Landmark Infrastructure Partners (LMRK) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Document Information [Line Items]
Entity Registrant Name	Landmark Infrastructure Partners LP
Entity Central Index Key	0001615346
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
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	false
Entity Ex Transition Period	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Limited Partners Units		25,478,042
Entity Shell Company	false
Entity File Number	001-36735
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1742322
Entity Address, Address Line One	400 Continental Blvd.
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	El Segundo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90245
City Area Code	310
Local Phone Number	598-3173
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Common Units
Document Information [Line Items]
Title of each class	Common Units, Representing Limited Partner Interests
Trading Symbol	LMRK
Name of each exchange on which registered	NASDAQ
8.0% Series A Cumulative Redeemable Preferred Units
Document Information [Line Items]
Title of each class	8.0% Series A Cumulative Redeemable Preferred Units, $25.00 par value
Trading Symbol	LMRKP
Name of each exchange on which registered	NASDAQ
7.9% Series B Cumulative Redeemable Preferred Units
Document Information [Line Items]
Title of each class	7.9% Series B Cumulative Redeemable Preferred Units, $25.00 par value
Trading Symbol	LMRKO
Name of each exchange on which registered	NASDAQ
Series C Floating-to-Fixed Rate Cumulative Redeemable Perpetual Convertible Preferred Units
Document Information [Line Items]
Title of each class	Series C Floating-to-Fixed Rate Cumulative Redeemable Perpetual Convertible Preferred Units, $25.00 par value
Trading Symbol	LMRKN
Name of each exchange on which registered	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Land	$ 139,102	$ 141,851
Real property interests	548,671	543,328
Construction in progress	63,699	68,907
Total land and real property interests	751,472	754,086
Accumulated depreciation and amortization of real property interests	(53,212)	(50,015)
Land and net real property interests	698,260	704,071
Investments in receivables, net	8,417	8,822
Investment in unconsolidated joint venture	61,533	62,059
Cash and cash equivalents	14,022	7,446
Restricted cash	4,680	5,619
Rent receivables	5,395	5,105
Due from Landmark and affiliates	1,611	1,132
Deferred loan costs, net	4,278	4,557
Deferred rent receivable	5,860	6,176
Other intangible assets, net	23,108	23,966
Assets held for sale (AHFS)	395	421
Right-of-use asset, net	10,828	11,358
Other assets	15,767	14,873
Total assets	854,154	855,605
Liabilities and equity
Revolving credit facility	177,625	232,907
Secured notes, net	279,652	217,098
Accounts payable and accrued liabilities	9,253	8,598
Other intangible liabilities, net	7,221	7,606
Operating lease liability	9,883	10,268
Finance lease liability	849	908
Prepaid rent	6,737	5,747
Derivative liabilities	10,223	3,149
Total liabilities	501,443	486,281
Commitments and contingencies (Note 15)
Equity
Accumulated other comprehensive income (loss)	(8,114)	17
Total partners' equity	304,747	321,457
Noncontrolling interests	201	201
Total equity	304,948	321,658
Total liabilities, mezzanine equity and equity	854,154	855,605
Limited Partners | Preferred Units Series C
Mezzanine equity
Limited partners	47,763	47,666
Limited Partners | Preferred Units Series A
Equity
Limited partners	40,785	40,210
Limited Partners | Preferred Units Series B
Equity
Limited partners	63,014	60,926
Total equity	63,014	60,926
Limited Partners | Common Units
Equity
Limited partners	370,314	382,581
Total equity	370,314	382,581
General Partner
Equity
General Partner	(161,252)	(162,277)
Total equity	$ (161,252)	$ (162,277)

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - Limited Partners - shares	Mar. 31, 2020	Dec. 31, 2019
Preferred Units Series C
Temporary equity, preferred units
Preferred units issued (in shares)	1,988,700,000	1,988,700,000
Preferred units outstanding (in shares)	1,988,700,000	1,988,700,000
Preferred Units Series A
Preferred units
Preferred units issued (in shares)	1,745,328,000	1,722,041,000
Preferred units outstanding (in shares)	1,745,328,000	1,722,041,000
Preferred Units Series B
Preferred units
Preferred units issued (in shares)	2,628,932,000	2,544,793,000
Preferred units outstanding (in shares)	2,628,932,000	2,544,793,000
Common Units
Common and subordinated units
Units issued (in shares)	25,470,232,000	25,353,140,000
Units outstanding (in shares)	25,470,232,000	25,353,140,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue
Rental revenue	$ 15,678	$ 14,393
Expenses
Property operating	731	665
General and administrative	1,612	1,478
Acquisition-related	315	127
Depreciation and amortization	3,892	3,517
Impairments	82	204
Total expenses	6,632	5,991
Other income and expenses
Interest and other income	232	394
Interest expense	(4,701)	(4,488)
Loss on early extinguishment of debt	(2,231)
Unrealized loss on derivatives	(7,291)	(2,762)
Equity income (loss) from unconsolidated joint venture	150	(55)
Gain on sale of real property interests		5,862
Foreign currency transaction gain (loss)	3,363	(21)
Total other income and expenses	(10,478)	(1,070)
Income (loss) before income tax expense (benefit)	(1,432)	7,332
Income tax expense (benefit)	(60)	122
Net income (loss)	(1,372)	7,210
Less: Net income attributable to noncontrolling interest	8	8
Net income (loss) attributable to limited partners	(1,380)	7,202
Less: Distributions declared to preferred unitholders	(3,060)	(2,894)
Less: General partner's incentive distribution rights		(197)
Less: Accretion of Series C preferred units	(97)	(356)
Net income (loss) attributable to common unitholders	$ (4,537)	$ 3,755
Net income (loss) per common unit
Common units – basic	$ (0.18)	$ 0.15
Common units – diluted	$ (0.18)	$ 0.15
Weighted average common units outstanding
Common units – basic	25,461	25,338
Common units – diluted	25,461	25,338
Cash distributions declared per common unit	$ 0.2000	$ 0.3675
Preferred Units Series C
Other income and expenses
Less: Accretion of Series C preferred units	$ (97)	$ (356)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (1,372)	$ 7,210
Other comprehensive income (loss):
Foreign currency translation adjustment	(8,131)	1,743
Other comprehensive income (loss):	(8,131)	1,743
Comprehensive income (loss)	(9,503)	8,953
Less: Comprehensive income attributable to noncontrolling interest	8	8
Comprehensive income (loss) attributable to limited partners	$ (9,511)	$ 8,945

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY AND MEZZANINE EQUITY - USD ($) $ in Thousands	Total	Limited PartnersCommon 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, 2018	$ 337,677	$ 411,158	$ 37,207	$ 58,936		$ (167,019)	$ (2,806)	$ 201
Balance (in units) at Dec. 31, 2018		25,327,801	1,593,149	2,463,015	2,000,000
Increase (decrease) in partners' capital
Foreign currency translation adjustment	1,743						1,743
Distributions	(11,494)	$ (9,312)	$ (788)	$ (1,189)		(197)		(8)
Capital contribution from Sponsor	994					994
Other deemed contributions	197					197
Unit-based compensation	130	$ 130
Unit-based compensation (in units)		10,000
Net income (loss)	5,937	$ 3,755	788	1,189		197		8
Balance at Mar. 31, 2019	335,184	$ 405,731	$ 37,207	$ 58,936		(165,828)	(1,063)	201
Balance (in units) at Mar. 31, 2019		25,338,432	1,593,149	2,463,015	2,000,000
Temporary equity, Balance at Dec. 31, 2018					$ 47,308
Increase (Decrease) in temporary equity
Temporary equity, Distributions					(917)
Temporary equity, Net income (loss)					1,273
Temporary equity, Balance at Mar. 31, 2019					$ 47,664
Balance at Dec. 31, 2019	321,658	$ 382,581	$ 40,210	$ 60,926		(162,277)	17	201
Balance (in units) at Dec. 31, 2019		25,353,140	1,722,041	2,544,793	1,988,700
Increase (decrease) in partners' capital
Adoption of ASU 2016-13 | ASU 2016-13	(76)					(76)
Foreign currency translation adjustment	(8,131)						(8,131)
Issuance of Common Units, net	1,510	$ 1,510
Issuance of Units, net (in units)		110,000	23,000	84,000
Issuance of Preferred Units, net	2,663		$ 575	$ 2,088
Distributions	(11,558)	$ (9,360)	(871)	(1,319)				(8)
Capital contribution from Sponsor	1,101					1,101
Unit-based compensation	120	$ 120
Unit-based compensation (in units)		7,000
Net income (loss)	(2,339)	$ (4,537)	871	1,319				8
Balance at Mar. 31, 2020	$ 304,948	$ 370,314	$ 40,785	$ 63,014		$ (161,252)	$ (8,114)	$ 201
Balance (in units) at Mar. 31, 2020		25,470,232	1,745,328	2,628,932	1,988,700
Temporary equity, Balance at Dec. 31, 2019					$ 47,666
Increase (Decrease) in temporary equity
Temporary equity, Distributions					(870)
Temporary equity, Net income (loss)					967
Temporary equity, Balance at Mar. 31, 2020					$ 47,763

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Operating activities
Net income (loss)	$ (1,372)	$ 7,210
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unit-based compensation	120	130
Unrealized loss on derivatives	7,291	2,762
Loss on early extinguishment of debt	2,231
Depreciation and amortization expense	3,892	3,517
Amortization of above- and below- market lease, net	(236)	(224)
Amortization of deferred loan costs	497	665
Amortization of discount on secured notes	92	93
Receivables interest accretion		(3)	$ (9)
Impairments	82	204
Gain on sale of real property interests		(5,862)
Adjustment for uncollectible accounts	82	5
Equity (income) loss from unconsolidated joint venture	(150)	55
Return on investment in unconsolidated joint venture	675	1,482
Foreign currency transaction (gain) loss	(3,363)	21
Changes in operating assets and liabilities:
Rent receivables	(499)	(899)
Accounts payable and accrued liabilities	698	(416)
Deferred rent	102	110
Prepaid rent	1,029	466
Due from Landmark and affiliates	(183)	(598)
Other assets	(1,525)	(551)
Net cash provided by operating activities	9,463	8,167
Investing activities
Acquisition of land		(3,346)
Acquisition of real property interests and development activities	(3,989)	(12,159)
Proceeds from sale of real property interests		13,385
Repayments of receivables	142	150	564
Net cash used in investing activities	(3,847)	(1,970)
Financing activities
Proceeds from the issuance of Common Units, net	1,510
Proceeds from the issuance of Preferred Units, net	2,663
Proceeds from revolving credit facility	7,000	10,000
Proceeds from the issuance of secured notes	170,000
Principal payments on revolving credit facility	(59,000)
Principal payments on secured notes	(108,427)	(1,361)
Payments on finance leases	(4)
Deferred loan costs	(1,559)	(128)
Capital contribution to fund general and administrative expense reimbursement	896	764
Distributions to non-controlling interests	(8)	(8)
Net cash provided by (used in) financing activities	613	(2,964)
Effect of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash	(592)	15
Net increase in cash, cash equivalents and restricted cash	5,637	3,248
Cash, cash equivalents and restricted cash at beginning of the period	13,065	7,780	7,780
Cash, cash equivalents and restricted cash at end of the period	18,702	11,028	$ 13,065
Limited Partners | Preferred Units
Financing activities
Distributions to limited partners	(3,098)	(2,919)
Limited Partners | Common Units
Financing activities
Distributions to limited partners	$ (9,360)	$ (9,312)

Business

Business	3 Months Ended
	Mar. 31, 2020
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 acquire, develop, 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. The Partnership is a master limited partnership organized in the State of Delaware and has been publicly traded since its initial public offering on November 19, 2014 (the “IPO”). On July 31, 2017, the Partnership completed changes to its organizational structure by transferring substantially all of its assets to a consolidated subsidiary, Landmark Infrastructure Inc., a Delaware corporation (“REIT Subsidiary”), which elected to be taxed as a REIT commencing with its taxable year ending December 31, 2017. References in this report to “Landmark Infrastructure Partners LP,” the “partnership,” “we,” “our,” “us,” or like terms refer to Landmark Infrastructure Partners LP. Our operations are managed by the board of directors and executive officers of Landmark Infrastructure Partners GP LLC, our general partner (the “General Partner”). As of March 31, 2020, the Sponsor and affiliates own (a) our general partner; (b) 3,415,405 common units representing limited partnership interest in the Partnership (“Common Units”); and (c) all of our incentive distribution rights (“IDRs”).

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 On an ongoing basis, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. The accompanying consolidated financial statements include the accounts of the Partnership, its wholly-owned subsidiaries and those entities in which it has a controlling interest. Investments in entities that the Partnership does not control are accounted for using the equity or cost method, depending upon the Partnership’s ability to exercise significant influence over operating and financial policies. The unaudited interim consolidated financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (the “FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under the Accounting Standards Updates (“ASUs”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. Financial information for the three months ended March 31, 2020 and 2019 included in these Notes to the Consolidated Financial Statements is derived from our unaudited financial statements. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. All references to tenant sites are outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the public company accounting oversight board (U.S.). 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 consolidated foreign 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 may also be subject to various non-income taxes, filing fees, and franchise taxes in various states that are reflected in operating expenses. The Partnership follows the requirements of ASC Topic 740, Income Taxes 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 consolidated financial position and results of operations because either the ASU is not applicable, or the impact is expected to be immaterial. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments Financial Instruments – Credit Losses Codification Improvements to Topic 326, Financial Instruments – Credit Losses he measurement of expected credit losses under the current expected credit loss model is based on relevant information including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. adopted the guidance as of January 1, 2020 and recognized $0.1 million as a cumulative adjustment to retained earnings and as a reduction to investment in receivables as of the effective date.

Acquisitions and Developments

Acquisitions and Developments	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions and Developments	3. Acquisitions and Developments Third Party Acquisitions The following table presents direct third-party acquisitions completed by the Partnership during the three months ended March 31, 2020 and for the year ended December 31, 2019. No. of Tenant Sites Consideration (in millions) Acquisition Description Wireless Communication Outdoor Advertising Renewable Power Generation Total Borrowings and Available Cash Total First Quarter International — 1 — 1 $ 0.1 $ 0.1 2020 Total — 1 — 1 $ 0.1 $ 0.1 First Quarter International — 104 — 104 $ 6.0 $ 6.0 Total — 104 — 104 $ 6.0 $ 6.0 Second Quarter International — 7 — 7 $ 6.7 $ 6.7 Domestic — — 8 8 0.4 0.4 Total — 7 8 15 $ 7.1 $ 7.1 Third Quarter International — 10 — 10 $ 3.8 $ 3.8 Domestic 1 — — 1 0.3 0.3 Total 1 10 — 11 $ 4.1 $ 4.1 Fourth Quarter International 1 13 — 14 $ 10.5 $ 10.5 Domestic 2 — — 2 24.3 24.3 Total 3 13 — 16 $ 34.8 $ 34.8 2019 Total 4 134 8 146 $ 52.0 $ 52.0 Leases The Partnership evaluates whether an easement meets the definition of a lease under the new lease standard (“ASC 842”). The Partnership determines if an arrangement is a lease at the date of acquisition. The Partnership considers an arrangement to be a lease if it conveys the right to control the use of the leased site or ground space underneath a leased site for a period of time in exchange for consideration. While most of our leases are classified as operating leases in which the Partnership is the lessor, the Partnership is the lessee in an insignificant population of operating and finance leases that have recurring ground lease rental payments. The lease liability is the present value of the remaining minimum rental payments using each respective lease term and a corresponding incremental borrowing rate. We use a discount rate of approximately 4.5%, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. As of March 31, 2020, the weighted-average remaining lease term of operating leases and finance leases is approximately 22 years and 29 years, respectively. Operating lease assets are included in Right of use, net and finance lease assets are included in real property interests in the Consolidated Balance Sheets. The following table illustrates information about other lease related balances as of March 31, 2020 (in thousands): Operating leases: Right-of-use asset $ 10,828 Operating lease liability 9,883 Finance leases: Right-of-use asset (1) $ 18,540 Finance lease liability 849 (1) Assets held under finance leases are recorded in Real property interests and are depreciated over the lease term. The following table represents the future minimum ground lease payments as of March 31, 2020 (in thousands). Operating Lease Finance Lease 2020 (nine months) $ 505 $ 39 2021 657 53 2022 667 53 2023 681 53 2024 690 53 Thereafter 14,014 1,266 Total future payments 17,214 1,517 Discount (7,331 ) (668 ) Total lease liability $ 9,883 $ 849 Developments During 2017, the Partnership started developing an ecosystem of technologies that provide smart enabled infrastructure including smart poles and digital outdoor advertising kiosks across North America. Smart poles are self-contained, neutral-host poles designed for wireless carrier and other wireless operator collocation. The smart poles are designed for macro, mini macro and small cell deployments and will support Internet of Things (IoT), carrier densification needs, private LTE networks and other wireless solutions. During the fourth quarter of fiscal year 2018, the Partnership entered into an agreement with Dallas Area Rapid Transit (“DART”) to develop a smart media and communications platform which will include the deployment of content-rich kiosks and the Partnership’s smart enabled infrastructure In 2019, the Partnership commenced conversion of certain outdoor advertising sites from static billboards to digital billboards in the U.K. As of March 31, 2020 and December 31, 2019, the Partnership’s $63.7 million and $68.9 million, respectively, of construction in progress balance primarily related to these projects. During the three months ended March 31, 2020, the Partnership deployed thirty-two DART kiosks and placed in service other assets for a total of $7.3 million. During the three months ended March 31, 2020 and the year ended December 31, 2019, the Partnership completed the digital conversion of nine outdoor advertising sites in the U.K. for a total of $1.0 million in each period.

Real Property Interests

Real Property Interests	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Property Interests	4. Real Property Interests The following table summarizes the Partnership’s real property interests (in thousands): March 31, 2020 December 31, 2019 Land $ 139,102 $ 141,851 Real property interests – perpetual 100,950 100,810 Real property interests – finite life 429,181 422,923 Real property interests – ROU asset finance lease 18,540 19,595 Total real property interests 548,671 543,328 Construction in progress 63,699 68,907 Total land and real property interests 751,472 754,086 Accumulated depreciation and amortization of real property interests (53,212 ) (50,015 ) Land and net real property interests $ 698,260 $ 704,071 In December 2016, the Partnership formed a joint venture to acquire real property interests that are leased to companies in the outdoor advertising industry located in the UK and Europe. Our venture partner provides acquisition opportunities and asset management services to the consolidated joint venture. As of March 31, 2020 and December 31, 2019, the consolidated joint venture had 169 and 168 tenant sites and one investment in receivable with total net book value of $90.1 million and $92.8 million, respectively. During the three months ended March 31, 2020 and 2019, the consolidated joint venture generated rental revenue of $1.9 million and $1.2 million, respectively. Sales On January 4, 2019, the Partnership completed the sale of its real property interest held for sale as of December 31, 2018 for total consideration of $13.5 million. We recognized a gain on sale of real property interest of $5.9 million upon completion of the sale. Purchase Price Allocation The Partnership applies the asset acquisition method to all acquired investments of real property interests for transactions that meet the definition of an asset acquisition. The fair value of the assets acquired and liabilities assumed is typically determined by using Level III valuation methods. The most sensitive assumption is the discount rate used to discount the estimated cash flows from the real estate rights. For purposes of the computation of fair value assigned to the various tangible and intangible assets, the Partnership assigned discount rates ranging between 6% and 20%. The following table summarizes final allocations for acquisitions made during the year ended December 31, 2019 of estimated fair values of the assets acquired and liabilities assumed (in thousands). There was an insignificant amount of acquisitions completed during the three months ended March 31, 2020. Investments in In-place Above-market Below-market real property lease lease lease ROU Lease Period Land interests intangibles intangibles intangibles Asset liability Total 2019 $ 11,813 $ 17,154 $ 5,730 $ 86 $ (113 ) $ 21,570 $ (1,640 ) $ 54,600 Future estimated aggregate depreciation and amortization of finite lived real property interests for each of the five succeeding fiscal years and thereafter as of March 31, 2020, are as follows (in thousands): 2020 (nine months) $ 10,322 2021 10,900 2022 10,604 2023 9,233 2024 8,982 Thereafter 344,468 Total $ 394,509 The weighted average remaining depreciation and amortization period for non‑perpetual real property interests is 38 years as of March 31, 2020. Impairments During the three months ended March 31, 2020 and 2019, two of the Partnership’s real property interests were impaired, respectively, and recognized impairment charges totaling $0.1 million and $0.2 million, respectively. The carrying value of each real property interest was determined to have a fair value of zero. Assets and Liabilities Held for Sale In March 2019, the Partnership entered into a plan to sell one of its real property interests. The Partnership determined that the sale did not meet the criteria for discontinued operations presentation as the plan to sell did not represent a strategic shift that would have a major effect on its operations and financial results. As a result of this classification, the asset was separately presented as AHFS in the consolidated balance sheet as of March 31, 2020. The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are as follows (in thousands): March 31, 2020 December 31, 2019 Land $ 395 $ 421 AHFS $ 395 $ 421

Other Intangible Assets and Lia

Other Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2020
Other Intangible Assets And Liabilities [Abstract]
Other Intangible Assets and Liabilities	5. Other Intangible Assets and Liabilities The following table summarizes our identifiable intangible assets, including above/below‑market lease intangibles (in thousands): March 31, 2020 December 31, 2019 Acquired in-place lease Gross amount $ 28,731 $ 28,908 Accumulated amortization (8,666 ) (8,142 ) Net amount $ 20,065 $ 20,766 Acquired above-market leases Gross amount $ 6,604 $ 6,627 Accumulated amortization (3,561 ) (3,427 ) Net amount $ 3,043 $ 3,200 Total other intangible assets, net $ 23,108 $ 23,966 Acquired below-market leases Gross amount $ (16,812 ) $ (16,817 ) Accumulated amortization 9,591 9,211 Total other intangible liabilities, net $ (7,221 ) $ (7,606 ) We recorded net amortization of above‑ and below‑market lease intangibles of $0.2 million as an increase to rental revenue for the three months ended March 31, 2020 and 2019, respectively. We recorded amortization of in‑place lease intangibles of $0.6 million and $0.5 million as amortization expense for the three months ended March 31, 2020 and 2019, respectively. Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of March 31, 2020 follows (in thousands): Acquired in-place leases Acquired above-market Acquired below-market 2020 (nine months) $ 1,296 $ 48 $ (1,145 ) 2021 1,661 518 (1,366 ) 2022 1,567 394 (1,244 ) 2023 1,274 337 (801 ) 2024 1,162 296 (710 ) Thereafter 13,105 1,450 (1,955 ) Total $ 20,065 $ 3,043 $ (7,221 )

Investments in Receivables

Investments in Receivables	3 Months Ended
	Mar. 31, 2020
Notes Receivable Net [Abstract]
Investments in Receivables	6. Investments in Receivables Investments in receivables include financing arrangements and management agreements whereby we purchased the right to receive a portion of a rental payment under a contract but are not a party to the lease and do not have a real property interest. Additionally, certain lease arrangements of real property interests meet the definition of a financial asset and are included in investments in receivables in our financial statements. Investments in receivables also include arrangements with T‑Mobile whereby we purchased the right to retain a portion of a lease payment prior to passing the remainder to the property owner. The receivables are unsecured with payments collected over periods ranging from 2 to 99 years. These cash flow financing arrangements were recorded at the fair value at the acquisition date, using discount rates ranging from 7% to 14% and are accounted for as receivables in our consolidated financial statements. Interest income recognized on the receivables totaled $0.2 million and $0.4 million for the three months ended March 31, 2020 and 2019, respectively. On June 27, 2019, the Partnership completed a sale of its investments in receivables held for sale as of March 31, 2019 and recognized a gain on sale of investments in receivables. The following table reflects the activity in investments in receivables (in thousands): March 31, 2020 December 31, 2019 Investments in receivables – beginning $ 8,822 $ 18,348 Adoption of ASU 2016-13 (89 ) — Sales — (8,331 ) Other — (742 ) Repayments (142 ) (564 ) Interest accretion — 9 Foreign currency translation adjustment (174 ) 102 Investments in receivables – ending $ 8,417 $ 8,822 Annual amounts due as of March 31, 2020, are as follows (in thousands): 2020 (nine months) $ 994 2021 1,345 2022 1,463 2023 1,570 2024 1,631 Thereafter 9,715 Total $ 16,718 Interest $ 8,301 Principal 8,417 Total $ 16,718

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	3 Months Ended
	Mar. 31, 2020
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 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 balance sheet information for the unconsolidated JV (in thousands): March 31, 2020 December 31, 2019 Total assets $ 253,950 $ 255,157 Total liabilities 127,454 127,611 Total equity 126,496 127,546 Total liabilities and equity $ 253,950 $ 255,157 The following table summarizes financial information for the unconsolidated JV (in thousands): Three Months Ended March 31, 2020 2019 Rental revenue $ 3,575 $ 3,507 Net income (loss) 299 (109 ) Partnership's share in net income (loss) 150 (55 ) Distributions declared to the Partnership 675 1,482

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	8. Debt The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date March 31, 2020 December 31, 2019 Revolving credit facility November 15, 2023 $ 177,625 $ 232,907 4.38% senior secured notes June 30, 2036 $ 39,478 $ 39,945 Series 2019-1 Class A 3.90% January 14, 2027 170,000 — Series 2017-1 Class A 4.10% November 15, 2022 (1) 58,528 59,124 Series 2017-1 Class B 3.81% November 15, 2022 (1) 17,083 17,172 Series 2016-1 Class A 3.52% June 1, 2021 (2) — 82,175 Series 2016-1 Class B 7.02% June 1, 2021 (2) — 25,100 Secured Notes 285,089 223,516 Discount on Secured Notes (984 ) (1,081 ) Deferred loan costs (4,453 ) (5,337 ) Secured Notes, net $ 279,652 $ 217,098 (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 On November 15, 2018, the Partnership completed its Third Amended and Restated Credit Facility and obtained commitments from a syndicate of banks with initial borrowing commitments of $450.0 million for five-years. Additionally, borrowings up to $75.0 million may be denominated in British pound sterling (“GBP”), Euro, Australian dollar and Canadian dollar. Substantially all of our assets, excluding equity in and assets of unrestricted subsidiaries, after‑acquired real property (other than real property that is acquired from affiliate funds and is subject to a mortgage), and other customary exclusions, are pledged (or secured by mortgages), as collateral under our revolving credit facility. Our revolving credit facility contains various customary covenants and restrictive provisions. Loans under the revolving credit facility bear interest at a rate equal to the applicable London Inter Bank Offering Rate (“LIBOR”) related to the currency for which borrowings are denominated, plus a spread ranging from 1.75% to 2.25% (determined based on leverage levels). As of March 31, 2020, the applicable spread was 2.25%. Additionally, under the revolving credit facility we will be subject to an annual commitment fee (determined based on leverage levels) associated with the available undrawn capacity subject to certain restrictions. As of March 31, 2020, the applicable annual commitment rate used was 0.125%. The revolving credit facility requires monthly interest payments and the outstanding debt balance is due upon maturity on November 15, 2023. As of March 31, 2020, $177.6 million was outstanding, which includes £40.5 million of GBP debt. As of March 31, 2020, there was $272.4 million of undrawn borrowing capacity (including standby letter of credit arrangements of $5.8 million), subject to compliance with various financial covenants. As of March 31, 2020, the Partnership was in compliance with all other financial covenants required under the revolving credit facility. Secured Notes On January 15, 2020, certain subsidiaries of the Partnership entered into a master note purchase and participation agreement (“MNPPA”) pursuant to which such subsidiaries issued and sold an initial $170 million aggregate principal amount of 3.90% series A senior secured notes in a private placement (the “2019 Secured Notes”). The 2019 Secured Notes mature on January 14, 2027 and include an interest-only initial term of three years. The net proceeds were used to repay in full the 2016 Secured Notes by $108 million and the revolving credit facility by $59 million. In connection with the issuance of the senior secured notes, the Partnership obtained a standby letter of credit arrangement totaling $3.4 million. 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. 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 March 31, 2020, $4.7 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 1.5 to 1.0 for the 2019 Secured Notes, 2.0 to 1.0 for the 2017 Secured Notes and at least 1.1 to 1.0 for the 4.38% Senior Secured Notes. As of March 31, 2020, the Partnership was in compliance with all other financial covenants under the Secured Notes. The Secured Notes’ annual principal payment amounts due as of March 31, 2020, are as follows (in thousands): 2020 (nine months) $ 3,912 2021 5,987 2022 (1) 72,440 2023 6,812 2024 7,150 Thereafter (1) 188,788 Total $ 285,089 (1) Reflects anticipated repayment dates Interest Expense The Partnership incurred interest expense of $4.7 million and $4.5 million for three months ended March 31, 2020 and 2019, respectively. At March 31, 2020 and December 31, 2019, the Partnership had interest payable of $0.2 million and $0.5 million, respectively. Additionally, the Partnership recorded amortization of deferred loan costs and discount on secured notes, which is included in interest expense, of $0.6 million and $0.8 million for the months ended March 31, 2020 and 2019, respectively.

Interest Rate Swap Agreements

Interest Rate Swap Agreements	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swap Agreements	9. Interest Rate Swap Agreements The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements (in thousands, except percentages): Date Notional Fixed Effective Maturity Fair Value Liability at Entered Value Rate Index Date Date March 31, 2020 December 31, 2019 August 24, 2015 $ 50,000 1.74 1-month USD LIBOR 10/1/2015 10/1/2022 $ (1,779 ) $ (264 ) March 23, 2016 50,000 1.67 1-month USD LIBOR 12/24/2018 12/24/2021 (1,186 ) (113 ) March 31, 2016 20,000 1.56 1-month USD LIBOR 12/24/2018 12/24/2021 (438 ) (4 ) March 31, 2016 25,000 1.63 1-month USD LIBOR 4/13/2019 4/13/2022 (684 ) (48 ) June 12, 2017 50,000 2.10 1-month USD LIBOR 3/2/2018 9/2/2024 (3,591 ) (1,045 ) November 15, 2018 £ 38,000 1.49 1-month GBP LIBOR 11/30/2020 11/30/2025 (2,545 ) (1,675 ) $ (10,223 ) $ (3,149 ) During the three months ended March 31, 2020 and 2019, the Partnership recorded a loss of $7.3 million and $2.8 million, respectively, resulting from the change in fair value of the interest rate swap agreements, which is reflected as an unrealized 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 March 31, 2020. 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 August 24, 2015 10/1/2022 $ (1,228 ) $ (2,457 ) $ (626 ) $ (3,085 ) March 23, 2016 12/24/2021 (792 ) (1,641 ) (377 ) (2,075 ) March 31, 2016 12/24/2021 (280 ) (619 ) (114 ) (792 ) March 31, 2016 4/13/2022 (451 ) (956 ) (203 ) (1,213 ) June 12, 2017 9/2/2024 (2,684 ) (4,925 ) (1,604 ) (6,088 ) November 15, 2018 11/30/2025 (1,542 ) (3,993 ) (377 ) (5,283 )

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	10. Equity The table below summarizes changes in the number of units outstanding (in units): Mezzanine Equity - Series A Series B Series C Common Preferred Preferred Preferred Balance as of December 31, 2018 25,327,801 1,593,149 2,463,015 2,000,000 Unit-based compensation 10,631 — — — Balance as of March 31, 2019 25,338,432 1,593,149 2,463,015 2,000,000 Balance as of December 31, 2019 25,353,140 1,722,041 2,544,793 1,988,700 Issuance under ATM Programs 109,724 23,287 84,139 — Unit-based compensation 7,368 — — — Balance as of March 31, 2020 25,470,232 1,745,328 2,628,932 1,988,700 On December 4, 2019, 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 January 30, 2020 and permits us to issue and sell, from time to time, common and preferred units representing limited partner interests in us, and debt securities up to an aggregate amount of $750.0 million. Common Units On May 3, 2019, the Partnership established a Common Unit at-the-market offering program (the “2019 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 2019 Common Unit ATM Program will be used for general partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. During the three months ended March 31, 2020, 109,724 Common Units were issued under the 2019 Common Unit ATM Program generating proceeds of approximately $1.8 million before issuance costs. On February 28, 2020, the Partnership replaced the 2019 Common Unit ATM Program and established a new Common Unit at-the-market offering program (the “2020 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 2020 Common Unit ATM Program will be used for general partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. No Common Units were issued under the 2020 Common Unit ATM Program during the three months ended March 31, 2020. Preferred Units On March 30, 2017, the Partnership established a Series B Preferred Unit at-the-market offering program (the “Series B ATM Program”) 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 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 Series B Preferred Units under our Series B ATM Program On May 3, 2019, the Partnership established a Series A Preferred Unit at-the-market offering program (the “2019 Series A ATM Program”) pursuant to which we may sell, from time to time, Series A 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 2019 Series A ATM Program will be used for general Partnership purposes, which may include, among other things, the repayment of indebtedness and to potentially fund future acquisitions. During the three months ended March 31, 2020, the Partnership issued 23,287 Series A Preferred Units under the 2019 Series A ATM Program, generating proceeds of approximately $0.6 million before issuance costs. On February 28, 2020, the Partnership replaced the 2019 Series A ATM Program and established a new Series A Preferred Unit at-the-market offering program (the “2020 Series A ATM Program”) pursuant to which we may sell, from time to time, Series A 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 2020 Series A 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 A Preferred Units were issued under the 2020 Series A ATM Program during the three months ended March 31, 2020. On February 28, 2020, the Partnership replaced the Series B ATM Program and established a new Series B Preferred Unit at-the-market offering program (the “2020 Series B ATM Program”) 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 2020 Series B 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 the 2020 Series B ATM Program during the three months ended March 31, 2020. The Common Units ATM programs, the Series A ATM programs and the Series B ATM programs described above are collectively referred to the “ATM Programs.” 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 “Amended 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. Issuance costs related to the Series C Preferred Units classified as mezzanine equity are initially recorded as a reduction of the units balances and accreted up to the redemption value. No Series C Preferred Units were converted during the three months ended March 31, 2020. 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 Units and IDRs March 31, 2019 (1) April 19, 2019 May 15, 2019 $ 0.3675 $ 9,312 June 30, 2019 (1) July 19, 2019 August 14, 2019 0.3675 9,312 September 30, 2019 (1) October 25, 2019 November 14, 2019 0.3675 9,317 December 31, 2019 (1) January 24, 2020 February 14, 2020 0.3675 9,360 March 31, 2020 April 21, 2020 May 15, 2020 0.2000 5,096 Series A Preferred Units March 31, 2019 March 21, 2019 April 15, 2019 $ 0.5000 $ 797 June 30, 2019 June 20, 2019 July 15, 2019 0.5000 828 September 30, 2019 September 20, 2019 October 15, 2019 0.5000 837 December 31, 2019 December 20, 2019 January 15, 2020 0.5000 861 March 31, 2020 March 20, 2020 April 15, 2020 0.5000 873 Series B Preferred Units March 31, 2019 April 19, 2019 May 15, 2019 $ 0.4938 $ 1,216 June 30, 2019 July 19, 2019 August 15, 2019 0.4938 1,257 September 30, 2019 October 22, 2019 November 15, 2019 0.4938 1,257 December 31, 2019 January 23, 2020 February 18, 2020 0.4938 1,298 March 31, 2020 April 20, 2020 May 15, 2020 0.4938 1,298 Series C Preferred Units March 31, 2019 April 19, 2019 May 15, 2019 $ 0.4614 $ 923 June 30, 2019 July 19, 2019 August 15, 2019 0.4510 902 September 30, 2019 October 22, 2019 November 15, 2019 0.4375 870 December 31, 2019 January 23, 2020 February 18, 2020 0.4375 870 March 31, 2020 April 20, 2020 May 15, 2020 0.4375 867 (1) The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations for the respective quarterly distribution.

Net Income (Loss) Per Limited P

Net Income (Loss) Per Limited Partner Unit	3 Months Ended
	Mar. 31, 2020
Earnings Per Unit [Abstract]
Net Income (Loss) Per Limited Partner Unit	11. Net Income (Loss) Per Limited Partner Unit 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 Amended 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 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 units. Diluted net income (loss) per unit includes the effects of potentially dilutive units on our common units. The calculation of the undistributed net loss attributable to common unitholders for the three months ended March 31, 2020 and 2019 is as follows (in thousands): Three Months Ended March 31, 2020 2019 Net income (loss) attributable to limited partners $ (1,380 ) $ 7,202 Less: Distributions declared on Preferred Units (3,060 ) (2,894 ) General partner's incentive distribution rights (1) — (197 ) Accretion of Series C preferred units (97 ) (356 ) Net income (loss) attributable to common unitholders (4,537 ) 3,755 Distributions declared on common units (5,096 ) (9,312 ) Undistributed net income (loss) $ (9,633 ) $ (5,557 ) (1) There were no incentive distributions and incentive allocations for the three months ended March 31, 2020. The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations for the three months ended March 31, 2019 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 (loss) per common unit for the three months ended March 31, 2020 and 2019 is as follows (in thousands, except per unit data): Three Months Ended March 31, 2020 2019 Common Units Common Units Distributions declared $ 5,096 $ 9,312 Undistributed net loss (9,633 ) (5,557 ) Net income (loss) attributable to common units - basic $ (4,537 ) $ 3,755 Net income (loss) attributable to common units - diluted $ (4,537 ) $ 3,755 Weighted-average units outstanding: Basic 25,461 25,338 Diluted 25,461 25,338 Net income (loss) per common unit: Basic $ (0.18 ) $ 0.15 Diluted (1) $ (0.18 ) $ 0.15 (1) 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 anti-dilutive for the three months ended March 31, 2020 and 2019 and, as a result, have been excluded in the determination of diluted net income (loss) per common unit.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
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. Secured Notes : The Partnership determines fair value of its secured notes utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information. Quotes from brokers require judgment and are based on the brokers’ interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. Investments in receivables : The Partnership’s investments in receivables are presented in the accompanying consolidated balance sheets at their amortized cost net of recorded reserves and not at fair value. The fair values of the receivables were estimated using an internal valuation model that considered the expected cash flow of the receivables and estimated yield requirements by market participants with similar characteristics, including remaining loan term, and credit enhancements. The Partnership classifies these inputs as Level 3 inputs. Interest rate swap agreements : The Partnership’s interest rate swap agreements are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable and unobservable inputs. A majority of the inputs are observable with the only unobservable inputs relating to the lack of performance risk on the part of the Partnership or the counter party to the instrument. As such, the Partnership classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market‑based inputs, including the interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risk to the contracts, are incorporated in the fair values to account for potential nonperformance risk. The table below summarizes the carrying amounts and fair values of financial instruments which are not carried at fair value on the face of the financial statements (in thousands): March 31, 2020 December 31, 2019 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 8,417 $ 8,710 $ 8,822 $ 8,859 Revolving credit facility 177,625 177,625 232,907 232,907 Secured Notes, net 279,652 276,604 217,098 221,577 Disclosure of the fair values of financial instruments is based on pertinent information available to the Partnership as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Partnership’s estimate of value at a future date could be materially different. As of March 31, 2020 and December 31, 2019, the Partnership measured the following assets at fair value on a recurring basis (in thousands): March 31, 2020 December 31, 2019 Derivative Liabilities (1) $ 10,223 $ 3,149 (1) Fair value is calculated using level 2 inputs. Level 2 inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations in which significant inputs and significant value drivers are observable in active markets.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	13. Related‑Party Transactions General and Administrative Reimbursement Under the Amended Partnership Agreement, we are required to reimburse our general partner and its affiliates for all costs and expenses that they incur on our behalf for managing and controlling our business and operations. Except to the extent specified under our amended Omnibus Agreement with Landmark (“Omnibus Agreement”), which was amended on January 30, 2019, our general partner determines the amount of these expenses and such determinations must be made in good faith under the terms of the Amended Partnership Agreement. Under the amended 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 3% of our revenue during the current 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 $120 million and (ii) November 19, 2021. The full amount of general and administrative expenses incurred will be reimbursed by Landmark and reflected on our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected in our financial statements as a capital contribution 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 During the and 2019, $0.1 million, respectively, of management fees related to our unconsolidated joint venture that is not subject to the cap and is treated as a capital contribution from Sponsor. Patent License Agreement We entered into a Patent License Agreement (“License Agreement”) with American Infrastructure Funds, LLC (“AIF”), an affiliate of the controlling member of Landmark. Under the License Agreement, AIF granted us a nonexclusive, perpetual license to practice certain patented methods related to the apparatus and method for combining easements under a master limited partnership. We have agreed to pay AIF a license fee of $50,000 for the second year of the License Agreement, and thereafter, an amount equal to the greater of (i) one‑tenth of one percent (0.1%) of our gross revenue received during such contract year; or (ii) $100,000. During the three months ended March 31, 2020 and 2019, we incurred $25,000, respectively, of license fees related to the AIF patent license agreement. 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, 0.5% of operating revenue for the 4.38% senior secured notes and 2% of gross revenue for the 2019 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 less than $0.1 million and $0.1 million of Secured Tenant Site Assets’ management fees during the three months ended March 31, 2020 and 2019, respectively. In connection with the formation of the unconsolidated JV, the JV assumed the 2018 Secured Notes. Pursuant to the applicable management agreement, our General Partner will perform those functions reasonably necessary to maintain, manage and administer the 2018 Secured Tenant Site Assets for a monthly management fee equal to 1.5% of the Secured Tenant Site Assets’ operating revenue, subject to a maximum of $46 per tenant site asset. Landmark will reimburse us for the management fees paid by the unconsolidated JV with the reimbursement treated as a capital contribution. For the three months ended March 31, 2020 and 2019, the unconsolidated JV incurred $0.1 million, respectively, of management fees. Acquisition of Real Property Interests In connection with third party acquisitions, Landmark will be obligated to provide acquisition services to us, including asset identification, underwriting and due diligence, negotiation, documentation and closing, at the reasonable request of our General Partner, but we are under no obligation to utilize such services. We will pay Landmark reasonable fees, as mutually agreed to by Landmark and us, for providing these services. These fees will not be subject to the cap on general and administrative expenses described above. As of March 31, 2020 and 2019, no such fees have been incurred. 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 Amended Partnership Agreement) in excess of $0.2875 per unit per quarter. There were no incentive distributions and incentive allocations for the three months ended March 31, 2020. The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations for the three months ended March 31, 2019 quarterly distribution totaling $0.2 million, which is treated as a deemed contribution in the consolidated statements of equity and mezzanine equity and as a deemed distribution for purposes of determining net income per common unit. During the three months ended March 31, 2020 and 2019, no amounts were paid under the incentive distribution rights. Due from Affiliates At March 31, 2020 and December 31, 2019, the General Partner and its affiliates owed $1.6 million and $1.1 million, respectively, to the Partnership primarily for the current quarter general and administrative reimbursement, unconsolidated JV management fees and for rents received on our behalf, offset by rents received on behalf of the unconsolidated JV.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
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 Europe. The Partnership’s renewable power generation segment consists of leasing real property interests and providing financing to companies in the renewable power industry in the United States. Items that are not included in any of the reportable segments are included in the corporate category. The reportable segments are strategic business units that offer different products and services. They are commonly managed as all three businesses require similar marketing and business strategies. Because our tenant lease arrangements are mostly effectively triple-net, we evaluate our segments based on revenue. We believe this measure provides investors relevant and useful information because it is presented on an unlevered basis. The statements of operations for the reportable segments are as follows: For the three months ended March 31, 2020 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 7,882 $ 5,876 $ 1,920 $ — $ 15,678 Expenses Property operating 242 433 56 — 731 General and administrative — — — 1,612 1,612 Acquisition-related — — — 315 315 Depreciation and amortization 2,498 1,274 120 — 3,892 Impairments — 82 — — 82 Total expenses 2,740 1,789 176 1,927 6,632 Total other income and expenses 155 47 18 (10,698 ) (10,478 ) Income (loss) before income tax benefit 5,297 4,134 1,762 (12,625 ) (1,432 ) Income tax benefit — — — (60 ) (60 ) Net income (loss) $ 5,297 $ 4,134 $ 1,762 $ (12,565 ) $ (1,372 ) For the three months ended March 31, 2019 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 7,236 $ 5,081 $ 2,076 $ — $ 14,393 Expenses Property operating 51 260 354 — 665 General and administrative — — — 1,478 1,478 Acquisition-related — — — 127 127 Depreciation and amortization 2,361 987 169 — 3,517 Impairments — 204 — — 204 Total expenses 2,412 1,451 523 1,605 5,991 Total other income and expenses 5,820 61 203 (7,154 ) (1,070 ) Income (loss) before income tax expense 10,644 3,691 1,756 (8,759 ) 7,332 Income tax expense — — — 122 122 Net income (loss) $ 10,644 $ 3,691 $ 1,756 $ (8,881 ) $ 7,210 The Partnership’s total assets by segment were (in thousands): March 31, 2020 December 31, 2019 Segments Wireless communication $ 435,042 $ 452,127 Outdoor advertising 293,983 284,203 Renewable power generation 99,789 99,856 Corporate assets 25,340 19,419 Total assets $ 854,154 $ 855,605 The following table represents the Partnership’s rental revenues by geographic location (in thousands): Three Months Ended March 31, 2020 2019 United States $ 13,516 $ 12,902 Europe 1,859 1,178 Australia 284 299 Canada 19 14 Total rental revenue $ 15,678 $ 14,393 The following table represents the Partnership’s total assets by geographic location (in thousands): March 31, 2020 December 31, 2019 United States $ 724,311 $ 726,343 Europe 117,060 114,448 Australia 12,172 13,926 Canada 611 888 Total assets $ 854,154 $ 855,605

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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 consolidated 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. On April 1, 2020, T-Mobile and Sprint completed their 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 March 31, 2020, the Partnership had approximately $64.6 million of real property interests subject to subordination to lenders of the underlying property. To the extent a lender forecloses on a property the Partnership would take impairment charges for the book value of the asset and no longer be entitled to the revenue associated with the asset. Substantially all of our tenant sites are subject to triple net or effectively triple-net lease arrangements, which require the tenant or the underlying property owner to pay all utilities, property taxes, insurance and repair and maintenance costs. Our overall financial results could be impacted to the extent the owners of the fee interest in the real property or our tenants do not satisfy their obligations.

Tenant Concentration

Tenant Concentration	3 Months Ended
	Mar. 31, 2020
Risks And Uncertainties [Abstract]
Tenant Concentration	16. Tenant Concentration For the three months ended March 31, 2020 and 2019, the Partnership had the following tenant revenue concentrations: Three Months Ended March 31, Tenant 2020 2019 Clear Channel 13.5 % 13.7 % T-Mobile 7.8 % 8.5 % Sprint 5.5 % 6.0 % Most tenants are subsidiaries of these companies but have been aggregated for purposes of showing revenue concentration. Financial information for these companies can be found at www.sec.gov. The loss of any one of our large customers as a result of consolidation, merger, bankruptcy, insolvency, network sharing, roaming, joint development, resale agreements by our customers or otherwise may result in (1) a material decrease in our revenue, (2) uncollectible account receivables, (3) an impairment of our deferred site rental receivables, wireless infrastructure assets, site rental contracts or customer relationships intangible assets, or (4) other adverse effects to our business.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	17. Supplemental Cash Flow Information Noncash investing and financing activities for the three months ended March 31, 2020 and 2019 were as follows (in thousands): Three Months Ended March 31, 2020 2019 Capital contribution to fund general and administrative expense reimbursement $ 1,101 $ 994 Distributions payable to preferred unitholders 1,819 1,685 Accretion of Series C preferred units 97 356 Purchase price for development activities included in accounts payable and accrued liabilities 500 — Initial recognition of lease liabilities related to right of use assets — 7,589 Declared distributions receivable from the unconsolidated joint venture (675 ) (1,482 ) Adoption of ASU 2016-13 (76 ) — Deemed contribution by the General Partner — 197 Deemed distribution by the General Partner — (197 ) Cash flows related to interest and income taxes paid were as follows (in thousands): Three Months Ended March 31, 2020 2019 Cash paid for interest $ 4,412 $ 3,049 Capitalized interest 657 308 Income taxes paid 312 126

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events On April 21, 2020, the General Partner’s board of directors approved a quarterly distribution of $0.20 per common unit for the quarter ended March 31, 2020. The current quarter distribution equates to approximately $5.1 million per quarter, or $20.4 million per year in the aggregate, based on the number of common units outstanding as of May 1, 2020.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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 On an ongoing basis, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. The accompanying consolidated financial statements include the accounts of the Partnership, its wholly-owned subsidiaries and those entities in which it has a controlling interest. Investments in entities that the Partnership does not control are accounted for using the equity or cost method, depending upon the Partnership’s ability to exercise significant influence over operating and financial policies. The unaudited interim consolidated financial statements have been prepared in conformity with GAAP as established by the Financial Accounting Standards Board (the “FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under the Accounting Standards Updates (“ASUs”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the unaudited financial information set forth therein. Financial information for the three months ended March 31, 2020 and 2019 included in these Notes to the Consolidated Financial Statements is derived from our unaudited financial statements. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. All references to tenant sites are outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the public company accounting oversight board (U.S.).
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 consolidated foreign 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 may also be subject to various non-income taxes, filing fees, and franchise taxes in various states that are reflected in operating expenses. The Partnership follows the requirements of ASC Topic 740, Income Taxes
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 consolidated financial position and results of operations because either the ASU is not applicable, or the impact is expected to be immaterial. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments Financial Instruments – Credit Losses Codification Improvements to Topic 326, Financial Instruments – Credit Losses he measurement of expected credit losses under the current expected credit loss model is based on relevant information including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. adopted the guidance as of January 1, 2020 and recognized $0.1 million as a cumulative adjustment to retained earnings and as a reduction to investment in receivables as of the effective date.

Acquisitions and Developments (

Acquisitions and Developments (Tables)	3 Months Ended
	Mar. 31, 2020
Business Acquisition [Line Items]
Summary of Information about Other Lease Related Balances	The following table illustrates information about other lease related balances as of March 31, 2020 (in thousands): Operating leases: Right-of-use asset $ 10,828 Operating lease liability 9,883 Finance leases: Right-of-use asset (1) $ 18,540 Finance lease liability 849 (1) Assets held under finance leases are recorded in Real property interests and are depreciated over the lease term.
Schedule of Future Minimum Ground Lease Payments	The following table represents the future minimum ground lease payments as of March 31, 2020 (in thousands). Operating Lease Finance Lease 2020 (nine months) $ 505 $ 39 2021 657 53 2022 667 53 2023 681 53 2024 690 53 Thereafter 14,014 1,266 Total future payments 17,214 1,517 Discount (7,331 ) (668 ) Total lease liability $ 9,883 $ 849
Third Party Acquisitions
Business Acquisition [Line Items]
Schedule of Acquisitions	The following table presents direct third-party acquisitions completed by the Partnership during the three months ended March 31, 2020 and for the year ended December 31, 2019. No. of Tenant Sites Consideration (in millions) Acquisition Description Wireless Communication Outdoor Advertising Renewable Power Generation Total Borrowings and Available Cash Total First Quarter International — 1 — 1 $ 0.1 $ 0.1 2020 Total — 1 — 1 $ 0.1 $ 0.1 First Quarter International — 104 — 104 $ 6.0 $ 6.0 Total — 104 — 104 $ 6.0 $ 6.0 Second Quarter International — 7 — 7 $ 6.7 $ 6.7 Domestic — — 8 8 0.4 0.4 Total — 7 8 15 $ 7.1 $ 7.1 Third Quarter International — 10 — 10 $ 3.8 $ 3.8 Domestic 1 — — 1 0.3 0.3 Total 1 10 — 11 $ 4.1 $ 4.1 Fourth Quarter International 1 13 — 14 $ 10.5 $ 10.5 Domestic 2 — — 2 24.3 24.3 Total 3 13 — 16 $ 34.8 $ 34.8 2019 Total 4 134 8 146 $ 52.0 $ 52.0

Real Property Interests (Tables

Real Property Interests (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Summary of the Partnership's Real Property Interests	The following table summarizes the Partnership’s real property interests (in thousands): March 31, 2020 December 31, 2019 Land $ 139,102 $ 141,851 Real property interests – perpetual 100,950 100,810 Real property interests – finite life 429,181 422,923 Real property interests – ROU asset finance lease 18,540 19,595 Total real property interests 548,671 543,328 Construction in progress 63,699 68,907 Total land and real property interests 751,472 754,086 Accumulated depreciation and amortization of real property interests (53,212 ) (50,015 ) Land and net real property interests $ 698,260 $ 704,071
Schedule of Allocation of Estimated Fair Values of the Assets Acquired and Liabilities Assumed	The following table summarizes final allocations for acquisitions made during the year ended December 31, 2019 of estimated fair values of the assets acquired and liabilities assumed (in thousands). There was an insignificant amount of acquisitions completed during the three months ended March 31, 2020. Investments in In-place Above-market Below-market real property lease lease lease ROU Lease Period Land interests intangibles intangibles intangibles Asset liability Total 2019 $ 11,813 $ 17,154 $ 5,730 $ 86 $ (113 ) $ 21,570 $ (1,640 ) $ 54,600
Schedule of Future Estimated Depreciation and Amortization of Finite Lived Real Property Interests	Future estimated aggregate depreciation and amortization of finite lived real property interests for each of the five succeeding fiscal years and thereafter as of March 31, 2020, are as follows (in thousands): 2020 (nine months) $ 10,322 2021 10,900 2022 10,604 2023 9,233 2024 8,982 Thereafter 344,468 Total $ 394,509
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): March 31, 2020 December 31, 2019 Land $ 395 $ 421 AHFS $ 395 $ 421

Other Intangible Assets and L_2

Other Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Other Intangible Assets And Liabilities [Abstract]
Summary of Identifiable Intangible Assets, Including Above/Below Market Lease Intangibles	The following table summarizes our identifiable intangible assets, including above/below‑market lease intangibles (in thousands): March 31, 2020 December 31, 2019 Acquired in-place lease Gross amount $ 28,731 $ 28,908 Accumulated amortization (8,666 ) (8,142 ) Net amount $ 20,065 $ 20,766 Acquired above-market leases Gross amount $ 6,604 $ 6,627 Accumulated amortization (3,561 ) (3,427 ) Net amount $ 3,043 $ 3,200 Total other intangible assets, net $ 23,108 $ 23,966 Acquired below-market leases Gross amount $ (16,812 ) $ (16,817 ) Accumulated amortization 9,591 9,211 Total other intangible liabilities, net $ (7,221 ) $ (7,606 )
Future Aggregate Amortization of Intangibles for Each of the Five Succeeding Fiscal Years and Thereafter	Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of March 31, 2020 follows (in thousands): Acquired in-place leases Acquired above-market Acquired below-market 2020 (nine months) $ 1,296 $ 48 $ (1,145 ) 2021 1,661 518 (1,366 ) 2022 1,567 394 (1,244 ) 2023 1,274 337 (801 ) 2024 1,162 296 (710 ) Thereafter 13,105 1,450 (1,955 ) Total $ 20,065 $ 3,043 $ (7,221 )

Investments in Receivables (Tab

Investments in Receivables (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Receivable Net [Abstract]
Activity in investments in receivables	The following table reflects the activity in investments in receivables (in thousands): March 31, 2020 December 31, 2019 Investments in receivables – beginning $ 8,822 $ 18,348 Adoption of ASU 2016-13 (89 ) — Sales — (8,331 ) Other — (742 ) Repayments (142 ) (564 ) Interest accretion — 9 Foreign currency translation adjustment (174 ) 102 Investments in receivables – ending $ 8,417 $ 8,822
Annual amounts due	Annual amounts due as of March 31, 2020, are as follows (in thousands): 2020 (nine months) $ 994 2021 1,345 2022 1,463 2023 1,570 2024 1,631 Thereafter 9,715 Total $ 16,718 Interest $ 8,301 Principal 8,417 Total $ 16,718

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Summary of Balance Sheet Information for Unconsolidated JV	The following table summarizes balance sheet information for the unconsolidated JV (in thousands): March 31, 2020 December 31, 2019 Total assets $ 253,950 $ 255,157 Total liabilities 127,454 127,611 Total equity 126,496 127,546 Total liabilities and equity $ 253,950 $ 255,157
Summary of Financial Information for Unconsolidated JV	The following table summarizes financial information for the unconsolidated JV (in thousands): Three Months Ended March 31, 2020 2019 Rental revenue $ 3,575 $ 3,507 Net income (loss) 299 (109 ) Partnership's share in net income (loss) 150 (55 ) Distributions declared to the Partnership 675 1,482

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Partnership's debt	The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date March 31, 2020 December 31, 2019 Revolving credit facility November 15, 2023 $ 177,625 $ 232,907 4.38% senior secured notes June 30, 2036 $ 39,478 $ 39,945 Series 2019-1 Class A 3.90% January 14, 2027 170,000 — Series 2017-1 Class A 4.10% November 15, 2022 (1) 58,528 59,124 Series 2017-1 Class B 3.81% November 15, 2022 (1) 17,083 17,172 Series 2016-1 Class A 3.52% June 1, 2021 (2) — 82,175 Series 2016-1 Class B 7.02% June 1, 2021 (2) — 25,100 Secured Notes 285,089 223,516 Discount on Secured Notes (984 ) (1,081 ) Deferred loan costs (4,453 ) (5,337 ) Secured Notes, net $ 279,652 $ 217,098 (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 Principal Payment Amounts Due	The Secured Notes’ annual principal payment amounts due as of March 31, 2020, are as follows (in thousands): 2020 (nine months) $ 3,912 2021 5,987 2022 (1) 72,440 2023 6,812 2024 7,150 Thereafter (1) 188,788 Total $ 285,089 (1) Reflects anticipated repayment dates

Interest Rate Swap Agreements (

Interest Rate Swap Agreements (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Table Summarizing Terms and Fair Value of Interest Rate Swaps	The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements (in thousands, except percentages): Date Notional Fixed Effective Maturity Fair Value Liability at Entered Value Rate Index Date Date March 31, 2020 December 31, 2019 August 24, 2015 $ 50,000 1.74 1-month USD LIBOR 10/1/2015 10/1/2022 $ (1,779 ) $ (264 ) March 23, 2016 50,000 1.67 1-month USD LIBOR 12/24/2018 12/24/2021 (1,186 ) (113 ) March 31, 2016 20,000 1.56 1-month USD LIBOR 12/24/2018 12/24/2021 (438 ) (4 ) March 31, 2016 25,000 1.63 1-month USD LIBOR 4/13/2019 4/13/2022 (684 ) (48 ) June 12, 2017 50,000 2.10 1-month USD LIBOR 3/2/2018 9/2/2024 (3,591 ) (1,045 ) November 15, 2018 £ 38,000 1.49 1-month GBP LIBOR 11/30/2020 11/30/2025 (2,545 ) (1,675 ) $ (10,223 ) $ (3,149 )
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 August 24, 2015 10/1/2022 $ (1,228 ) $ (2,457 ) $ (626 ) $ (3,085 ) March 23, 2016 12/24/2021 (792 ) (1,641 ) (377 ) (2,075 ) March 31, 2016 12/24/2021 (280 ) (619 ) (114 ) (792 ) March 31, 2016 4/13/2022 (451 ) (956 ) (203 ) (1,213 ) June 12, 2017 9/2/2024 (2,684 ) (4,925 ) (1,604 ) (6,088 ) November 15, 2018 11/30/2025 (1,542 ) (3,993 ) (377 ) (5,283 )

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of changes in the number of units outstanding	The table below summarizes changes in the number of units outstanding (in units): Mezzanine Equity - Series A Series B Series C Common Preferred Preferred Preferred Balance as of December 31, 2018 25,327,801 1,593,149 2,463,015 2,000,000 Unit-based compensation 10,631 — — — Balance as of March 31, 2019 25,338,432 1,593,149 2,463,015 2,000,000 Balance as of December 31, 2019 25,353,140 1,722,041 2,544,793 1,988,700 Issuance under ATM Programs 109,724 23,287 84,139 — Unit-based compensation 7,368 — — — Balance as of March 31, 2020 25,470,232 1,745,328 2,628,932 1,988,700
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 Units and IDRs March 31, 2019 (1) April 19, 2019 May 15, 2019 $ 0.3675 $ 9,312 June 30, 2019 (1) July 19, 2019 August 14, 2019 0.3675 9,312 September 30, 2019 (1) October 25, 2019 November 14, 2019 0.3675 9,317 December 31, 2019 (1) January 24, 2020 February 14, 2020 0.3675 9,360 March 31, 2020 April 21, 2020 May 15, 2020 0.2000 5,096 Series A Preferred Units March 31, 2019 March 21, 2019 April 15, 2019 $ 0.5000 $ 797 June 30, 2019 June 20, 2019 July 15, 2019 0.5000 828 September 30, 2019 September 20, 2019 October 15, 2019 0.5000 837 December 31, 2019 December 20, 2019 January 15, 2020 0.5000 861 March 31, 2020 March 20, 2020 April 15, 2020 0.5000 873 Series B Preferred Units March 31, 2019 April 19, 2019 May 15, 2019 $ 0.4938 $ 1,216 June 30, 2019 July 19, 2019 August 15, 2019 0.4938 1,257 September 30, 2019 October 22, 2019 November 15, 2019 0.4938 1,257 December 31, 2019 January 23, 2020 February 18, 2020 0.4938 1,298 March 31, 2020 April 20, 2020 May 15, 2020 0.4938 1,298 Series C Preferred Units March 31, 2019 April 19, 2019 May 15, 2019 $ 0.4614 $ 923 June 30, 2019 July 19, 2019 August 15, 2019 0.4510 902 September 30, 2019 October 22, 2019 November 15, 2019 0.4375 870 December 31, 2019 January 23, 2020 February 18, 2020 0.4375 870 March 31, 2020 April 20, 2020 May 15, 2020 0.4375 867 (1) The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations for the respective quarterly distribution.

Net Income (Loss) Per Limited_2

Net Income (Loss) Per Limited Partner Unit (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Unit [Abstract]
Schedule of Calculation of Undistributed Net Loss	The calculation of the undistributed net loss attributable to common unitholders for the three months ended March 31, 2020 and 2019 is as follows (in thousands): Three Months Ended March 31, 2020 2019 Net income (loss) attributable to limited partners $ (1,380 ) $ 7,202 Less: Distributions declared on Preferred Units (3,060 ) (2,894 ) General partner's incentive distribution rights (1) — (197 ) Accretion of Series C preferred units (97 ) (356 ) Net income (loss) attributable to common unitholders (4,537 ) 3,755 Distributions declared on common units (5,096 ) (9,312 ) Undistributed net income (loss) $ (9,633 ) $ (5,557 ) (1) There were no incentive distributions and incentive allocations for the three months ended March 31, 2020. The General Partner irrevocably waived its right to receive the incentive distribution and incentive allocations for the three months ended March 31, 2019 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.
Calculation of Net Income (Loss) per Common Unit	The calculation of net income (loss) per common unit for the three months ended March 31, 2020 and 2019 is as follows (in thousands, except per unit data): Three Months Ended March 31, 2020 2019 Common Units Common Units Distributions declared $ 5,096 $ 9,312 Undistributed net loss (9,633 ) (5,557 ) Net income (loss) attributable to common units - basic $ (4,537 ) $ 3,755 Net income (loss) attributable to common units - diluted $ (4,537 ) $ 3,755 Weighted-average units outstanding: Basic 25,461 25,338 Diluted 25,461 25,338 Net income (loss) per common unit: Basic $ (0.18 ) $ 0.15 Diluted (1) $ (0.18 ) $ 0.15 (1) 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 anti-dilutive for the three months ended March 31, 2020 and 2019 and, as a result, have been excluded in the determination of diluted net income (loss) per common unit.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Table Summarizing the Carrying Amounts and Fair Values of Financial Instruments Which are Not Carried at Fair Value	The table below summarizes the carrying amounts and fair values of financial instruments which are not carried at fair value on the face of the financial statements (in thousands): March 31, 2020 December 31, 2019 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 8,417 $ 8,710 $ 8,822 $ 8,859 Revolving credit facility 177,625 177,625 232,907 232,907 Secured Notes, net 279,652 276,604 217,098 221,577
Assets and Liabilities Measured at Fair Value on a Recurring Basis	As of March 31, 2020 and December 31, 2019, the Partnership measured the following assets at fair value on a recurring basis (in thousands): March 31, 2020 December 31, 2019 Derivative Liabilities (1) $ 10,223 $ 3,149 (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.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Statement of Operations by Reportable Segment	For the three months ended March 31, 2020 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 7,882 $ 5,876 $ 1,920 $ — $ 15,678 Expenses Property operating 242 433 56 — 731 General and administrative — — — 1,612 1,612 Acquisition-related — — — 315 315 Depreciation and amortization 2,498 1,274 120 — 3,892 Impairments — 82 — — 82 Total expenses 2,740 1,789 176 1,927 6,632 Total other income and expenses 155 47 18 (10,698 ) (10,478 ) Income (loss) before income tax benefit 5,297 4,134 1,762 (12,625 ) (1,432 ) Income tax benefit — — — (60 ) (60 ) Net income (loss) $ 5,297 $ 4,134 $ 1,762 $ (12,565 ) $ (1,372 ) For the three months ended March 31, 2019 (in thousands): Renewable Wireless Outdoor Power Communication Advertising Generation Corporate Total Revenue Rental revenue $ 7,236 $ 5,081 $ 2,076 $ — $ 14,393 Expenses Property operating 51 260 354 — 665 General and administrative — — — 1,478 1,478 Acquisition-related — — — 127 127 Depreciation and amortization 2,361 987 169 — 3,517 Impairments — 204 — — 204 Total expenses 2,412 1,451 523 1,605 5,991 Total other income and expenses 5,820 61 203 (7,154 ) (1,070 ) Income (loss) before income tax expense 10,644 3,691 1,756 (8,759 ) 7,332 Income tax expense — — — 122 122 Net income (loss) $ 10,644 $ 3,691 $ 1,756 $ (8,881 ) $ 7,210
Schedule of Total Assets by Reportable Segment	The Partnership’s total assets by segment were (in thousands): March 31, 2020 December 31, 2019 Segments Wireless communication $ 435,042 $ 452,127 Outdoor advertising 293,983 284,203 Renewable power generation 99,789 99,856 Corporate assets 25,340 19,419 Total assets $ 854,154 $ 855,605
Schedule of Rental Revenues by Geographic Location	The following table represents the Partnership’s rental revenues by geographic location (in thousands): Three Months Ended March 31, 2020 2019 United States $ 13,516 $ 12,902 Europe 1,859 1,178 Australia 284 299 Canada 19 14 Total rental revenue $ 15,678 $ 14,393
Schedule of Total Assets by Geographic Location	The following table represents the Partnership’s total assets by geographic location (in thousands): March 31, 2020 December 31, 2019 United States $ 724,311 $ 726,343 Europe 117,060 114,448 Australia 12,172 13,926 Canada 611 888 Total assets $ 854,154 $ 855,605

Tenant Concentration (Tables)

Tenant Concentration (Tables)	3 Months Ended
	Mar. 31, 2020
Risks And Uncertainties [Abstract]
Schedule of Tenant Revenue Concentrations	For the three months ended March 31, 2020 and 2019, the Partnership had the following tenant revenue concentrations: Three Months Ended March 31, Tenant 2020 2019 Clear Channel 13.5 % 13.7 % T-Mobile 7.8 % 8.5 % Sprint 5.5 % 6.0 %

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Information [Abstract]
Schedule of Noncash Investing and Financing Activities	Noncash investing and financing activities for the three months ended March 31, 2020 and 2019 were as follows (in thousands): Three Months Ended March 31, 2020 2019 Capital contribution to fund general and administrative expense reimbursement $ 1,101 $ 994 Distributions payable to preferred unitholders 1,819 1,685 Accretion of Series C preferred units 97 356 Purchase price for development activities included in accounts payable and accrued liabilities 500 — Initial recognition of lease liabilities related to right of use assets — 7,589 Declared distributions receivable from the unconsolidated joint venture (675 ) (1,482 ) Adoption of ASU 2016-13 (76 ) — Deemed contribution by the General Partner — 197 Deemed distribution by the General Partner — (197 )
Schedule of Cash Flows Related to Interest and Income Taxes Paid	Cash flows related to interest and income taxes paid were as follows (in thousands): Three Months Ended March 31, 2020 2019 Cash paid for interest $ 4,412 $ 3,049 Capitalized interest 657 308 Income taxes paid 312 126

Business (Details)

Business (Details) - Limited Partners - Common Units - shares	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Partnership Equity
Number of units held (in shares)	25,470,232	25,353,140	25,338,432	25,327,801
Landmark Dividend LLC
Partnership Equity
Number of units held (in shares)	3,415,405

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) $ in Millions	Jan. 01, 2020USD ($)
Accounting Policies [Abstract]
Cumulative adjustment to retained earnings	$ 0.1

Acquisitions and Developments -

Acquisitions and Developments - Third Party Acquisitions - Summary of Acquisitions Completed (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)site	Dec. 31, 2019USD ($)site	Sep. 30, 2019USD ($)site	Jun. 30, 2019USD ($)site	Mar. 31, 2019USD ($)site
Acquisitions
Number of tenant sites acquired	1	146
Consideration
Borrowings and Available Cash | $	$ 0.1	$ 52
Consideration | $	$ 0.1	$ 52
Wireless Communication
Acquisitions
Number of tenant sites acquired		4
Outdoor Advertising
Acquisitions
Number of tenant sites acquired	1	134
Renewable Power Generation
Acquisitions
Number of tenant sites acquired		8
International
Acquisitions
Number of tenant sites acquired	1	14	10	7	104
Consideration
Borrowings and Available Cash | $	$ 0.1	$ 10.5	$ 3.8	$ 6.7	$ 6
Consideration | $	$ 0.1	$ 10.5	$ 3.8	$ 6.7	$ 6
International | Wireless Communication
Acquisitions
Number of tenant sites acquired		1
International | Outdoor Advertising
Acquisitions
Number of tenant sites acquired	1	13	10	7	104
2019 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired					104
Consideration
Borrowings and Available Cash | $					$ 6
Consideration | $					$ 6
2019 Direct Third Party Acquisitions, First Quarter | Outdoor Advertising
Acquisitions
Number of tenant sites acquired					104
Domestic
Acquisitions
Number of tenant sites acquired		2	1	8
Consideration
Borrowings and Available Cash | $		$ 24.3	$ 0.3	$ 0.4
Consideration | $		$ 24.3	$ 0.3	$ 0.4
Domestic | Wireless Communication
Acquisitions
Number of tenant sites acquired		2	1
Domestic | Renewable Power Generation
Acquisitions
Number of tenant sites acquired				8
2019 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired				15
Consideration
Borrowings and Available Cash | $				$ 7.1
Consideration | $				$ 7.1
2019 Direct Third Party Acquisitions, Second Quarter | Outdoor Advertising
Acquisitions
Number of tenant sites acquired				7
2019 Direct Third Party Acquisitions, Second Quarter | Renewable Power Generation
Acquisitions
Number of tenant sites acquired				8
2019 Direct Third Party Acquisitions, Third Quarter
Acquisitions
Number of tenant sites acquired			11
Consideration
Borrowings and Available Cash | $			$ 4.1
Consideration | $			$ 4.1
2019 Direct Third Party Acquisitions, Third Quarter | Wireless Communication
Acquisitions
Number of tenant sites acquired			1
2019 Direct Third Party Acquisitions, Third Quarter | Outdoor Advertising
Acquisitions
Number of tenant sites acquired			10
2019 Direct Third Party Acquisitions, Fourth Quarter
Acquisitions
Number of tenant sites acquired		16
Consideration
Borrowings and Available Cash | $		$ 34.8
Consideration | $		$ 34.8
2019 Direct Third Party Acquisitions, Fourth Quarter | Wireless Communication
Acquisitions
Number of tenant sites acquired		3
2019 Direct Third Party Acquisitions, Fourth Quarter | Outdoor Advertising
Acquisitions
Number of tenant sites acquired		13

Acquisitions and Developments_2

Acquisitions and Developments - Leases - General Information (Details)	Mar. 31, 2020
Business Combinations [Abstract]
Lessee, discount rate	4.50%
Weighted-average remaining lease term of operating leases	22 years
Weighted-average remaining lease term of finance leases	29 years

Acquisitions and Developments_3

Acquisitions and Developments - Summary of Information about Other Lease Related Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating leases:
Right-of-use asset	$ 10,828	$ 11,358
Operating lease liability	9,883	10,268
Finance leases:
Right-of-use asset	18,540
Finance lease liability	$ 849	$ 908

Acquisitions and Developments_4

Acquisitions and Developments - Summary of Future Minimum Ground Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Business Combinations [Abstract]
2020 (nine months)	$ 505
2021	657
2022	667
2023	681
2024	690
Thereafter	14,014
Total future payments	17,214
Discount	(7,331)
Total operating lease liability	9,883	$ 10,268
2020 (nine months)	39
2021	53
2022	53
2023	53
2024	53
Thereafter	1,266
Total future payments	1,517
Discount	(668)
Total finance lease liability	$ 849	$ 908

Acquisitions and Developments_5

Acquisitions and Developments - Developments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)siteKiosk	Dec. 31, 2019USD ($)site
Business Acquisition [Line Items]
Construction in progress	$ 63,699	$ 68,907
Smart Enabled Infrastructure
Business Acquisition [Line Items]
Construction in progress	$ 63,700	$ 68,900
Smart Enabled Infrastructure | U.K
Business Acquisition [Line Items]
Digital conversion completed on number of outdoor advertising sites | site	9	9
Outdoor advertising sites completion cost of digital conversion	$ 1,000	$ 1,000
DART
Business Acquisition [Line Items]
Number of Kiosks | Kiosk	32
Total other assets, placed in service	$ 7,300

Real Property Interests - Summa

Real Property Interests - Summary of Real Property Interests (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 139,102	$ 141,851
Real property interests – perpetual	100,950	100,810
Real property interests – finite life	429,181	422,923
Real property interests – ROU asset finance lease	18,540	19,595
Total real property interests	548,671	543,328
Construction in progress	63,699	68,907
Total land and real property interests	751,472	754,086
Accumulated depreciation and amortization of real property interests	(53,212)	(50,015)
Land and net real property interests	$ 698,260	$ 704,071

Real Property Interests - Acqui

Real Property Interests - Acquisitions (Details) $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2020USD ($)siteitem	Dec. 31, 2019USD ($)site	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)siteitem
Acquisitions
Number of tenant sites acquired | site	1	146
Joint Venture
Acquisitions
Number of tenant sites acquired | site	168			169
Investments in receivables | item	1			1
Total net book value, one investment in receivable | $	$ 90.1	$ 92.8		$ 92.8
Rental revenue generated by consolidated joint venture | $	$ 1.9		$ 1.2

Real Property Interests - Sale

Real Property Interests - Sale (Details) $ in Millions	Jan. 04, 2019USD ($)
Real Property Interests
Cash consideration received	$ 13.5
Gain (loss) on sale of real property interests, before income taxes	$ 5.9

Real Property Interests - Purch

Real Property Interests - Purchase Price Allocation (Details) - Measurement Input, Discount Rate	Mar. 31, 2020
Minimum
Acquisitions
Discount rate used to estimate fair values (as a percent)	6
Maximum
Acquisitions
Discount rate used to estimate fair values (as a percent)	20

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	Mar. 31, 2020	Dec. 31, 2019
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Below market lease intangibles	$ (16,812)	$ (16,817)
Landmark, General Partner and affiliates | Acquisition from related party
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land		11,813
Investments in real property interests		17,154
Below market lease intangibles		(113)
ROU Asset		21,570
Lease liability		(1,640)
Total		54,600
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		5,730
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		$ 86

Real Property Interests - Futur

Real Property Interests - Future Estimated Aggregate Depreciation and Amortization of Finite Lived Real Property Interests (Details) $ in Thousands	Mar. 31, 2020USD ($)
Future estimated aggregate depreciation and amortization of real property interests
2020 (nine months)	$ 10,322
2021	10,900
2022	10,604
2023	9,233
2024	8,982
Thereafter	344,468
Total	$ 394,509

Real Property Interests - Weigh

Real Property Interests - Weighted Average Remaining Depreciation and Amortization Period for Non-perpetual Real Property Interests (Details)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Weighted average remaining depreciation and amortization period for non-perpetual real property interests	38 years

Real Property Interests - Impai

Real Property Interests - Impairment (Details)	3 Months Ended
	Mar. 31, 2020USD ($)site	Mar. 31, 2019USD ($)site
Impairment
Recognized impairment charge	$ 82,000	$ 204,000
Impaired Real Property Interest
Impairment
Number of real property interests impaired | site	2	2
Recognized impairment charge	$ 100,000	$ 100,000
Impaired real property interests	$ 0

Real Property Interests - Carry

Real Property Interests - Carrying Amounts of Major Classes of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 395	$ 421
AHFS	$ 395	$ 421

Other Intangible Assets and L_3

Other Intangible Assets and Liabilities - Total Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Intangible Assets
Net amount	$ 23,108	$ 23,966
Acquired in-place leases
Other Intangible Assets
Gross amount	28,731	28,908
Accumulated amortization	(8,666)	(8,142)
Net amount	20,065	20,766
Acquired above-market leases
Other Intangible Assets
Gross amount	6,604	6,627
Accumulated amortization	(3,561)	(3,427)
Net amount	$ 3,043	$ 3,200

Other Intangible Assets and L_4

Other Intangible Assets and Liabilities - Total Other Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Acquired below-market leases
Below market lease intangibles	$ (16,812)	$ (16,817)
Accumulated amortization	9,591	9,211
Net amount	$ (7,221)	$ (7,606)

Other Intangible Assets and L_5

Other Intangible Assets and Liabilities - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Intangible Assets And Liabilities [Abstract]
Amortization of above-and below-market leases	$ 236	$ 224
Amortization expense	$ 600	$ 500

Other Intangible Assets and L_6

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Future amortization of lease intangibles
Net amount	$ 23,108	$ 23,966
Acquired in-place leases
Future amortization of lease intangibles
2020 (nine months)	1,296
2021	1,661
2022	1,567
2023	1,274
2024	1,162
Thereafter	13,105
Net amount	20,065	20,766
Acquired above-market leases
Future amortization of lease intangibles
2020 (nine months)	48
2021	518
2022	394
2023	337
2024	296
Thereafter	1,450
Net amount	$ 3,043	$ 3,200

Other Intangible Assets and L_7

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Future amortization of acquired below-market leases
2020 (nine months)	$ (1,145)
2021	(1,366)
2022	(1,244)
2023	(801)
2024	(710)
Thereafter	(1,955)
Net amount	$ (7,221)	$ (7,606)

Investments in Receivables - Ge

Investments in Receivables - General Information (Details) - USD ($) $ in Millions	Jul. 21, 2015	Mar. 31, 2020	Mar. 31, 2019
Receivables With Imputed Interest [Line Items]
Payment collection period, minimum		2 years
Payment collection period, maximum		99 years
Interest income recognized		$ 0.2	$ 0.4
Minimum
Receivables With Imputed Interest [Line Items]
Discount rate	7.00%
Maximum
Receivables With Imputed Interest [Line Items]
Discount rate	14.00%

Investments in Receivables - Ac

Investments in Receivables - Activity in Investments in Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Receivables With Imputed Interest [Line Items]
Investments in receivables – beginning	$ 8,822	$ 18,348	$ 18,348
Sales			(8,331)
Other			(742)
Repayments	(142)	(150)	(564)
Interest accretion		$ 3	9
Foreign currency translation adjustment	(174)		102
Investments in receivables – ending	8,417		$ 8,822
ASU 2016-13
Receivables With Imputed Interest [Line Items]
Adoption of ASU 2016-13	$ (89)

Investments in Receivables - An

Investments in Receivables - Annual Amounts Due (Details) $ in Thousands	Mar. 31, 2020USD ($)
Notes Receivable Net [Abstract]
2020 (nine months)	$ 994
2021	1,345
2022	1,463
2023	1,570
2024	1,631
Thereafter	9,715
Total	$ 16,718

Investments in Receivables - _2

Investments in Receivables - Annual Amounts Due - Principal and Interest (Details) $ in Thousands	Mar. 31, 2020USD ($)
Notes Receivable Net [Abstract]
Interest	$ 8,301
Principal	8,417
Total	$ 16,718

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Venture - Additional Information (Details) $ in Thousands	Jan. 15, 2020USD ($)	Sep. 24, 2018USD ($)site	Jun. 06, 2018USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 30, 2017USD ($)
Secured notes
Schedule Of Equity Method Investments [Line Items]
Aggregate principal amount			$ 125,400			$ 80,000
Debt discount				$ 984	$ 1,081	$ 1,800
Secured notes | Maximum
Schedule Of Equity Method Investments [Line Items]
Debt discount			100
Senior secured revolving credit facility
Schedule Of Equity Method Investments [Line Items]
Repayment of debt	$ 59,000		$ 120,500
Series 2018-1 Class C 3.97%
Schedule Of Equity Method Investments [Line Items]
Interest rate (as a percent)				3.97%
Series 2018-1 Class D 4.70%
Schedule Of Equity Method Investments [Line Items]
Interest rate (as a percent)				4.70%
Series 2018-1 Class F 5.92%
Schedule Of Equity Method Investments [Line Items]
Interest rate (as a percent)				5.92%
Unconsolidated Joint Venture
Schedule Of Equity Method Investments [Line Items]
Number of tenant site assets contributed | site		545
Aggregate principal amount		$ 125,400
Percentage of membership interest in unconsolidated JV		50.01%
Cash transaction in unconsolidated JV		$ 65,500

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Venture - Summary of Balance Sheet Information for Unconsolidated JV (Details) - Unconsolidated Joint Venture - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Total assets	$ 253,950	$ 255,157
Total liabilities	127,454	127,611
Total equity	126,496	127,546
Total liabilities and equity	$ 253,950	$ 255,157

Investment in Unconsolidated _5

Investment in Unconsolidated Joint Venture - Summary of Financial Information for Unconsolidated JV (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Partnership's share in net income (loss)	$ 150	$ (55)
Distributions declared to the Partnership	675	1,482
Unconsolidated Joint Venture
Schedule Of Equity Method Investments [Line Items]
Rental revenue	3,575	3,507
Net income (loss)	299	(109)
Partnership's share in net income (loss)	150	(55)
Distributions declared to the Partnership	$ 675	$ 1,482

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) $ in Thousands, £ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2020GBP (£)	Dec. 31, 2019USD ($)	Nov. 30, 2017USD ($)
Debt
Outstanding Balance, revolving credit facility	$ 177,625		$ 232,907
Deferred loan costs	(4,278)		(4,557)
Secured Notes, net	279,652		217,098
Senior secured revolving credit facility
Debt
Outstanding Balance, revolving credit facility	$ 177,625	£ 40.5	232,907
Maturity Date	Nov. 15, 2023
4.38% senior secured notes
Debt
Outstanding Balance, secured debt	$ 39,478		39,945
Maturity Date	Jun. 30, 2036
Series 2017-1 Class A 4.10%
Debt
Outstanding Balance, secured debt	$ 58,528		59,124
Maturity Date	Nov. 15, 2022
Series 2019-1 Class A 3.90%
Debt
Outstanding Balance, secured debt	$ 170,000
Maturity Date	Jan. 14, 2027
Series 2017-1 Class B 3.81%
Debt
Outstanding Balance, secured debt	$ 17,083		17,172
Maturity Date	Nov. 15, 2022
Series 2016-1 Class A 3.52%
Debt
Outstanding Balance, secured debt			82,175
Maturity Date	Jun. 1, 2021
Series 2016-1 Class B 7.02%
Debt
Outstanding Balance, secured debt			25,100
Maturity Date	Jun. 1, 2021
Secured notes
Debt
Outstanding Balance, secured debt	$ 285,089		223,516
Discount on Secured Notes	(984)		(1,081)	$ (1,800)
Deferred loan costs	(4,453)		(5,337)
Secured Notes, net	$ 279,652		$ 217,098

Debt - Summary of Debt (Parenth

Debt - Summary of Debt (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2020
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 2019-1 Class A 3.90%
Debt Instrument [Line Items]
Interest rate (as a percent)	3.90%
Debt instrument, final legal maturity date	Jan. 14, 2027
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) $ in Thousands, £ in Millions	Nov. 15, 2018USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2020GBP (£)	Dec. 31, 2019USD ($)
Debt
Revolving credit facility		$ 177,625		$ 232,907
Senior secured revolving credit facility
Debt
Annual commitment rate		0.125%
Maturity Date		Nov. 15, 2023
Revolving credit facility		$ 177,625	£ 40.5	$ 232,907
Undrawn borrowing capacity		$ 272,400
Senior secured revolving credit facility | LIBOR | Minimum
Debt
Applicable margin (as a percent)		1.75%
Senior secured revolving credit facility | LIBOR | Maximum
Debt
Applicable margin (as a percent)		2.25%
Senior secured revolving credit facility | Base rate
Debt
Applicable margin (as a percent)		2.25%
Amended and Restated Senior Secured Revolving Credit Facility
Debt
Initial borrowing capacity	$ 450,000
Credit facility term	5 years
Additional borrowing capacity	$ 75,000
Standby Letters of Credit | Senior secured revolving credit facility
Debt
Undrawn borrowing capacity		$ 5,800

Debt - Secured Notes (Details)

Debt - Secured Notes (Details) - USD ($) $ in Thousands	Jan. 15, 2020	Jun. 06, 2018	Apr. 24, 2018	Nov. 30, 2017	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Restricted cash reserved					$ 4,680	$ 5,619
Series A Senior Secured Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 170,000
Interest rate (as a percent)	3.90%
Maturity Date	Jan. 14, 2027
Interest-only initial term	3 years
Standby letter of credit amount	$ 3,400
2016 Secured Notes
Debt Instrument [Line Items]
Repayment of debt	108,000
2016 Secured Notes | Minimum
Debt Instrument [Line Items]
Debt service coverage ratio					200.00%
Senior secured revolving credit facility
Debt Instrument [Line Items]
Maturity Date					Nov. 15, 2023
Repayment of debt	$ 59,000	$ 120,500
Senior secured revolving credit facility | Maximum | Restricted Reserve Accounts
Debt Instrument [Line Items]
Repayment of debt				$ 17,500
Senior secured revolving credit facility | Minimum | Restricted Reserve Accounts
Debt Instrument [Line Items]
Repayment of debt				54,000
Note Purchase Agreement
Debt Instrument [Line Items]
Aggregate principal amount			$ 43,700
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
Note Purchase Agreement | Maximum
Debt Instrument [Line Items]
Aggregate principal amount			$ 225,000
Secured notes
Debt Instrument [Line Items]
Aggregate principal amount		125,400		80,000
Acquisition costs, period cost				16,000
Debt discount				$ 1,800	$ 984	$ 1,081
Secured notes | Maximum
Debt Instrument [Line Items]
Debt discount		$ 100
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
2019 Secured notes | Minimum
Debt Instrument [Line Items]
Debt service coverage ratio					1.50%
2017 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	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
2020 (nine months)	$ 3,912
2021	5,987
2022	72,440
2023	6,812
2024	7,150
Thereafter	188,788
Total	$ 285,089	$ 223,516

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Interest Expense
Debt interest expense	$ 4.7	$ 4.5
Interest payable	0.2		$ 0.5
Interest expense
Interest Expense
Amortization of deferred loan costs and discount on secured notes	$ 0.6	$ 0.8

Interest Rate Swap Agreements -

Interest Rate Swap Agreements - Fair Value of Interest Rate Swap Agreements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ (10,223,000)	$ (3,149,000)
Agreement effective date October 1, 2015
Interest Rate Swap Agreements
Notional value	$ 50,000,000
Fixed Rate	1.74%
Index	1-month USD LIBOR
Agreement effective date October 1, 2015 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ (1,779,000)	(264,000)
Agreement entered into March 23, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Notional value	$ 50,000,000
Fixed Rate	1.67%
Index	1-month USD LIBOR
Agreement entered into March 23, 2016 effective date December 24, 2018 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ (1,186,000)	(113,000)
Agreement entered into March 31, 2016 effective date December 24, 2018
Interest Rate Swap Agreements
Notional value	$ 20,000,000
Fixed Rate	1.56%
Index	1-month USD LIBOR
Agreement entered into March 31, 2016 effective date December 24, 2018 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ (438,000)	(4,000)
Agreement entered into March 31, 2016 effective date April 13, 2019
Interest Rate Swap Agreements
Notional value	$ 25,000,000
Fixed Rate	1.63%
Index	1-month USD LIBOR
Agreement entered into March 31, 2016 effective date April 13, 2019 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ (684,000)	(48,000)
Agreement entered into June 12, 2017 effective date March 02, 2018
Interest Rate Swap Agreements
Notional value	$ 50,000,000
Fixed Rate	2.10%
Index	1-month USD LIBOR
Agreement entered into June 12, 2017 effective date March 02, 2018 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ (3,591,000)	(1,045,000)
Agreement entered into November 15, 2018 effective date November 30, 2020
Interest Rate Swap Agreements
Notional value	$ 38,000,000
Fixed Rate	1.49%
Index	1-month GBP LIBOR
Agreement entered into November 15, 2018 effective date November 30, 2020 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ (2,545,000)	$ (1,675,000)

Interest Rate Swap Agreements_2

Interest Rate Swap Agreements - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest Rate Swap Agreements
Unrealized loss on derivatives	$ (7,291)	$ (2,762)

Interest Rate Swap Agreements_3

Interest Rate Swap Agreements - Sensitivity Analysis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Agreement effective date October 1, 2015 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	$ (1,228)
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	(2,457)
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	(626)
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	(3,085)
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	(792)
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	(1,641)
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	(377)
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	(2,075)
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	(280)
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	(619)
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	(114)
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	(792)
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	(451)
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	(956)
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	(203)
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	(1,213)
Agreement entered into June 12, 2017 effective date March 02, 2018 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(2,684)
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	(4,925)
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	(1,604)
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	(6,088)
Agreement entered into November 15, 2018 effective date November 30, 2020 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(1,542)
Agreement entered into November 15, 2018 effective date November 30, 2020 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(3,993)
Agreement entered into November 15, 2018 effective date November 30, 2020 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	(377)
Agreement entered into November 15, 2018 effective date November 30, 2020 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Sensitivity analysis, increase (decrease) in fair value of interest rate derivative	$ (5,283)
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) - Limited Partners - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Common Units
Increase (decrease) in partners' capital
Balance (in units)	25,353,140	25,327,801
Unit-based compensation (in units)	7,368	10,631
Balance (in units)	25,470,232	25,338,432
Common Units | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)	109,724
Preferred Units Series A
Increase (decrease) in partners' capital
Balance (in units)	1,722,041	1,593,149
Balance (in units)	1,745,328	1,593,149
Preferred Units Series A | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)	23,287
Preferred Units Series B
Increase (decrease) in partners' capital
Balance (in units)	2,544,793	2,463,015
Balance (in units)	2,628,932	2,463,015
Preferred Units Series B | At The Market Issuance Sales Agreement
Increase (decrease) in partners' capital
Issuance of units, net (in units)	84,139
Preferred Units Series C
Increase (decrease) in partners' capital
Balance (in units)	1,988,700	2,000,000
Balance (in units)	1,988,700	2,000,000

Equity - General Information (D

Equity - General Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2020	May 03, 2019	May 15, 2018	Apr. 02, 2018	Mar. 30, 2017	Mar. 27, 2017	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Partnership Equity
Proceeds from the issuance of Preferred Units, net							$ 2,663
Preferred Units Series B
Partnership Equity
Distribution date							May 15, 2020	Feb. 18, 2020	Nov. 15, 2019	Aug. 15, 2019	May 15, 2019
Distribution Per Unit Paid (in dollars per share)							$ 0.4938	$ 0.4938	$ 0.4938	$ 0.4938	$ 0.4938
2019 Series A ATM Program | At The Market Issuance Sales Agreement
Partnership Equity
Aggregate offering price		$ 50,000
2020 Series A ATM Program | At The Market Issuance Sales Agreement
Partnership Equity
Aggregate offering price	$ 50,000
Issuance of units, net (in shares)							0
2020 Series B ATM Program | At The Market Issuance Sales Agreement
Partnership Equity
Aggregate offering price	50,000
Issuance of units, net (in shares)							0
Preferred Units Series C
Partnership Equity
Distribution date							May 15, 2020	Feb. 18, 2020	Nov. 15, 2019	Aug. 15, 2019	May 15, 2019
Distribution Per Unit Paid (in dollars per share)							$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4510	$ 0.4614
Stated liquidation preference / redemption price (in dollars per share)							$ 25
Conversion rate for preferred unit							1.3017
Designated redemption date one							May 15, 2025
Designated redemption date two							May 15, 2028
Designated redemption period							5 years
Liquidation preference							$ 11.13
Preferred units redemption date							May 20, 2025
Preferred units redemption price							$ 25
Conversion of units (in units)							0
Limited Partners
Partnership Equity
Aggregate offering price						$ 750,000
Limited Partners | 2019 Common Units | At The Market Issuance Sales Agreement
Partnership Equity
Aggregate offering price		$ 50,000
Issuance of units, net (in shares)							109,724
Proceeds from issuance of unit, before costs							$ 1,800
Limited Partners | 2020 Common Units | At The Market Issuance Sales Agreement
Partnership Equity
Aggregate offering price	$ 50,000
Issuance of units, net (in shares)							0
Limited Partners | Preferred Units Series B
Partnership Equity
Issuance of units, net (in shares)							84,000
Limited Partners | Preferred Units Series B | At The Market Issuance Sales Agreement
Partnership Equity
Aggregate offering price					$ 50,000
Issuance of units, net (in shares)							84,139
Proceeds from issuance of unit, before costs							$ 2,100
Limited Partners | 2019 Series A ATM Program | At The Market Issuance Sales Agreement
Partnership Equity
Issuance of units, net (in shares)							23,287
Proceeds from issuance of unit, before costs							$ 600
Limited Partners | Preferred Units Series C
Partnership Equity
Distribution date							May 15, 2018
Distribution Per Unit Paid (in dollars per share)			$ 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 | Three-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)							$ 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 | Preferred Units Series C | Public Offering
Partnership Equity
Issuance of units, net (in shares)				2,000,000
Unit offering price (in dollars per share)				$ 25
Proceeds from the issuance of Preferred Units, net				$ 47,500
Offering expenses paid				$ 2,500

Equity - Summary of Quarterly D

Equity - Summary of Quarterly Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Common Units and IDRs
Quarter Ended
Declaration Date	Apr. 21, 2020	Jan. 24, 2020	Oct. 25, 2019	Jul. 19, 2019	Apr. 19, 2019
Distribution Date	May 15, 2020	Feb. 14, 2020	Nov. 14, 2019	Aug. 14, 2019	May 15, 2019
Distribution Per Unit Paid (in dollars per share)	$ 0.2000	$ 0.3675	$ 0.3675	$ 0.3675	$ 0.3675
Total Distribution Paid	$ 5,096	$ 9,360	$ 9,317	$ 9,312	$ 9,312
Preferred Units Series A
Quarter Ended
Declaration Date	Mar. 20, 2020	Dec. 20, 2019	Sep. 20, 2019	Jun. 20, 2019	Mar. 21, 2019
Distribution Date	Apr. 15, 2020	Jan. 15, 2020	Oct. 15, 2019	Jul. 15, 2019	Apr. 15, 2019
Distribution Per Unit Paid (in dollars per share)	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000
Total Distribution Paid	$ 873	$ 861	$ 837	$ 828	$ 797
Preferred Units Series B
Quarter Ended
Declaration Date	Apr. 20, 2020	Jan. 23, 2020	Oct. 22, 2019	Jul. 19, 2019	Apr. 19, 2019
Distribution Date	May 15, 2020	Feb. 18, 2020	Nov. 15, 2019	Aug. 15, 2019	May 15, 2019
Distribution Per Unit Paid (in dollars per share)	$ 0.4938	$ 0.4938	$ 0.4938	$ 0.4938	$ 0.4938
Total Distribution Paid	$ 1,298	$ 1,298	$ 1,257	$ 1,257	$ 1,216
Preferred Units Series C
Quarter Ended
Declaration Date	Apr. 20, 2020	Jan. 23, 2020	Oct. 22, 2019	Jul. 19, 2019	Apr. 19, 2019
Distribution Date	May 15, 2020	Feb. 18, 2020	Nov. 15, 2019	Aug. 15, 2019	May 15, 2019
Distribution Per Unit Paid (in dollars per share)	$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4510	$ 0.4614
Total Distribution Paid	$ 867	$ 870	$ 870	$ 902	$ 923

Net Income (Loss) Per Limited_3

Net Income (Loss) Per Limited Partner Unit - Undistributed Net Loss Attributable to Common Unitholders (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income (loss) attributable to partners:
Net income (loss) attributable to limited partners	$ (1,380,000)	$ 7,202,000
Less: Distributions declared	(3,060,000)	(2,894,000)
Incentive distribution rights		(197,000)
Accretion of Series C preferred units	(97,000)	(356,000)
Net income (loss) attributable to common unitholders	(4,537,000)	3,755,000
General Partner
Net income (loss) attributable to partners:
Incentive distribution rights	0	(197,000)
Preferred Units
Net income (loss) attributable to partners:
Less: Distributions declared	(3,060,000)	(2,894,000)
Common Units
Net income (loss) attributable to partners:
Less: Distributions declared	(5,096,000)	(9,312,000)
Net income (loss) attributable to common unitholders	(4,537,000)	3,755,000
Undistributed net income (loss)	$ (9,633,000)	$ (5,557,000)

Net Income (Loss) Per Limited_4

Net Income (Loss) Per Limited Partner Unit - Undistributed Net Loss Attributable to Common Unitholders (Parenthetical) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Limited Partners Capital Account [Line Items]
Incentive distribution rights and incentive allocations		$ 197,000
General Partner
Limited Partners Capital Account [Line Items]
Incentive distribution rights and incentive allocations	$ 0	$ 197,000

Net Income (Loss) Per Limited_5

Net Income (Loss) Per Limited Partner Unit - Net Income (Loss) per Common Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income (loss) attributable to partners:
Distributions declared	$ 3,060	$ 2,894
Net income (loss) attributable to common unitholders	$ (4,537)	$ 3,755
Weighted-average units outstanding:
Basic (in shares)	25,461	25,338
Units - diluted (in shares)	25,461	25,338
Net income (loss) per common unit:
Basic (in dollars per share)	$ (0.18)	$ 0.15
Diluted (in dollars per share)	$ (0.18)	$ 0.15
Common Units
Net income (loss) attributable to partners:
Distributions declared	$ 5,096	$ 9,312
Undistributed net loss	(9,633)	(5,557)
Net income (loss) attributable to common unitholders	(4,537)	3,755
Net income (loss) attributable to common units - diluted	$ (4,537)	$ 3,755
Weighted-average units outstanding:
Basic (in shares)	25,461	25,338
Units - diluted (in shares)	25,461	25,338
Net income (loss) per common unit:
Basic (in dollars per share)	$ (0.18)	$ 0.15
Diluted (in dollars per share)	$ (0.18)	$ 0.15

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Amount
Investment in receivables, net
Investment in receivables, net	$ 8,417	$ 8,822
Carrying Amount | Senior secured revolving credit facility
Debt
Revolving credit facility	177,625	232,907
Carrying Amount | Secured notes
Debt
Secured Notes, net	279,652	217,098
Fair Value
Investment in receivables, net
Investment in receivables, net	8,710	8,859
Fair Value | Senior secured revolving credit facility
Debt
Revolving credit facility	177,625	232,907
Fair Value | Secured notes
Debt
Secured Notes, net	$ 276,604	$ 221,577

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative Liabilities	$ 10,223	$ 3,149
Recurring | Level 2 inputs
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative Liabilities	$ 10,223	$ 3,149

Related-Party Transactions (Det

Related-Party Transactions (Details)	Jan. 15, 2020	Jun. 06, 2018	Nov. 30, 2017	Mar. 31, 2020USD ($)item$ / shares$ / property	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Incentive distribution rights					$ 197,000
Due from Landmark and affiliates				$ 1,611,000		$ 1,132,000
4.38% Senior Secured Notes
Related Party Transaction [Line Items]
Interest rate (as a percent)				4.38%
2018 Secured Notes | Maximum | Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Operating revenue per tenant site | $ / property				46
Incentive Distribution Rights
Related Party Transaction [Line Items]
Incentive distribution and allocations waived amount				$ 200,000
Threshold percentage per unit per quarter (in dollars per share) | $ / shares				$ 0.2875
Incentive distribution rights				$ 0
Incentive Distribution Rights | Maximum
Related Party Transaction [Line Items]
Percentage of available cash				50.00%
Landmark, General Partner and affiliates
Related Party Transaction [Line Items]
Due from Landmark and affiliates				$ 1,600,000		$ 1,100,000
Landmark, General Partner and affiliates | Capped reimbursement for certain general and administrative expenses
Related Party Transaction [Line Items]
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				$ 120,000,000
Reimbursement of expenses that exceeded the cap				1,000,000	900,000
Management fees related to unconsolidated joint venture not subject to cap				100,000	100,000
American Infrastructure Funds | Patent License Agreement Fees
Related Party Transaction [Line Items]
Fee for second year of agreement (in dollars per year)				$ 50,000
Maximum fee each year starting in third year of agreement, as a percentage of our gross revenue				0.10%
Minimum fee each year starting in third year of agreement (in dollars per year)				$ 100,000
License fees related to agreement				$ 25,000	$ 25,000
Type of Cost, Good or Service [Extensible List]				us-gaap:LicenseMember	us-gaap:LicenseMember
General Partner
Related Party Transaction [Line Items]
Management fee (as a percent)	2.00%
General Partner | 4.38% Senior Secured Notes
Related Party Transaction [Line Items]
Management fee (as a percent)				0.50%
Interest rate (as a percent)				4.38%
General Partner | Secured Notes Management Agreement
Related Party Transaction [Line Items]
Management fee (as a percent)		1.50%	1.50%
General Partner | Secured Notes Management Agreement | 2018 Secured Notes | Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Management fee (as a percent)				1.50%
General Partner | Management fees
Related Party Transaction [Line Items]
Costs incurred				$ 100,000	$ 100,000
General Partner | Management fees | 2018 Secured Notes | Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Costs incurred				100,000	100,000
Landmark Dividend LLC | Management fees
Related Party Transaction [Line Items]
Costs incurred				$ 0	$ 0

Segment Information - General I

Segment Information - General Information (Details) - segment	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting [Abstract]
Number of reportable segments	3	3

Segment Information - Statement

Segment Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue
Rental revenue	$ 15,678	$ 14,393
Expenses
Property operating	731	665
General and administrative	1,612	1,478
Acquisition-related	315	127
Depreciation and amortization	3,892	3,517
Impairments	82	204
Total expenses	6,632	5,991
Total other income and expenses	(10,478)	(1,070)
Income (loss) before income tax expense (benefit)	(1,432)	7,332
Income tax expense (benefit)	(60)	122
Net income (loss)	(1,372)	7,210
Operating Segments | Wireless Communication
Revenue
Rental revenue	7,882	7,236
Expenses
Property operating	242	51
Depreciation and amortization	2,498	2,361
Total expenses	2,740	2,412
Total other income and expenses	155	5,820
Income (loss) before income tax expense (benefit)	5,297	10,644
Net income (loss)	5,297	10,644
Operating Segments | Outdoor Advertising
Revenue
Rental revenue	5,876	5,081
Expenses
Property operating	433	260
Depreciation and amortization	1,274	987
Impairments	82	204
Total expenses	1,789	1,451
Total other income and expenses	47	61
Income (loss) before income tax expense (benefit)	4,134	3,691
Net income (loss)	4,134	3,691
Operating Segments | Renewable Power Generation
Revenue
Rental revenue	1,920	2,076
Expenses
Property operating	56	354
Depreciation and amortization	120	169
Total expenses	176	523
Total other income and expenses	18	203
Income (loss) before income tax expense (benefit)	1,762	1,756
Net income (loss)	1,762	1,756
Corporate
Expenses
General and administrative	1,612	1,478
Acquisition-related	315	127
Total expenses	1,927	1,605
Total other income and expenses	(10,698)	(7,154)
Income (loss) before income tax expense (benefit)	(12,625)	(8,759)
Income tax expense (benefit)	(60)	122
Net income (loss)	$ (12,565)	$ (8,881)

Segment Information - Total Ass

Segment Information - Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 854,154	$ 855,605
Corporate
Segment Reporting Asset Reconciling Item [Line Items]
Assets	25,340	19,419
Wireless Communication | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	435,042	452,127
Outdoor Advertising | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	293,983	284,203
Renewable Power Generation | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 99,789	$ 99,856

Segment Information - Schedule

Segment Information - Schedule of Rental Revenues by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	$ 15,678	$ 14,393
United States
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	13,516	12,902
Europe
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	1,859	1,178
Australia
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	284	299
Canada
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	$ 19	$ 14

Segment Information - Schedul_2

Segment Information - Schedule of Total Assets by Geographic Location (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 854,154	$ 855,605
United States
Segment Reporting Asset Reconciling Item [Line Items]
Assets	724,311	726,343
Europe
Segment Reporting Asset Reconciling Item [Line Items]
Assets	117,060	114,448
Australia
Segment Reporting Asset Reconciling Item [Line Items]
Assets	12,172	13,926
Canada
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 611	$ 888

Commitments and Contingencies -

Commitments and Contingencies - Real Property Interest Subject to Subordination (Details) $ in Millions	Mar. 31, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
Real property interest subject to subordination	$ 64.6

Tenant Concentration (Details)

Tenant Concentration (Details) - Concentration - Tenant Revenue	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Clear Channel
Concentration Risk [Line Items]
Percentage of revenue	13.50%	13.70%
T-Mobile
Concentration Risk [Line Items]
Percentage of revenue	7.80%	8.50%
Sprint
Concentration Risk [Line Items]
Percentage of revenue	5.50%	6.00%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Mar. 31, 2020	Mar. 31, 2019
Noncash activities
Capital contribution to fund general and administrative expense reimbursement		$ 1,101	$ 994
Distributions payable to preferred unitholders		1,819	1,685
Accretion of Series C preferred units		97	356
Purchase price for development activities included in accounts payable and accrued liabilities		500
Initial recognition of lease liabilities related to right of use assets			7,589
Declared distributions receivable from the unconsolidated joint venture		(675)	(1,482)
Deemed contribution by the General Partner			197
Deemed distribution by the General Partner			(197)
Adoption of ASU 2016-13	$ 100
ASU 2016-13
Noncash activities
Adoption of ASU 2016-13		(76)
Preferred Units Series C
Noncash activities
Accretion of Series C preferred units		$ 97	$ 356

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Cash Flows Related to Interest and Income Taxes Paid (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows related to interest paid
Cash paid for interest	$ 4,412	$ 3,049
Capitalized interest	657	308
Income taxes paid	$ 312	$ 126

Subsequent Events - General Inf

Subsequent Events - General Information (Details) - Subsequent Event $ / shares in Units, $ in Millions	Apr. 21, 2020USD ($)$ / shares
Subsequent Event [Line Items]
Distribution per unit | $ / shares	$ 0.20
Aggregate distribution per quarter	$ 5.1
Aggregate distribution per year	$ 20.4