

$ 0.4938

$ 0.4938

$ 0.4938

$ 0.4938

Preferred Units Series C

Partnership Equity

Distribution date

Nov. 15, 2018

Aug. 15, 2018

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

$ 0.4382

$ 0.4400

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

$ 25

$ 25

$ 25

Conversion rate for preferred unit | shares

1.3017

1.3017

1.3017

Designated redemption date one

May 15, 2025

Designated redemption date two

May 15, 2028

Designated redemption period

5 years

Liquidation preference | $ / shares

$ 11.13

$ 11.13

$ 11.13

Preferred units redemption date

May 20, 2025

Preferred units redemption price | $ / shares

$ 25

25

$ 25

At The Market Issuance Sales Agreement | Preferred Units

Partnership Equity

Aggregate offering price

$ 40,000

Unit Exchange Program

Partnership Equity

Remaining common units available to be issued | shares

4,153,649

Unit Exchange Program | 14-site acquisition | Wireless Communication

Partnership Equity

Number of tenant sites acquired | site

24

Common Units Issued to Landmark and Affiliates

$ 6,700

Unit Exchange Program | 5-site acquisition | Wireless Communication

Partnership Equity

Number of tenant sites acquired | site

5

Common Units Issued to Landmark and Affiliates

$ 1,100

Limited Partners | Common Units

Partnership Equity

Issuance of units, net (in shares) | shares

1,981,000

292,000

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

563,000

Limited Partners | Preferred Units Series B

Partnership Equity

Issuance of units, net (in shares) | shares

529,000

Limited Partners | Preferred Units Series C

Partnership Equity

Distribution date

May 15, 2018

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

$ 0.2090

Limited Partners | Preferred Units Series C | Distributions Accruing After May 15, 2025

Partnership Equity

Dividend rate (as a percent)

9.00%

Limited Partners | Preferred Units Series C | One month LIBOR | Distributions Accruing Before May 15, 2025

Partnership Equity

Dividend rate (as a percent)

4.698%

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

$ 25

$ 25

$ 25

Limited Partners | Preferred Units Series C | Minimum | Distributions Accruing Before May 15, 2025

Partnership Equity

Dividend rate (as a percent)

7.00%

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

Partnership Equity

Aggregate offering price

$ 50,000

Issuance of units, net (in shares) | shares

27,830

0

Proceeds from issuance of unit, before costs

$ 500

Remaining available amount to be issued

$ 38,400

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

Partnership Equity

Issuance of units, net (in shares) | shares

24,747

562,504

Proceeds from issuance of unit, before costs

$ 600

$ 14,100

Remaining available amount to be issued

20,100

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

Partnership Equity

Aggregate offering price

$ 50,000

Issuance of units, net (in shares) | shares

0

528,927

Proceeds from issuance of unit, before costs

$ 13,300

Remaining available amount to be issued

$ 34,400

Limited Partners | Unit Exchange Program | Common Units

Partnership Equity

Units authorized (in units) | shares

5,000,000

Limited Partners | Unit Exchange Program | Common Units | 14-site acquisition | Wireless Communication

Partnership Equity

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

446,416

Limited Partners | Unit Exchange Program | Common Units | 5-site acquisition | Wireless Communication

Partnership Equity

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

70,481

Limited Partners | Public Offering | Preferred Units Series C

Partnership Equity

Issuance of units, net (in shares) | shares

2,000,000

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

$ 25

Proceeds from the issuance of Preferred Units, net

$ 47,500

Offering expenses paid

$ 2,500

Equity - Summary of Quarterly D

Equity - Summary of Quarterly Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017
Common and Subordinated Units and IDRs
Quarterly distributions
Declaration Date	Oct. 26, 2018	Jul. 19, 2018	Apr. 19, 2018	Jan. 24, 2018	Oct. 18, 2017
Distribution Date	Nov. 14, 2018	Aug. 14, 2018	May 15, 2018	Feb. 14, 2018	Nov. 14, 2017
Distribution Per Unit Paid (in dollars per share)	$ 0.3675	$ 0.3675	$ 0.3675	$ 0.3675	$ 0.3575
Total Distribution Paid	$ 9,285	$ 9,431	$ 9,384	$ 9,304	$ 8,303
Preferred Units Series A
Quarterly distributions
Declaration Date	Sep. 20, 2018	Jun. 21, 2018	Mar. 23, 2018	Dec. 21, 2017	Sep. 21, 2017
Distribution Date	Oct. 15, 2018	Jul. 16, 2018	Apr. 16, 2018	Jan. 16, 2018	Oct. 16, 2017
Distribution Per Unit Paid (in dollars per share)	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000
Total Distribution Paid	$ 797	$ 797	$ 797	$ 784	$ 713
Preferred Units Series B
Quarterly distributions
Declaration Date	Oct. 22, 2018	Jul. 19, 2018	Apr. 19, 2018	Jan. 22, 2018	Oct. 18, 2017
Distribution Date	Nov. 15, 2018	Aug. 15, 2018	May 15, 2018	Feb. 15, 2018	Nov. 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	$ 1,216	$ 1,216	$ 1,203
Preferred Units Series C
Quarterly distributions
Declaration Date	Oct. 22, 2018	Jul. 19, 2018
Distribution Date	Nov. 15, 2018	Aug. 15, 2018
Distribution Per Unit Paid (in dollars per share)	$ 0.4382	$ 0.4400
Total Distribution Paid	$ 876	$ 880
Preferred Units Series C | Prorated Distribution ( April 2, 2018 to May 14, 2018)
Quarterly distributions
Declaration Date		Apr. 19, 2018
Distribution Date	May 15, 2018	May 15, 2018
Distribution Per Unit Paid (in dollars per share)		$ 0.2090
Total Distribution Paid		$ 418

Equity - Summary of Quarterly_2

Equity - Summary of Quarterly Distributions (Parenthetical) (Details) - Preferred Units Series C	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2018
Quarterly distributions
Distribution Date	Nov. 15, 2018	Aug. 15, 2018
Prorated Distribution ( April 2, 2018 to May 14, 2018)
Quarterly distributions
Prorated period	43 days
Closing date of issuance	Apr. 2, 2018
Distribution Date	May 15, 2018	May 15, 2018
Record date	May 1, 2018

Net Income (Loss) Per Limited_3

Net Income (Loss) Per Limited Partner Unit - Additional Information (Details) - item	Feb. 15, 2018	Sep. 30, 2018
General Partner | Common Units
Limited Partners Capital Account [Line Items]
Cash distribution declaration date		Mar. 31, 2018
Distribution 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 Limited_4

Net Income (Loss) Per Limited Partner Unit - Undistributed Net Loss Attributable to Common and Subordinated Unitholders (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income (loss) attributable to partners:
Net income attributable to limited partners	$ 105,139	$ 3,794	$ 117,973	$ 9,991
Less: Distributions declared	(2,868)	(1,818)	(7,742)	(4,672)
Incentive distribution rights	(197)	(109)	(587)	(295)
Net income attributable to common and subordinated unitholders	102,074	1,867	109,644	5,024
General Partner
Net income (loss) attributable to partners:
Incentive distribution rights	(197)	(109)	(587)	(295)
Preferred Units
Net income (loss) attributable to partners:
Less: Distributions declared	(2,868)	(1,818)	(7,742)	(4,672)
Common Units
Net income (loss) attributable to partners:
Less: Distributions declared	(9,285)	(7,073)	(27,710)	(21,024)
Net income attributable to common and subordinated unitholders	102,074	1,613	109,947	4,346
Undistributed net income (loss)	92,789	(5,460)	82,237	(16,678)
Subordinated Units
Net income (loss) attributable to partners:
Less: Distributions declared		(1,121)		(3,339)
Net income attributable to common and subordinated unitholders		254	(303)	678
Undistributed net income (loss)		(867)	(303)	(2,661)
Common and Subordinated Units
Net income (loss) attributable to partners:
Undistributed net income (loss)	$ 92,789	$ (6,327)	$ 81,934	$ (19,339)

Net Income (Loss) Per Limited_5

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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income (loss) attributable to partners:
Distributions declared	$ 2,868	$ 1,818	$ 7,742	$ 4,672
Net income attributable to common and subordinated unitholders	$ 102,074	$ 1,867	$ 109,644	$ 5,024
Weighted-average units outstanding:
Basic (in shares)	25,138	19,750	24,405	19,620
Units - diluted (in shares)	27,741	22,885	26,658	22,755
Net income (loss) per common and subordinated unit:
Basic (in dollars per share)	$ 4.06	$ 0.08	$ 4.51	$ 0.22
Diluted (in dollars per share)	$ 3.71	$ 0.08	$ 4.18	$ 0.22
Common Units
Net income (loss) attributable to partners:
Distributions declared	$ 9,285	$ 7,073	$ 27,710	$ 21,024
Undistributed net income (loss)	92,789	(5,460)	82,237	(16,678)
Net income attributable to common and subordinated unitholders	102,074	1,613	109,947	4,346
Net income (loss) attributable to subordinated units		254	(303)	678
Distributions on dilutive preferred units	868		1,736
Net income (loss) attributable to common and subordinated units - diluted	$ 102,942	$ 1,867	$ 111,380	$ 5,024
Weighted-average units outstanding:
Basic (in shares)	25,138	19,750	24,405	19,620
Effect of dilutive subordinated units		3,135	517	3,135
Effect of dilutive preferred units	2,603		1,736
Units - diluted (in shares)	27,741	22,885	26,658	22,755
Net income (loss) per common and subordinated unit:
Basic (in dollars per share)	$ 4.06	$ 0.08	$ 4.51	$ 0.22
Diluted (in dollars per share)	$ 3.71	$ 0.08	$ 4.18	$ 0.22
Subordinated Units
Net income (loss) attributable to partners:
Distributions declared		$ 1,121		$ 3,339
Undistributed net income (loss)		(867)	$ (303)	(2,661)
Net income attributable to common and subordinated unitholders		254	(303)	678
Net income (loss) attributable to common and subordinated units - diluted		$ 254	$ (303)	$ 678
Weighted-average units outstanding:
Basic (in shares)		3,135	517	3,135
Units - diluted (in shares)		3,135	517	3,135
Net income (loss) per common and subordinated unit:
Basic (in dollars per share)		$ 0.08	$ (0.59)	$ 0.22
Diluted (in dollars per share)		$ 0.08	$ (0.59)	$ 0.22

Net Income (Loss) Per Limited_6

Net Income (Loss) Per Limited Partner Unit - Net Income (Loss) per Unit (Parenthetical) (Details) - Landmark Dividend LLC	Feb. 15, 2018item	Sep. 30, 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 Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Carrying Amount
Investment in receivables, net
Investment in receivables, net	$ 18,964	$ 20,782
Fair Value
Investment in receivables, net
Investment in receivables, net	19,267	20,995
Senior secured revolving credit facility | Carrying Amount
Debt
Revolving credit facility	140,500	304,000
Senior secured revolving credit facility | Fair Value
Debt
Revolving credit facility	$ 140,500	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	$ 225,729	187,249
Secured notes | Fair Value
Debt
Secured Notes, net	$ 223,482	$ 187,895

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Assets Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Recurring | Level 2 inputs
Fair Value of Financial Instruments
Derivative Assets	$ 8,366	$ 3,159

Related-Party Transactions (Det

Related-Party Transactions (Details)	Jun. 06, 2018	Nov. 30, 2017	Jun. 16, 2016	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)item$ / shares	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Jun. 13, 2017
Related-Party Transactions
Incentive Distribution Distribution Rights				$ 197,000	$ 109,000	$ 587,000	$ 295,000
Due from Landmark and affiliates				$ 145,000		$ 145,000		$ 629,000
4.38% Senior Secured Notes
Related-Party Transactions
Interest rate (as a percent)				4.38%		4.38%
Incentive Distribution Rights
Related-Party Transactions
Threshold percentage per unit per quarter (in dollars per share) | $ / shares						$ 0.2875
Incentive Distribution Distribution Rights				$ 0		$ 400,000
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				100,000		$ 100,000		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				300,000	1,000,000	2,100,000	3,000,000
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
American Infrastructure Funds | Patent License Agreement Fees | License
Related-Party Transactions
License fees related to agreement				$ 25,000	25,000	$ 75,000	75,000
General Partner | 4.38% Senior Secured Notes
Related-Party Transactions
Management fee (as a percent)						0.50%
Interest rate (as a percent)				4.38%		4.38%
General Partner | Secured Notes Management Agreement
Related-Party Transactions
Management fee (as a percent)	1.50%	1.50%	1.50%
General Partner | Management fees
Related-Party Transactions
Costs incurred				$ 10,939	$ 4,569	$ 26,965	$ 13,817
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 ($)itemshares	Apr. 28, 2017shares	Sep. 30, 2018USD ($)itemsiteshares	Dec. 31, 2017USD ($)itemsite
Related-Party Transactions
Total No. of Tenant Sites | site			90	63
Total No. of Investments in Receivables | item				1
Total Consideration | $			$ 74.6	$ 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 - _2

Related-Party Transactions - Summary of Completed Right of First Offer ("ROFO") Acquisitions (Parenthetical) (Details) $ in Millions	Apr. 28, 2017USD ($)shares	Mar. 31, 2017USD ($)site	Sep. 30, 2018USD ($)site	Dec. 31, 2017USD ($)site
Related-Party Transactions
Number of tenant sites obligated to acquire | site			2
Number of tenant sites acquired | site			90	63
Cash consideration | $			$ 67.8	$ 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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting [Abstract]
Number of reportable segments	3	3	3	3

Segment Information - Statement

Segment Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue
Rental revenue	$ 17,560	$ 13,499	$ 50,051	$ 38,143
Expenses
Property operating	360	86	875	247
General and administrative	735	1,422	3,523	4,267
Acquisition-related	88	255	469	1,007
Amortization	4,293	3,458	12,548	9,826
Impairments	877		980	848
Total expenses	6,353	5,221	18,395	16,195
Total other income and expenses	94,400	(4,408)	87,000	(11,874)
Income (loss) before income tax expense	105,607	3,870	118,656	10,074
Income tax expense	460	72	663	72
Net income	105,147	3,798	117,993	10,002
Operating Segments | Wireless Communication
Revenue
Rental revenue	10,511	8,502	30,518	24,705
Expenses
Property operating	141	14	214	32
Acquisition-related				14
Amortization	3,155	2,744	9,456	8,058
Impairments	785		785	645
Total expenses	4,081	2,758	10,455	8,749
Total other income and expenses	100,187	175	105,286	545
Income (loss) before income tax expense	106,617	5,919	125,349	16,501
Net income	106,617	5,919	125,349	16,501
Operating Segments | Outdoor Advertising
Revenue
Rental revenue	4,989	3,134	13,537	7,693
Expenses
Property operating	185	49	510	93
Acquisition-related				174
Amortization	962	572	2,589	1,352
Impairments	92		195	203
Total expenses	1,239	621	3,294	1,822
Total other income and expenses	61	65	190	79
Income (loss) before income tax expense	3,811	2,578	10,433	5,950
Net income	3,811	2,578	10,433	5,950
Operating Segments | Renewable Power Generation
Revenue
Rental revenue	2,060	1,863	5,996	5,745
Expenses
Property operating	34	23	151	122
Amortization	176	142	503	416
Total expenses	210	165	654	538
Total other income and expenses	206	190	609	544
Income (loss) before income tax expense	2,056	1,888	5,951	5,751
Net income	2,056	1,888	5,951	5,751
Corporate
Expenses
General and administrative	735	1,422	3,523	4,267
Acquisition-related	88	255	469	819
Total expenses	823	1,677	3,992	5,086
Total other income and expenses	(6,054)	(4,838)	(19,085)	(13,042)
Income (loss) before income tax expense	(6,877)	(6,515)	(23,077)	(18,128)
Income tax expense	460	72	663	72
Net income	$ (7,337)	$ (6,587)	$ (23,740)	$ (18,200)

Segment Information - Total Ass

Segment Information - Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 787,673	$ 767,999
Corporate
Segment Reporting Asset Reconciling Item [Line Items]
Assets	26,041	40,553
Wireless Communication | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	434,927	440,139
Outdoor Advertising | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	214,084	175,825
Renewable Power Generation | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 112,621	$ 111,482

Segment Information - Schedule

Segment Information - Schedule of Rental Revenues by Country (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	$ 17,560	$ 13,499	$ 50,051	$ 38,143
United States
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	16,450	13,025	47,346	37,301
United Kingdom
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	851	285	2,045	383
Australia
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	244	175	616	420
Canada
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	$ 15	$ 14	$ 44	$ 39

Segment Information - Schedul_2

Segment Information - Schedule of Total Assets by Country (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 787,673	$ 767,999
United States
Segment Reporting Asset Reconciling Item [Line Items]
Assets	726,100	729,109
United Kingdom
Segment Reporting Asset Reconciling Item [Line Items]
Assets	48,815	30,391
Australia
Segment Reporting Asset Reconciling Item [Line Items]
Assets	12,122	7,938
Canada
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 636	$ 561

Commitments and Contingencies -

Commitments and Contingencies - Real Property Interest Subject to Subordination (Details) $ in Millions	Sep. 30, 2018USD ($)
Commitments And Contingencies Disclosure [Abstract]
Real property interest subject to subordination	$ 69.7

Tenant Concentration (Details)

Tenant Concentration (Details) - Concentration - Tenant Revenue	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
T-Mobile
Concentration Risk [Line Items]
Percentage of revenue	10.00%	11.40%	10.30%	12.00%
Clear Channel
Concentration Risk [Line Items]
Percentage of revenue	10.90%	8.80%	10.90%	7.70%
AT&T Mobility
Concentration Risk [Line Items]
Percentage of revenue	9.70%	10.60%	10.00%	11.20%
Sprint
Concentration Risk [Line Items]
Percentage of revenue	8.20%	9.10%	8.60%	9.80%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Noncash activities
Capital contribution to fund general and administrative expense reimbursement							$ 289	$ 996
Issuance of common units for assets acquired from Fund H							6,800		$ 3,800
Distributions payable to preferred unitholders							1,718	1,212
Deferred loan costs included in accounts payable and accrued liabilities							50
Investment in unconsolidated joint venture							(65,611)
Total assets contributed to unconsolidated joint venture							157,045
Total liabilities contributed to unconsolidated joint venture							(125,888)
Purchase price for acquisitions and development activities included in accounts payable							1,452	285
Deemed contribution by the General Partner							197
Deemed distribution to the General Partner							(197)
Cash flows related to interest paid
Cash paid for interest							16,135	11,420
Capitalized interest							479
Unit Exchange Acquisitions
Noncash activities
Issuance of common units for assets acquired from Fund H	$ 1,800	$ 1,800	$ 3,200	$ 2,700	$ 1,000	$ 100
Unit Exchange Program acquisitions							6,750	1,099
Landmark, General Partner and affiliates
Noncash activities
Purchase price for acquisitions included in due to Landmark and affiliates							436	$ 146
Landmark Dividend Growth Fund H LLC
Noncash activities
Issuance of common units for assets acquired from Fund H							$ 27,342

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event - Amended and Restated Senior Secured Revolving Credit Facility $ in Millions	Nov. 07, 2018USD ($)
Subsequent Event [Line Items]
Initial borrowing capacity	$ 450
Credit facility term	5 years