Landmark Infrastructure Partners (LMRK) 10-Q 2018 Q3 Quarterly report

Exhibit 12.1

Landmark Infrastructure Partners LP

Ratio of Earnings to Combined Fixed Charges and Preferred Distributions

(In thousands, except ratio data)

	Landmark Infrastructure Partners LP																			Predecessor to Landmark Infrastructure Partners LP
	For the Nine Months Ended September 30, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Period From November 19, 2014 to December 31, 2014				Period From January 1, 2014 to November 19, 2014			Year Ended December 31, 2013
Earnings: (1)
Income before income tax expense	$	118,656		$	16,131		$	9,921		$	1,205		$	2,530		$	(2,698	)		$	5,559		$	5,648
Add (deduct):
Add: Fixed charges		20,065			18,447			13,923			10,958			8,942			361				7,471			5,407
Less: Capitalized interest		(479	)		(48	)		—			—			—			—				—			—
Less: Net income attributable to noncontrolling interest		(20	)		(19	)		—			—			—			—				—			—
Total earnings	$	138,222		$	34,511		$	23,844		$	12,163		$	11,472		$	(2,337	)		$	13,030		$	11,055
Fixed charges: (1)
Interest expense	$	19,586		$	18,399		$	13,923		$	10,958		$	8,942		$	361			$	7,471		$	5,407
Capitalized interest		479			48			—			—			—			—				—			—
Estimate of interest within rental expense		—			—			—			—			—			—				—			—
Total fixed charges	$	20,065		$	18,447		$	13,923		$	10,958		$	8,942		$	361			$	7,471		$	5,407
Preferred unit distributions		7,742			6,673			2,660			—			—			—				—			—
Total fixed charges and preferred unit distributions	$	27,807		$	25,120		$	16,583		$	10,958		$	8,942		$	361			$	7,471		$	5,407
Ratio of Earnings to Fixed Charges		6.89	x		1.87	x		1.71	x		1.11	x		1.28	x		—		(2)		1.74	x		2.04	x
Ratio of Earnings to Fixed Charges and Preferred Distributions (3)		4.97	x		1.37	x		1.44	x		1.11	x		1.28	x		—		(2)		1.74	x		2.04	x

₍₁₎ For purposes of this presentation, earnings represent income before income tax expense adjusted for fixed charges and capitalized interest. Fixed charges consist of interest expensed and capitalized, amortization of deferred loan costs and estimate of interest in rent expense.

₍₂₎ Earnings were inadequate to cover fixed charges by $2.7 million for the period from November 19, 2014 to December 31, 2014. 

₍₃₎ The Ratio of Earnings to Fixed Charges and Preferred Distributions was equal to the Ratio of Earnings to Fixed Charges for the periods prior to April 4, 2016 as no Preferred Units were issued prior to April 4, 2016.