Landmark Infrastructure Partners (LMRK) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 29, 2021
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, 2021
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
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Limited Partners Units		25,488,992
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, 2021	Dec. 31, 2020
Assets
Land	$ 117,398	$ 117,421
Real property interests	680,057	671,468
Construction in progress	43,545	44,787
Total land and real property interests	841,000	833,676
Accumulated depreciation and amortization of real property interests	(67,625)	(63,474)
Land and net real property interests	773,375	770,202
Investments in receivables, net	4,989	5,101
Investment in unconsolidated joint venture	59,711	60,880
Cash and cash equivalents	9,282	10,447
Restricted cash	3,259	3,195
Rent receivables	3,652	4,016
Due from Landmark and affiliates	2,061	1,337
Deferred loan costs, net	3,212	3,567
Deferred rent receivable	2,114	1,818
Derivative assets	362
Other intangible assets, net	18,808	19,417
Right-of-use asset, net	10,587	10,716
Other assets	4,172	4,082
Total assets	895,584	894,778
Liabilities and equity
Revolving credit facility	218,200	214,200
Secured notes, net	278,418	279,677
Accounts payable and accrued liabilities	5,263	6,732
Other intangible liabilities, net	5,726	6,081
Operating lease liability	8,741	8,818
Finance lease liability	77
Prepaid rent	6,279	4,446
Derivative liabilities	2,673	3,435
Total liabilities	525,377	523,389
Commitments and contingencies (Note 16)
Equity
Accumulated other comprehensive income (loss)	1,266	1,291
Total partners' equity	322,010	323,286
Noncontrolling interests	201	201
Total equity	322,211	323,487
Total liabilities, mezzanine equity and equity	895,584	894,778
Limited Partners | Preferred Units Series C
Mezzanine equity
Limited partners	47,996	47,902
Limited Partners | Preferred Units Series A
Equity
Limited partners	41,850	41,850
Total equity	41,850	41,850
Limited Partners | Preferred Units Series B
Equity
Limited partners	63,014	63,014
Total equity	63,014	63,014
Limited Partners | Common Units
Equity
Limited partners	374,012	376,201
Total equity	374,012	376,201
General Partner
Equity
General Partner	(158,132)	(159,070)
Total equity	$ (158,132)	$ (159,070)

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - Limited Partners - shares	Mar. 31, 2021	Dec. 31, 2020
Preferred Units Series C
Temporary equity, preferred units
Preferred units issued (in shares)	1,982,700,000	1,982,700,000
Preferred units outstanding (in shares)	1,982,700,000	1,982,700,000
Preferred Units Series A
Preferred units
Preferred units issued (in shares)	1,788,843,000	1,788,843,000
Preferred units outstanding (in shares)	1,788,843,000	1,788,843,000
Preferred Units Series B
Preferred units
Preferred units issued (in shares)	2,628,932,000	2,628,932,000
Preferred units outstanding (in shares)	2,628,932,000	2,628,932,000
Common Units
Common and subordinated units
Units issued (in shares)	25,488,992,000	25,478,042,000
Units outstanding (in shares)	25,488,992,000	25,478,042,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Revenue
Rental revenue	[1]	$ 17,284	$ 13,821
Expenses
Property operating	[1]	712	509
General and administrative	[1]	1,481	1,488
Acquisition-related	[1]	88	5
Depreciation and amortization	[1]	4,680	3,602
Impairments	[1]		82
Total expenses	[1]	6,961	5,686
Other income and expenses
Interest and other income	[1]	69	175
Interest expense	[1]	(4,986)	(4,298)
Loss on early extinguishment of debt	[1]		(2,231)
Unrealized gain (loss) on derivatives	[1]	1,124	(6,203)
Equity income (loss) from unconsolidated joint venture	[1]	(689)	150
Total other income and expenses	[1]	(4,482)	(12,407)
Income (loss) from continuing operations before income tax benefit	[1]	5,841	(4,272)
Income tax benefit	[1]	(110)	(245)
Income (loss) from continuing operations	[1]	5,951	(4,027)
Income from discontinued operations, net of tax	[1]		2,655
Net income (loss)	[1]	5,951	(1,372)
Less: Net income attributable to noncontrolling interest	[1]	8	8
Net income (loss) attributable to limited partners	[1]	5,943	(1,380)
Less: Distributions declared to preferred unitholders	[1]	(3,060)	(3,060)
Less: Accretion of Series C preferred units		(94)	(97)
Net income (loss) attributable to common unitholders	[1]	$ 2,789	$ (4,537)
Income (loss) from continuing operations per common unit
Common units – basic	[1]	$ 0.11	$ (0.28)
Common units – diluted	[1]	0.11	(0.28)
Net income (loss) per common unit
Common units – basic	[1]	0.11	(0.18)
Common units – diluted	[1]	$ 0.11	$ (0.18)
Weighted average common units outstanding
Common units – basic	[1]	25,489	25,461
Common units – diluted	[1]	25,489	25,461
Cash distributions declared per common unit	[1]	$ 0.2000	$ 0.2000
Preferred Units Series C
Other income and expenses
Less: Accretion of Series C preferred units	[1]	$ (94)	$ (97)
[1]	Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented ( Note 8 ).

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	[1]	$ 5,951	$ (1,372)
Other comprehensive loss:
Foreign currency translation adjustment		(25)	(8,131)
Other comprehensive loss:		(25)	(8,131)
Comprehensive income (loss)		5,926	(9,503)
Less: Comprehensive income attributable to noncontrolling interest		8	8
Comprehensive income (loss) attributable to limited partners		$ 5,918	$ (9,511)
[1]	Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented ( Note 8 ).

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY AND MEZZANINE EQUITY - USD ($) $ in Thousands	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Limited PartnersCommon Units	Limited PartnersPreferred Units Series A	Limited PartnersPreferred Units Series B	Limited PartnersPreferred Units Series A	Limited PartnersPreferred Units Series C	General Partner	General PartnerRevision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Other Comprehensive Income (loss)	Noncontrolling Interest
Balance at Dec. 31, 2019	$ 321,658	$ (76)	$ 382,581		$ 60,926	$ 40,210		$ (162,277)	$ (76)	$ 17	$ 201
Balance (in units) at Dec. 31, 2019			25,353,140	1,722,000	2,544,793	1,722,041	1,988,700
Increase (decrease) in partners' capital
Accounting Standards Update Extensible List	ASU 2016-13
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				$ 2,088	$ 575
Distributions	(11,558)		$ (9,360)		(1,319)	(871)					(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)		1,319	871					8
Balance at Mar. 31, 2020	304,948		$ 370,314		$ 63,014	$ 40,785		(161,252)		(8,114)	201
Balance (in units) at Mar. 31, 2020			25,470,232	1,745,000	2,628,932	1,745,328	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
Balance at Dec. 31, 2020	323,487		$ 376,201	$ 41,850	$ 63,014			(159,070)		1,291	201
Balance (in units) at Dec. 31, 2020			25,478,042		2,628,932	1,788,843	1,982,700
Increase (decrease) in partners' capital
Foreign currency translation adjustment	(25)									(25)
Distributions	(7,298)		$ (5,098)	(894)	$ (1,298)						(8)
Capital contribution from Sponsor	938							938
Unit-based compensation	120		$ 120
Unit-based compensation (in units)			11,000
Net income (loss)	4,989		$ 2,789	894	1,298						8
Balance at Mar. 31, 2021	$ 322,211		$ 374,012	$ 41,850	$ 63,014			$ (158,132)		$ 1,266	$ 201
Balance (in units) at Mar. 31, 2021			25,488,992		2,628,932	1,788,843	1,982,700
Temporary equity, Balance at Dec. 31, 2020							$ 47,902
Increase (Decrease) in temporary equity
Temporary equity, Distributions							(868)
Temporary equity, Net income (loss)							962
Temporary equity, Balance at Mar. 31, 2021							$ 47,996

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020
Operating activities
Net income (loss)	[1]	$ 5,951			$ (1,372)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unit-based compensation		120			120
Unrealized (gain) loss on derivatives		(1,124)			7,291
Loss on early extinguishment of debt	[1]				2,231
Depreciation and amortization expense		4,680			3,892
Amortization of above- and below- market lease, net		(231)			(236)
Amortization of deferred loan costs		524			497
Amortization of discount on secured notes		94			92
Impairments	[1]				82
Adjustment for uncollectible accounts					82
Equity (income) loss from unconsolidated joint venture	[1]	689			(150)
Return on investment in unconsolidated joint venture		479			675
Foreign currency transaction gain					(3,363)
Changes in operating assets and liabilities:
Rent receivables		364			(499)
Accounts payable and accrued liabilities		(164)			698
Deferred rent		(206)			102
Prepaid rent		1,834			1,029
Due from Landmark and affiliates		(747)			(183)
Other assets		191			(1,525)
Net cash provided by operating activities		12,454			9,463
Investing activities
Acquisition of real property interests and development activities		(8,780)			(3,989)
Repayments of receivables		112			142
Net cash used in investing activities		(8,668)			(3,847)
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		4,000			7,000
Proceeds from the issuance of secured notes					170,000
Principal payments on revolving credit facility					(59,000)
Principal payments on secured notes		(1,485)			(108,427)
Payments on finance leases					(4)
Deferred loan costs		(37)			(1,559)
Capital contribution to fund general and administrative expense reimbursement		828			896
Distributions to non-controlling interests		(8)			(8)
Net cash provided by (used in) financing activities		(4,868)			613
Effect of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash		(19)			(592)
Net increase (decrease) in cash, cash equivalents and restricted cash		(1,101)			5,637
Cash, cash equivalents and restricted cash at beginning of the period		13,642		$ 18,702	13,065
Cash, cash equivalents and restricted cash at end of the period		12,541	$ 13,642		18,702
Common Units
Financing activities
Distributions to limited partners		(5,098)	$ (5,098)	$ (5,096)	(5,096)
Limited Partners | Preferred Units
Financing activities
Distributions to limited partners		(3,068)			(3,098)
Limited Partners | Common Units
Financing activities
Distributions to limited partners		$ (5,098)			$ (9,360)
[1]	Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented ( Note 8 ).

Business

Business	3 Months Ended
	Mar. 31, 2021
Limited Liability Company Or Limited Partnership Business Organization And Operations [Abstract]
Organization And Formation Transactions Text Block	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, digital infrastructure, 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. 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, 2021, 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, 2021
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, 2021 and 2020 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, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Certain reclassifications have been made to the prior period's consolidated financial statements to conform to the current period presentation, in the Consolidated Statement of Operations and all related notes in which prior periods have been retrospectively adjusted to reflect the classification of the operations of the European outdoor advertising portfolio to discontinued operations. 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. 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 conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes. 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. Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Partnership’s operations and financial results, the operating profits or losses of the component disposed of by sale or when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. On June 17, 2020, the Partnership completed the sale of its interest in the consolidated joint venture that held its European outdoor advertising portfolio for a purchase price of £95 million. As a result, the sale of the European outdoor advertising portfolio represented a strategic shift that had a major effect on the Partnership’s operations and financial results and met the criteria as discontinued operations in June 2020. Accordingly, for prior period presented, the related operating results, including interest expense and unrealized loss on the interest rate swap agreement denominated in GBP, are presented as income from discontinued operations on the consolidated statement of operations ( Note 8 Recently Issued Accounting Standards Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s ASC. The Partnership considers the applicability and impact of all ASUs. Newly issued ASUs 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.

Acquisitions and Developments

Acquisitions and Developments	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions and Developments	3. Acquisitions and Developments Third Party Acquisitions The following table presents direct third-party acquisitions, excluding transaction costs, completed by the Partnership during the three months ended March 31, 2021 and for the year ended December 31, 2020. No. of Tenant Sites Consideration (in millions) Acquisition Description Wireless Communication Digital Infrastructure Outdoor Advertising Total Borrowings and Available Cash Total First Quarter International — — 1 1 $ 0.3 $ 0.3 2021 Total — — 1 1 $ 0.3 $ 0.3 First Quarter International — — 1 1 $ 0.1 $ 0.1 Total — 1 1 $ 0.1 $ 0.1 Second Quarter International 6 — — 6 $ 1.3 $ 1.3 Total 6 — — 6 $ 1.3 $ 1.3 Third Quarter International — 1 — 1 $ 20.1 $ 20.1 Domestic — 6 — 6 107.7 107.7 Total — 7 — 7 $ 127.8 $ 127.8 Fourth Quarter Domestic — 1 — 1 $ 15.0 $ 15.0 Total — 1 — 1 $ 15.0 $ 15.0 2020 Total 6 8 1 15 $ 144.2 $ 144.2 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 weighted-average discount rate of approximately 4.3%, 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, 2021 and December 31, 2020, the weighted-average remaining lease term is approximately 10 years The following table illustrates information about other lease related balances as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Operating leases: Right-of-use asset $ 10,587 $ 10,716 Operating lease liability 8,741 8,818 Finance leases: Right-of-use asset (1) $ 1,636 $ 1,229 Finance lease liability 77 — (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, 2021 (in thousands): Operating Lease Finance Lease 2021 (nine months) $ 459 $ 7 2022 618 9 2023 630 9 2024 640 9 2025 652 9 Thereafter 11,668 48 Total future payments 14,667 91 Discount (5,926 ) (14 ) Total lease liability $ 8,741 $ 77 Developments During 2017, the Partnership started developing an ecosystem of technologies that provide smart enabled infrastructure including stealth towers and digital outdoor advertising kiosks across North America. Stealth towers are self-contained, neutral-host towers designed for wireless carrier and other wireless operator collocation. The stealth towers 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 As of March 31, 2021 and December 31, 2020, the Partnership’s $43.5 million and $44.8 million, respectively, of construction in progress balance primarily related to these projects. During the three months ended March 31, 2021, the Partnership deployed 89 DART kiosks for a total of $8.3 million. During the year ended December 31, 2020, the Partnership deployed two stealth towers, 112 DART kiosks and placed in service other assets for a total of $16.2 million.

Real Property Interests

Real Property Interests	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Property Interests	4. Real Property Interests The following table summarizes the Partnership’s real property interests (in thousands): March 31, 2021 December 31, 2020 Land $ 117,398 $ 117,421 Building and site improvements 169,487 169,275 Real property interests – perpetual 102,248 101,785 Real property interests – finite life 406,686 399,179 Real property interests – ROU asset finance lease 1,636 1,229 Total real property interests 680,057 671,468 Construction in progress 43,545 44,787 Total land and real property interests 841,000 833,676 Accumulated depreciation and amortization of real property interests (67,625 ) (63,474 ) Land and net real property interests $ 773,375 $ 770,202 Sales On June 17, 2020, the Partnership completed the sale of its interest in the consolidated joint venture that held its European outdoor advertising portfolio for a purchase price of £95 million. The sale of the European outdoor advertising portfolio met the criteria for discontinued operations. Accordingly, the related operating results are presented as income from discontinued operations on the consolidated statement of operations for prior period ( Note 8 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% with a weighted average discount rate of 8.5%. The following table summarizes final allocations for acquisitions made during the three months ended March 31, 2021 and the year ended December 31, 2020 of estimated fair values of the assets acquired and liabilities assumed (in thousands). Investments in In-place real property lease ROU Lease Period Land interests intangibles asset liability Debt Total 2021 $ — $ — $ 22 $ 414 $ (77 ) $ — $ 359 2020 9,338 144,672 45 748 — (3,354 ) 151,449 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, 2021, are as follows (in thousands): 2021 (nine months) $ 13,549 2022 17,588 2023 16,246 2024 15,972 2025 15,972 Thereafter 430,857 Total $ 510,184 The weighted average remaining depreciation and amortization period for non‑perpetual real property interests is 38 years Impairments During the three months ended March 31, 2020, two of the Partnership’s real property interests were impaired and recognized impairment charges totaling $0.1 million. There was no impairment during the three months ended March 31, 2021. The carrying value of each impaired real property interest was determined to have a fair value of zero.

Other Intangible Assets and Lia

Other Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Acquired in-place lease Gross amount $ 26,836 $ 26,819 Accumulated amortization (10,500 ) (9,998 ) Net amount $ 16,336 $ 16,821 Acquired above-market leases Gross amount $ 6,562 $ 6,564 Accumulated amortization (4,090 ) (3,968 ) Net amount $ 2,472 $ 2,596 Total other intangible assets, net $ 18,808 $ 19,417 Acquired below-market leases Gross amount $ (16,779 ) $ (16,779 ) Accumulated amortization 11,053 10,698 Total other intangible liabilities, net $ (5,726 ) $ (6,081 ) 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, 2021, and $0.2 million as an increase to rental revenue, excluding amounts related to discontinued operations, for the three months ended March 31, 2020. We recorded amortization of in‑place lease intangibles of $0.5 million as amortization expense for the three months ended March 31, 2021, and $0.5 million as amortization expense, excluding amounts related to discontinued operations, for the three months ended March 31, 2020. Future aggregate amortization of intangibles for each of the five succeeding fiscal years and thereafter as of March 31, 2021 follows (in thousands): Acquired in-place leases Acquired above-market leases Acquired below-market leases 2021 (nine months) $ 1,487 $ 304 $ (1,020 ) 2022 1,913 344 (1,252 ) 2023 1,637 309 (809 ) 2024 1,522 285 (719 ) 2025 1,396 226 (420 ) Thereafter 8,381 1,004 (1,506 ) Total $ 16,336 $ 2,472 $ (5,726 )

Investments in Receivables

Investments in Receivables	3 Months Ended
	Mar. 31, 2021
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 Interest income recognized on the receivables totaled $0.1 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. The following table reflects the activity in investments in receivables (in thousands): March 31, 2021 December 31, 2020 Investments in receivables – beginning $ 5,101 $ 5,653 Adoption of ASU 2016-13 — (53 ) Other — 7 Repayments (112 ) (506 ) Investments in receivables – ending $ 4,989 $ 5,101 Annual amounts due as of March 31, 2021, are as follows (in thousands): 2021 (nine months) $ 813 2022 1,157 2023 1,260 2024 1,316 2025 780 Thereafter 4,701 Total $ 10,027 Interest $ 5,038 Principal 4,989 Total $ 10,027

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	3 Months Ended
	Mar. 31, 2021
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 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 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, 2021 December 31, 2020 Total assets $ 246,969 $ 249,252 Total liabilities 124,084 124,034 Total equity 122,885 125,218 Total liabilities and equity $ 246,969 $ 249,252 The following table summarizes financial information for the unconsolidated JV (in thousands): Three Months Ended March 31, 2021 2020 Rental revenue $ 3,658 $ 3,575 Net income (loss) (1,378 ) 299 Partnership's share in net income (loss) (689 ) 150 Distributions declared to the Partnership 479 675

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations	8. Discontinued Operations The following table presents income from discontinued operations in connection with the sale of the European outdoor advertising portfolio (in thousands): Three Months Ended March 31, 2020 Revenue Rental revenue from discontinued operations $ 1,857 Expenses Property operating 222 General and administrative 124 Acquisition-related 310 Depreciation and amortization 290 Total expenses from discontinued operations 946 Other income and expenses Interest and other income 57 Interest expense (403 ) Unrealized loss on derivatives (1,088 ) Foreign currency transaction gain 3,363 Total other income and expenses from discontinued operations 1,929 Income from discontinued operations before income tax expense 2,840 Income tax expense 185 Income from discontinued operations $ 2,655

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	9. Debt The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date March 31, 2021 December 31, 2020 Revolving credit facility November 15, 2023 $ 218,200 $ 214,200 PACE Special Assessment loan February 14, 2038 $ 3,397 $ 3,480 4.38% senior secured notes June 30, 2036 37,209 37,686 Series 2019-1 Class A 3.90% January 14, 2027 170,000 170,000 Series 2017-1 Class A 4.10% November 15, 2022 (1) 55,849 56,676 Series 2017-1 Class B 3.81% November 15, 2022 (1) 16,717 16,816 Secured Notes 283,172 284,658 Discount on Secured Notes (737 ) (831 ) Deferred loan costs (4,017 ) (4,150 ) Secured Notes, net $ 278,418 $ 279,677 (1) Maturity date reflects anticipated repayment date; final legal maturity is November 15, 2047. Revolving Credit Facility The Partnership’s revolving credit facility with Truist Bank, as administrative agent, and a syndicate of lenders will mature on November 15, 2023 and will be available for working capital, capital expenditures, permitted acquisitions and general partnership purposes, including distributions. 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 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, 2021, 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, 2021, the applicable annual commitment rate used was 0.20%. 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, 2021, $218.2 million was outstanding and $231.8 million of undrawn borrowing capacity under the revolving credit facility (including standby letter of credit arrangements of $5.8 million), subject to compliance with various financial covenants. As of March 31, 2021, the Partnership was in compliance with all 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. We used all the net proceeds of $41.0 million to repay a portion of the borrowings under our revolving credit facility. In connection with the issuance of the 4.38% Senior Secured Notes, the Partnership obtained a standby letter of credit arrangement totaling $2.4 million. 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 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, 2021 and December 31, 2020 , $3.3 million and $ 3.2 million was held in such reserve accounts which are classified as Restricted Cash on the accompanying consolidated balance sheets. The Partnership is subject to covenants customary for notes issued in rated securitizations. Among other things, the obligors are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets (as defined in the applicable agreement). Under the terms of the applicable indenture, the obligors will be permitted to issue additional notes under certain circumstances, including so long as the debt service coverage ratio (“DSCR”) of the issuer is at least 1.5x to 1.0x for the 2019 Secured Notes and at least 2.0x to 1.0x for the 2017 Secured Notes. As of March 31, 2021, the Partnership was in compliance with all financial covenants under the Secured Notes. Other Secured Debt On September 25, 2020, the Partnership assumed a Property Assessed Clean Energy (“PACE”) Special Assessment bond of $3.5 million in connection with a data center acquisition during the third quarter of 2020. The financing agreement is a previous owner-arranged financing agreement dated July 1, 2018 in which PACE bonds were issued by local municipality to the then current property owner for the purpose of financing energy efficiency improvements to the property. These bonds are secured by the property and mature on over the term. The Partnership has assumed the secured debt, which is included in secured notes, net in the Consolidated Balance Sheet. The secured notes’ annual principal payment amounts due as of March 31, 2021, are as follows (in thousands): 2021 (nine months) $ 4,673 2022 (1) 72,527 2023 6,946 2024 7,293 2025 7,619 Thereafter (1) 184,114 Total $ 283,172 (1) Reflects anticipated repayment dates Interest Expense The Partnership incurred interest expense of $5.0 million and $4.3 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021 and December 31, 2020, the Partnership had interest payable of $0.3 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 for the three months ended March 31, 2021 and 2020, respectively.

Interest Rate Swap Agreements

Interest Rate Swap Agreements	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swap Agreements	10. Interest Rate Swap Agreements The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements (in thousands, except percentages): Date Notional Fixed Effective Maturity Fair Value Asset (Liability) at Entered Value Rate Index Date Date March 31, 2021 December 31, 2020 June 12, 2017 $ 50,000 2.10 % 1-month USD LIBOR 3/2/2018 9/2/2024 $ (2,673 ) $ (3,381 ) September 29, 2020 60,000 0.18 1-month USD LIBOR 9/30/2020 11/15/2023 239 (9 ) December 30, 2020 40,000 0.21 1-month USD LIBOR 12/30/2020 11/15/2023 123 (45 ) $ (2,311 ) $ (3,435 ) During the three months ended March 31, 2021 and 2020, the Partnership recorded a gain of $1.1 million and a loss of $6.2 million, respectively, resulting from the change in fair value of the interest rate swap agreements, which is reflected as an unrealized gain (loss) on derivative financial instruments on the consolidated statements of operations. In June 2020, the Partnership used proceeds from the sale of the European outdoor advertising portfolio to terminate certain interest rate swap agreements for approximately $7.6 million including approximately $3.3 million for the GBP denominated interest rate swap agreement with a notional value of £38 million. As such, foreign currency transaction gain resulting from the changes in exchange rates affecting mark-to-market adjustments on the GBP interest rate swap agreement was reclassified to discontinued operations for prior period ( Note 8 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 instrument’s change in fair value at March 31, 2021. The following table summarizes the fair value of the interest rate swaps as a result of the analysis performed (in thousands): The Fair Value As a Result of Changes in Interest Rates Date Entered Maturity Date +50 Basis Points -50 Basis Points +100 Basis Points -100 Basis Points June 12, 2017 9/2/2024 $ (1,904 ) $ (3,607 ) $ (1,078 ) $ (4,485 ) September 29, 2020 11/15/2023 988 (525 ) 1,728 (1,300 ) December 30, 2020 11/15/2023 623 (387 ) 1,116 (904 )

Equity

Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Equity	11. 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, 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 Balance as of December 31, 2020 25,478,042 1,788,843 2,628,932 1,982,700 Unit-based compensation 10,950 — — — Balance as of March 31, 2021 25,488,992 1,788,843 2,628,932 1,982,700 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 Preferred Units On March 30, 2017, the Partnership established a Series B Preferred Unit at-the-market offering program (the “2017 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 2017 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 the three months ended March 31, 2020 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 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 On February 28, 2020, the Partnership replaced the 2017 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, 2021 and 2020, respectively 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, holders 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 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, 2021 and 2020, respectively. 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 March 31, 2020 April 21, 2020 May 15, 2020 $ 0.2000 $ 5,096 June 30, 2020 July 24, 2020 August 14, 2020 0.2000 5,096 September 30, 2020 October 23, 2020 November 13, 2020 0.2000 5,096 December 31, 2020 January 22, 2021 February 12, 2021 0.2000 5,098 March 31, 2021 April 23, 2021 May 14, 2021 0.2000 5,098 Series A Preferred Units March 31, 2020 March 20, 2020 April 15, 2020 $ 0.5000 $ 873 June 30, 2020 June 19, 2020 July 15, 2020 0.5000 873 September 30, 2020 September 18, 2020 October 15, 2020 0.5000 893 December 31, 2020 December 22, 2020 January 15, 2021 0.5000 894 March 31, 2021 March 19, 2021 April 15, 2021 0.5000 894 Series B Preferred Units March 31, 2020 April 20, 2020 May 15, 2020 $ 0.4938 $ 1,298 June 30, 2020 July 22, 2020 August 17, 2020 0.4938 1,298 September 30, 2020 October 22, 2020 November 16, 2020 0.4938 1,298 December 31, 2020 January 21, 2021 February 16, 2021 0.4938 1,298 March 31, 2021 April 22, 2021 May 17, 2021 0.4938 1,298 Series C Preferred Units March 31, 2020 April 20, 2020 May 15, 2020 $ 0.4375 $ 867 June 30, 2020 July 22, 2020 August 17, 2020 0.4375 867 September 30, 2020 October 22, 2020 November 16, 2020 0.4375 867 December 31, 2020 January 21, 2021 February 16, 2021 0.4375 867 March 31, 2021 April 22, 2021 May 17, 2021 0.4375 867

Net Income (Loss) Per Limited P

Net Income (Loss) Per Limited Partner Unit	3 Months Ended
	Mar. 31, 2021
Earnings Per Unit [Abstract]
Net Income (Loss) Per Limited Partner Unit	12. 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. Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as a discontinued operation. The calculation of the undistributed net income (loss) attributable to common unitholders for the three months ended March 31, 2021 and 2020 is as follows (in thousands): Three Months Ended March 31, 2021 2020 Income (loss) from continuing operations $ 5,951 $ (4,027 ) Less: Net income attributable to noncontrolling interest 8 8 Income (loss) from continuing operations attributable to limited partners 5,943 (4,035 ) Income from discontinued operations, net of tax — 2,655 Net income (loss) attributable to limited partners 5,943 (1,380 ) Less: Distributions declared on Preferred Units (3,060 ) (3,060 ) Accretion of Series C preferred units (94 ) (97 ) Net income (loss) attributable to common unitholders 2,789 (4,537 ) Distributions declared on common units (5,098 ) (5,096 ) Undistributed net loss (2,309 ) (9,633 ) Undistributed income from discontinued operations — 2,655 Undistributed loss from continuing operations $ (2,309 ) $ (12,288 ) The calculation of net income per common unit for the three months ended March 31, 2021 and 2020 is as follows (in thousands, except per unit data): Three Months Ended March 31, 2021 2020 Distributions declared $ 5,098 $ 5,096 Undistributed net loss from continuing operations (2,309 ) (12,288 ) Income (loss) from continuing operations attributable to common units - basic 2,789 (7,192 ) Income from discontinued operations attributable to common units - basic — 2,655 Net (loss) income attributable to common units - basic 2,789 (4,537 ) Income (loss) from continuing operations attributable to common units - diluted 2,789 (7,192 ) Income from discontinued operations attributable to common units - diluted — 2,655 Net income (loss) attributable to common units - diluted $ 2,789 $ (4,537 ) Weighted-average units outstanding: Basic 25,489 25,461 Diluted 25,489 25,461 Income (loss) from continuing operations per common unit: Basic $ 0.11 $ (0.28 ) Diluted (1) $ 0.11 $ (0.28 ) Income from discontinued operations per common unit: Basic $ — $ 0.10 Diluted (1) $ — $ 0.10 Net income (loss) per common unit: Basic $ 0.11 $ (0.18 ) Diluted (1) $ 0.11 $ (0.18 ) (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, 2021 and 2020 and, as a result, have been excluded in the determination of diluted earnings per common unit.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	13. Fair Value of Financial Instruments The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Partnership’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transaction will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non‑orderly trades. The Partnership evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value: Cash and cash equivalents, rent receivables, net 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, 2021 December 31, 2020 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 4,989 $ 5,050 $ 5,101 $ 5,105 Revolving credit facility 218,200 218,200 214,200 214,200 Secured Notes, net 278,418 289,174 279,677 298,097 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, 2021 and December 31, 2020, the Partnership measured the following assets at fair value on a recurring basis (in thousands): March 31, 2021 December 31, 2020 Derivative Assets (1) $ 362 $ — Derivative Liabilities (1) 2,673 3,435 (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, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	14. 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 , less than $0.1 million and $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, 2021 and 2020, we incurred $25,000 of license fees related to the AIF patent license agreement, respectively. 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 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 of Secured Tenant Site Assets’ management fees during the three months ended March 31, 2021 and 2020, 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, 2021 and 2020, the unconsolidated JV incurred $0.1 million of management fees, respectively. Acquisition of Real Property Interests In connection with third party acquisitions, Landmark will be obligated to provide acquisition services to us, including asset identification, underwriting and due diligence, negotiation, documentation and closing, at the reasonable request of our General Partner, but we are under no obligation to utilize such services. We will pay Landmark reasonable fees, as mutually agreed to by Landmark and us, for providing these services. These fees will not be subject to the cap on general and administrative expenses described above. There were no such fees incurred during the three months ended March 31, 2021 and 2020, respectively 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, 2021 and 2020, respectively. Due from Affiliates At March 31, 2021 and December 31, 2020, the General Partner and its affiliates owed $2.1 million and $1.3 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, 2021
Segment Reporting [Abstract]
Segment Information	15. Segment Information Prior to June 30, 2020, the Partnership had the following three reportable segments: (i) wireless communication, (ii) outdoor advertising, and (iii) renewable power generation. Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as a discontinued operation. Consequently, an evaluation of segment reporting thresholds resulted in changes in our segment presentation for all prior periods presented. As of June 30, 2020, the Partnership had the following four reportable segments: (i) wireless communication, (ii) digital infrastructure, (iii) outdoor advertising, and (iv) 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 and Australia. 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. The Partnership’s digital infrastructure segment consists of leasing real property interests to companies in the digital infrastructure industry in the United States and Canada. 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 four 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, 2021 (in thousands): Renewable Wireless Digital Outdoor Power Communication Infrastructure Advertising Generation Corporate Total Revenue Rental revenue $ 6,650 $ 4,850 $ 3,831 $ 1,953 $ — $ 17,284 Expenses Property operating 46 244 387 35 — 712 General and administrative — — — — 1,481 1,481 Acquisition-related — — — — 88 88 Depreciation and amortization 1,771 1,261 1,525 123 — 4,680 Total expenses 1,817 1,505 1,912 158 1,569 6,961 Total other income and expenses (640 ) (63 ) — 20 (3,799 ) (4,482 ) Net income (loss) before income tax benefit 4,193 3,282 1,919 1,815 (5,368 ) 5,841 Income tax benefit — — — — (110 ) (110 ) Net income (loss) $ 4,193 $ 3,282 $ 1,919 $ 1,815 $ (5,258 ) $ 5,951 For the three months ended March 31, 2020 (in thousands): Renewable Wireless Digital Outdoor Power Communication Infrastructure Advertising Generation Corporate Total Revenue Rental revenue $ 6,325 $ 1,557 $ 4,019 $ 1,920 $ — $ 13,821 Expenses Property operating 107 135 211 56 — 509 General and administrative — — — — 1,488 1,488 Acquisition-related — — — — 5 5 Depreciation and amortization 1,922 561 999 120 — 3,602 Impairments — — 82 — — 82 Total expenses 2,029 696 1,292 176 1,493 5,686 Total other income and expenses 155 — — 18 (12,580 ) (12,407 ) Income (loss) from continuing operations before income tax benefit 4,451 861 2,727 1,762 (14,073 ) (4,272 ) Income tax benefit — — — — (245 ) (245 ) Income (loss) from continuing operations 4,451 861 2,727 1,762 (13,828 ) (4,027 ) Income from discontinued operations, net of tax — — 2,655 — — 2,655 Net income (loss) $ 4,451 $ 861 $ 5,382 $ 1,762 $ (13,828 ) $ (1,372 ) The Partnership’s total assets by segment were (in thousands): March 31, 2021 December 31, 2020 Segments Wireless communication $ 351,647 $ 354,457 Digital infrastructure 216,042 216,849 Outdoor advertising 210,016 204,990 Renewable power generation 99,545 99,881 Corporate assets 18,334 18,601 Total assets $ 895,584 $ 894,778 The following table represents the Partnership’s rental revenues by geographic location. Prior period amounts have been revised to exclude discontinued operations (in thousands): Three Months Ended March 31, 2021 2020 United States $ 16,354 $ 13,518 Australia 375 284 Canada 555 19 Total rental revenue $ 17,284 $ 13,821 The following table represents the Partnership’s total assets by geographic location (in thousands). March 31, 2021 December 31, 2020 United States $ 850,674 $ 852,088 Australia 17,378 17,533 Canada 27,532 25,157 Total assets $ 895,584 $ 894,778

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies The Partnership’s commitments and contingencies include customary claims and obligations incurred in the normal course of business. In the opinion of management, these matters will not have a material effect on the Partnership’s 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, 2021, the Partnership had approximately $63.1 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, 2021
Risks And Uncertainties [Abstract]
Tenant Concentration	17. Tenant Concentration For the three months ended March 31, 2021 and 2020, the Partnership had the following tenant revenue concentrations. Prior period concentrations have been revised to exclude discontinued operations: Three Months Ended March 31, Tenant 2021 2020 T-Mobile (1) 12.3 % 15.0 % Sungard 11.0 % 4.2 % Clear Channel 10.1 % 13.5 % (1) On April 1, 2020, T-Mobile and Sprint completed their merger. As a result, prior year concentrations for T-Mobile and Sprint have been combined to reflect the merger. Most tenants are subsidiaries of these companies but have been aggregated for purposes of showing revenue concentration. Financial information for publicly traded 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, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	18. Supplemental Cash Flow Information Noncash investing and financing activities for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 Capital contribution to fund general and administrative expense reimbursement $ 938 $ 1,101 Distributions payable to preferred unitholders 1,836 1,819 Accretion of Series C preferred units 94 97 Purchase price for acquisitions and development activities included in accounts payable and accrued liabilities 1,085 500 Initial recognition of lease liabilities related to right of use assets 77 — Declared distributions receivable from the unconsolidated joint venture — (675 ) Adoption of ASU 2016-13 — (76 ) Net cash provided by operating activities of discontinued operations — 8,555 Net cash used in investing activities of discontinued operations — (3,197 ) Net cash used in financing activities of discontinued operations — (4 ) Cash flows related to interest and income taxes paid were as follows (in thousands): Three Months Ended March 31, 2021 2020 Cash paid for interest $ 4,339 $ 4,412 Capitalized interest 356 657 Income taxes paid 76 312

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020 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, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Certain reclassifications have been made to the prior period's consolidated financial statements to conform to the current period presentation, in the Consolidated Statement of Operations and all related notes in which prior periods have been retrospectively adjusted to reflect the classification of the operations of the European outdoor advertising portfolio to discontinued operations. 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. 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 conducts certain activities that may not generate qualifying income and will be treated as a corporation for U.S. federal income tax purposes. 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.
Discontinued Operations	Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Partnership’s operations and financial results, the operating profits or losses of the component disposed of by sale or when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. On June 17, 2020, the Partnership completed the sale of its interest in the consolidated joint venture that held its European outdoor advertising portfolio for a purchase price of £95 million. As a result, the sale of the European outdoor advertising portfolio represented a strategic shift that had a major effect on the Partnership’s operations and financial results and met the criteria as discontinued operations in June 2020. Accordingly, for prior period presented, the related operating results, including interest expense and unrealized loss on the interest rate swap agreement denominated in GBP, are presented as income from discontinued operations on the consolidated statement of operations ( Note 8
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 ASC. The Partnership considers the applicability and impact of all ASUs. Newly issued ASUs 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.

Acquisitions and Developments (

Acquisitions and Developments (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Operating leases: Right-of-use asset $ 10,587 $ 10,716 Operating lease liability 8,741 8,818 Finance leases: Right-of-use asset (1) $ 1,636 $ 1,229 Finance lease liability 77 — (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, 2021 (in thousands): Operating Lease Finance Lease 2021 (nine months) $ 459 $ 7 2022 618 9 2023 630 9 2024 640 9 2025 652 9 Thereafter 11,668 48 Total future payments 14,667 91 Discount (5,926 ) (14 ) Total lease liability $ 8,741 $ 77
Third Party Acquisitions
Business Acquisition [Line Items]
Schedule of Acquisitions	The following table presents direct third-party acquisitions, excluding transaction costs, completed by the Partnership during the three months ended March 31, 2021 and for the year ended December 31, 2020. No. of Tenant Sites Consideration (in millions) Acquisition Description Wireless Communication Digital Infrastructure Outdoor Advertising Total Borrowings and Available Cash Total First Quarter International — — 1 1 $ 0.3 $ 0.3 2021 Total — — 1 1 $ 0.3 $ 0.3 First Quarter International — — 1 1 $ 0.1 $ 0.1 Total — 1 1 $ 0.1 $ 0.1 Second Quarter International 6 — — 6 $ 1.3 $ 1.3 Total 6 — — 6 $ 1.3 $ 1.3 Third Quarter International — 1 — 1 $ 20.1 $ 20.1 Domestic — 6 — 6 107.7 107.7 Total — 7 — 7 $ 127.8 $ 127.8 Fourth Quarter Domestic — 1 — 1 $ 15.0 $ 15.0 Total — 1 — 1 $ 15.0 $ 15.0 2020 Total 6 8 1 15 $ 144.2 $ 144.2

Real Property Interests (Tables

Real Property Interests (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Land $ 117,398 $ 117,421 Building and site improvements 169,487 169,275 Real property interests – perpetual 102,248 101,785 Real property interests – finite life 406,686 399,179 Real property interests – ROU asset finance lease 1,636 1,229 Total real property interests 680,057 671,468 Construction in progress 43,545 44,787 Total land and real property interests 841,000 833,676 Accumulated depreciation and amortization of real property interests (67,625 ) (63,474 ) Land and net real property interests $ 773,375 $ 770,202
Summary of Final Allocations for Acquisitions and Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes final allocations for acquisitions made during the three months ended March 31, 2021 and the year ended December 31, 2020 of estimated fair values of the assets acquired and liabilities assumed (in thousands). Investments in In-place real property lease ROU Lease Period Land interests intangibles asset liability Debt Total 2021 $ — $ — $ 22 $ 414 $ (77 ) $ — $ 359 2020 9,338 144,672 45 748 — (3,354 ) 151,449
Schedule of Future Estimated Aggregate 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, 2021, are as follows (in thousands): 2021 (nine months) $ 13,549 2022 17,588 2023 16,246 2024 15,972 2025 15,972 Thereafter 430,857 Total $ 510,184

Other Intangible Assets and L_2

Other Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Acquired in-place lease Gross amount $ 26,836 $ 26,819 Accumulated amortization (10,500 ) (9,998 ) Net amount $ 16,336 $ 16,821 Acquired above-market leases Gross amount $ 6,562 $ 6,564 Accumulated amortization (4,090 ) (3,968 ) Net amount $ 2,472 $ 2,596 Total other intangible assets, net $ 18,808 $ 19,417 Acquired below-market leases Gross amount $ (16,779 ) $ (16,779 ) Accumulated amortization 11,053 10,698 Total other intangible liabilities, net $ (5,726 ) $ (6,081 )
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, 2021 follows (in thousands): Acquired in-place leases Acquired above-market leases Acquired below-market leases 2021 (nine months) $ 1,487 $ 304 $ (1,020 ) 2022 1,913 344 (1,252 ) 2023 1,637 309 (809 ) 2024 1,522 285 (719 ) 2025 1,396 226 (420 ) Thereafter 8,381 1,004 (1,506 ) Total $ 16,336 $ 2,472 $ (5,726 )

Investments in Receivables (Tab

Investments in Receivables (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Receivable Net [Abstract]
Activity in investments in receivables	The following table reflects the activity in investments in receivables (in thousands): March 31, 2021 December 31, 2020 Investments in receivables – beginning $ 5,101 $ 5,653 Adoption of ASU 2016-13 — (53 ) Other — 7 Repayments (112 ) (506 ) Investments in receivables – ending $ 4,989 $ 5,101
Annual amounts due	Annual amounts due as of March 31, 2021, are as follows (in thousands): 2021 (nine months) $ 813 2022 1,157 2023 1,260 2024 1,316 2025 780 Thereafter 4,701 Total $ 10,027 Interest $ 5,038 Principal 4,989 Total $ 10,027

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Total assets $ 246,969 $ 249,252 Total liabilities 124,084 124,034 Total equity 122,885 125,218 Total liabilities and equity $ 246,969 $ 249,252
Summary of Financial Information for Unconsolidated JV	The following table summarizes financial information for the unconsolidated JV (in thousands): Three Months Ended March 31, 2021 2020 Rental revenue $ 3,658 $ 3,575 Net income (loss) (1,378 ) 299 Partnership's share in net income (loss) (689 ) 150 Distributions declared to the Partnership 479 675

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
Schedule of Income from Discontinued Operations in Connection with Sale	The following table presents income from discontinued operations in connection with the sale of the European outdoor advertising portfolio (in thousands): Three Months Ended March 31, 2020 Revenue Rental revenue from discontinued operations $ 1,857 Expenses Property operating 222 General and administrative 124 Acquisition-related 310 Depreciation and amortization 290 Total expenses from discontinued operations 946 Other income and expenses Interest and other income 57 Interest expense (403 ) Unrealized loss on derivatives (1,088 ) Foreign currency transaction gain 3,363 Total other income and expenses from discontinued operations 1,929 Income from discontinued operations before income tax expense 2,840 Income tax expense 185 Income from discontinued operations $ 2,655

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Partnership's debt	The following table summarizes the Partnership’s debt (in thousands): Outstanding Balance Maturity Date March 31, 2021 December 31, 2020 Revolving credit facility November 15, 2023 $ 218,200 $ 214,200 PACE Special Assessment loan February 14, 2038 $ 3,397 $ 3,480 4.38% senior secured notes June 30, 2036 37,209 37,686 Series 2019-1 Class A 3.90% January 14, 2027 170,000 170,000 Series 2017-1 Class A 4.10% November 15, 2022 (1) 55,849 56,676 Series 2017-1 Class B 3.81% November 15, 2022 (1) 16,717 16,816 Secured Notes 283,172 284,658 Discount on Secured Notes (737 ) (831 ) Deferred loan costs (4,017 ) (4,150 ) Secured Notes, net $ 278,418 $ 279,677 (1) Maturity date reflects anticipated repayment date; final legal maturity is November 15, 2047.
Schedule of Secured Notes Annual Principal Payment Amounts Due	The secured notes’ annual principal payment amounts due as of March 31, 2021, are as follows (in thousands): 2021 (nine months) $ 4,673 2022 (1) 72,527 2023 6,946 2024 7,293 2025 7,619 Thereafter (1) 184,114 Total $ 283,172 (1) Reflects anticipated repayment dates

Interest Rate Swap Agreements (

Interest Rate Swap Agreements (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Table Summarizing Terms and Fair Value of Interest Rate Swaps	The following table summarizes the terms and fair value of the Partnerships’ interest rate swap agreements (in thousands, except percentages): Date Notional Fixed Effective Maturity Fair Value Asset (Liability) at Entered Value Rate Index Date Date March 31, 2021 December 31, 2020 June 12, 2017 $ 50,000 2.10 % 1-month USD LIBOR 3/2/2018 9/2/2024 $ (2,673 ) $ (3,381 ) September 29, 2020 60,000 0.18 1-month USD LIBOR 9/30/2020 11/15/2023 239 (9 ) December 30, 2020 40,000 0.21 1-month USD LIBOR 12/30/2020 11/15/2023 123 (45 ) $ (2,311 ) $ (3,435 )
Summary of Fair Value of Interest Rate Swaps as a Result of Analysis Performed	The following table summarizes the fair value of the interest rate swaps as a result of the analysis performed (in thousands): The Fair Value As a Result of Changes in Interest Rates Date Entered Maturity Date +50 Basis Points -50 Basis Points +100 Basis Points -100 Basis Points June 12, 2017 9/2/2024 $ (1,904 ) $ (3,607 ) $ (1,078 ) $ (4,485 ) September 29, 2020 11/15/2023 988 (525 ) 1,728 (1,300 ) December 30, 2020 11/15/2023 623 (387 ) 1,116 (904 )

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2021
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, 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 Balance as of December 31, 2020 25,478,042 1,788,843 2,628,932 1,982,700 Unit-based compensation 10,950 — — — Balance as of March 31, 2021 25,488,992 1,788,843 2,628,932 1,982,700
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 March 31, 2020 April 21, 2020 May 15, 2020 $ 0.2000 $ 5,096 June 30, 2020 July 24, 2020 August 14, 2020 0.2000 5,096 September 30, 2020 October 23, 2020 November 13, 2020 0.2000 5,096 December 31, 2020 January 22, 2021 February 12, 2021 0.2000 5,098 March 31, 2021 April 23, 2021 May 14, 2021 0.2000 5,098 Series A Preferred Units March 31, 2020 March 20, 2020 April 15, 2020 $ 0.5000 $ 873 June 30, 2020 June 19, 2020 July 15, 2020 0.5000 873 September 30, 2020 September 18, 2020 October 15, 2020 0.5000 893 December 31, 2020 December 22, 2020 January 15, 2021 0.5000 894 March 31, 2021 March 19, 2021 April 15, 2021 0.5000 894 Series B Preferred Units March 31, 2020 April 20, 2020 May 15, 2020 $ 0.4938 $ 1,298 June 30, 2020 July 22, 2020 August 17, 2020 0.4938 1,298 September 30, 2020 October 22, 2020 November 16, 2020 0.4938 1,298 December 31, 2020 January 21, 2021 February 16, 2021 0.4938 1,298 March 31, 2021 April 22, 2021 May 17, 2021 0.4938 1,298 Series C Preferred Units March 31, 2020 April 20, 2020 May 15, 2020 $ 0.4375 $ 867 June 30, 2020 July 22, 2020 August 17, 2020 0.4375 867 September 30, 2020 October 22, 2020 November 16, 2020 0.4375 867 December 31, 2020 January 21, 2021 February 16, 2021 0.4375 867 March 31, 2021 April 22, 2021 May 17, 2021 0.4375 867

Net Income (Loss) Per Limited_2

Net Income (Loss) Per Limited Partner Unit (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Unit [Abstract]
Schedule of Calculation of Undistributed Net Income (Loss)	The calculation of the undistributed net income (loss) attributable to common unitholders for the three months ended March 31, 2021 and 2020 is as follows (in thousands): Three Months Ended March 31, 2021 2020 Income (loss) from continuing operations $ 5,951 $ (4,027 ) Less: Net income attributable to noncontrolling interest 8 8 Income (loss) from continuing operations attributable to limited partners 5,943 (4,035 ) Income from discontinued operations, net of tax — 2,655 Net income (loss) attributable to limited partners 5,943 (1,380 ) Less: Distributions declared on Preferred Units (3,060 ) (3,060 ) Accretion of Series C preferred units (94 ) (97 ) Net income (loss) attributable to common unitholders 2,789 (4,537 ) Distributions declared on common units (5,098 ) (5,096 ) Undistributed net loss (2,309 ) (9,633 ) Undistributed income from discontinued operations — 2,655 Undistributed loss from continuing operations $ (2,309 ) $ (12,288 )
Calculation of Net Income per Common Unit	The calculation of net income per common unit for the three months ended March 31, 2021 and 2020 is as follows (in thousands, except per unit data): Three Months Ended March 31, 2021 2020 Distributions declared $ 5,098 $ 5,096 Undistributed net loss from continuing operations (2,309 ) (12,288 ) Income (loss) from continuing operations attributable to common units - basic 2,789 (7,192 ) Income from discontinued operations attributable to common units - basic — 2,655 Net (loss) income attributable to common units - basic 2,789 (4,537 ) Income (loss) from continuing operations attributable to common units - diluted 2,789 (7,192 ) Income from discontinued operations attributable to common units - diluted — 2,655 Net income (loss) attributable to common units - diluted $ 2,789 $ (4,537 ) Weighted-average units outstanding: Basic 25,489 25,461 Diluted 25,489 25,461 Income (loss) from continuing operations per common unit: Basic $ 0.11 $ (0.28 ) Diluted (1) $ 0.11 $ (0.28 ) Income from discontinued operations per common unit: Basic $ — $ 0.10 Diluted (1) $ — $ 0.10 Net income (loss) per common unit: Basic $ 0.11 $ (0.18 ) Diluted (1) $ 0.11 $ (0.18 ) (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, 2021 and 2020 and, as a result, have been excluded in the determination of diluted earnings per common unit.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Carrying amount Fair Value Carrying amount Fair Value Investment in receivables, net $ 4,989 $ 5,050 $ 5,101 $ 5,105 Revolving credit facility 218,200 218,200 214,200 214,200 Secured Notes, net 278,418 289,174 279,677 298,097
Assets and Liabilities Measured at Fair Value on a Recurring Basis	As of March 31, 2021 and December 31, 2020, the Partnership measured the following assets at fair value on a recurring basis (in thousands): March 31, 2021 December 31, 2020 Derivative Assets (1) $ 362 $ — Derivative Liabilities (1) 2,673 3,435 (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, 2021
Segment Reporting [Abstract]
Schedule of Statement of Operations by Reportable Segment	For the three months ended March 31, 2021 (in thousands): Renewable Wireless Digital Outdoor Power Communication Infrastructure Advertising Generation Corporate Total Revenue Rental revenue $ 6,650 $ 4,850 $ 3,831 $ 1,953 $ — $ 17,284 Expenses Property operating 46 244 387 35 — 712 General and administrative — — — — 1,481 1,481 Acquisition-related — — — — 88 88 Depreciation and amortization 1,771 1,261 1,525 123 — 4,680 Total expenses 1,817 1,505 1,912 158 1,569 6,961 Total other income and expenses (640 ) (63 ) — 20 (3,799 ) (4,482 ) Net income (loss) before income tax benefit 4,193 3,282 1,919 1,815 (5,368 ) 5,841 Income tax benefit — — — — (110 ) (110 ) Net income (loss) $ 4,193 $ 3,282 $ 1,919 $ 1,815 $ (5,258 ) $ 5,951 For the three months ended March 31, 2020 (in thousands): Renewable Wireless Digital Outdoor Power Communication Infrastructure Advertising Generation Corporate Total Revenue Rental revenue $ 6,325 $ 1,557 $ 4,019 $ 1,920 $ — $ 13,821 Expenses Property operating 107 135 211 56 — 509 General and administrative — — — — 1,488 1,488 Acquisition-related — — — — 5 5 Depreciation and amortization 1,922 561 999 120 — 3,602 Impairments — — 82 — — 82 Total expenses 2,029 696 1,292 176 1,493 5,686 Total other income and expenses 155 — — 18 (12,580 ) (12,407 ) Income (loss) from continuing operations before income tax benefit 4,451 861 2,727 1,762 (14,073 ) (4,272 ) Income tax benefit — — — — (245 ) (245 ) Income (loss) from continuing operations 4,451 861 2,727 1,762 (13,828 ) (4,027 ) Income from discontinued operations, net of tax — — 2,655 — — 2,655 Net income (loss) $ 4,451 $ 861 $ 5,382 $ 1,762 $ (13,828 ) $ (1,372 )
Schedule of Total Assets by Reportable Segment	The Partnership’s total assets by segment were (in thousands): March 31, 2021 December 31, 2020 Segments Wireless communication $ 351,647 $ 354,457 Digital infrastructure 216,042 216,849 Outdoor advertising 210,016 204,990 Renewable power generation 99,545 99,881 Corporate assets 18,334 18,601 Total assets $ 895,584 $ 894,778
Schedule of Rental Revenues by Geographic Location	The following table represents the Partnership’s rental revenues by geographic location. Prior period amounts have been revised to exclude discontinued operations (in thousands): Three Months Ended March 31, 2021 2020 United States $ 16,354 $ 13,518 Australia 375 284 Canada 555 19 Total rental revenue $ 17,284 $ 13,821
Schedule of Total Assets by Geographic Location	The following table represents the Partnership’s total assets by geographic location (in thousands). March 31, 2021 December 31, 2020 United States $ 850,674 $ 852,088 Australia 17,378 17,533 Canada 27,532 25,157 Total assets $ 895,584 $ 894,778

Tenant Concentration (Tables)

Tenant Concentration (Tables)	3 Months Ended
	Mar. 31, 2021
Risks And Uncertainties [Abstract]
Schedule of Tenant Revenue Concentrations	Three Months Ended March 31, Tenant 2021 2020 T-Mobile (1) 12.3 % 15.0 % Sungard 11.0 % 4.2 % Clear Channel 10.1 % 13.5 % (1) On April 1, 2020, T-Mobile and Sprint completed their merger. As a result, prior year concentrations for T-Mobile and Sprint have been combined to reflect the merger.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Information [Abstract]
Schedule of Noncash Investing and Financing Activities	Noncash investing and financing activities for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 Capital contribution to fund general and administrative expense reimbursement $ 938 $ 1,101 Distributions payable to preferred unitholders 1,836 1,819 Accretion of Series C preferred units 94 97 Purchase price for acquisitions and development activities included in accounts payable and accrued liabilities 1,085 500 Initial recognition of lease liabilities related to right of use assets 77 — Declared distributions receivable from the unconsolidated joint venture — (675 ) Adoption of ASU 2016-13 — (76 ) Net cash provided by operating activities of discontinued operations — 8,555 Net cash used in investing activities of discontinued operations — (3,197 ) Net cash used in financing activities of discontinued operations — (4 )
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, 2021 2020 Cash paid for interest $ 4,339 $ 4,412 Capitalized interest 356 657 Income taxes paid 76 312

Business (Details)

Business (Details) - Limited Partners - Common Units - shares	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Partnership Equity
Number of units held (in shares)	25,488,992	25,478,042	25,470,232	25,353,140
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 - Discontinued Operations (Details) £ in Millions	Jun. 17, 2020GBP (£)
Accounting Policies [Abstract]
Purchase price	£ 95

Acquisitions and Developments -

Acquisitions and Developments - Third Party Acquisitions - Summary of Acquisitions Completed (Details) $ in Millions	3 Months Ended					12 Months Ended
	Mar. 31, 2021USD ($)site	Dec. 31, 2020USD ($)site	Sep. 30, 2020USD ($)site	Jun. 30, 2020USD ($)site	Mar. 31, 2020USD ($)site	Dec. 31, 2020USD ($)site
Acquisitions
Number of tenant sites acquired						15
Consideration
Borrowings and Available Cash | $						$ 144.2
Consideration | $						$ 144.2
Wireless Communication
Acquisitions
Number of tenant sites acquired						6
Outdoor Advertising
Acquisitions
Number of tenant sites acquired						1
Digital Infrastructure
Acquisitions
Number of tenant sites acquired						8
International
Acquisitions
Number of tenant sites acquired	1		1	6	1
Consideration
Borrowings and Available Cash | $	$ 0.3		$ 20.1	$ 1.3	$ 0.1
Consideration | $	$ 0.3		$ 20.1	$ 1.3	$ 0.1
International | Wireless Communication
Acquisitions
Number of tenant sites acquired				6
International | Outdoor Advertising
Acquisitions
Number of tenant sites acquired	1				1
International | Digital Infrastructure
Acquisitions
Number of tenant sites acquired			1
2020 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired					1
Consideration
Borrowings and Available Cash | $					$ 0.1
Consideration | $					$ 0.1
2020 Direct Third Party Acquisitions, First Quarter | Outdoor Advertising
Acquisitions
Number of tenant sites acquired					1
2021 Direct Third Party Acquisitions, First Quarter
Acquisitions
Number of tenant sites acquired	1
Consideration
Borrowings and Available Cash | $	$ 0.3
Consideration | $	$ 0.3
2021 Direct Third Party Acquisitions, First Quarter | Outdoor Advertising
Acquisitions
Number of tenant sites acquired	1
2020 Direct Third Party Acquisitions, Second Quarter
Acquisitions
Number of tenant sites acquired				6
Consideration
Borrowings and Available Cash | $				$ 1.3
Consideration | $				$ 1.3
2020 Direct Third Party Acquisitions, Second Quarter | Wireless Communication
Acquisitions
Number of tenant sites acquired				6
Domestic
Acquisitions
Number of tenant sites acquired		1	6
Consideration
Borrowings and Available Cash | $		$ 15	$ 107.7
Consideration | $		$ 15	$ 107.7
Domestic | Digital Infrastructure
Acquisitions
Number of tenant sites acquired		1	6
2020 Direct Third Party Acquisitions, Third Quarter
Acquisitions
Number of tenant sites acquired			7
Consideration
Borrowings and Available Cash | $			$ 127.8
Consideration | $			$ 127.8
2020 Direct Third Party Acquisitions, Third Quarter | Digital Infrastructure
Acquisitions
Number of tenant sites acquired			7
2020 Direct Third Party Acquisitions, Fourth Quarter
Acquisitions
Number of tenant sites acquired		1
Consideration
Borrowings and Available Cash | $		$ 15
Consideration | $		$ 15
2020 Direct Third Party Acquisitions, Fourth Quarter | Digital Infrastructure
Acquisitions
Number of tenant sites acquired		1

Acquisitions and Developments_2

Acquisitions and Developments - Leases - General Information (Details)	Mar. 31, 2021	Dec. 31, 2020
Business Combinations [Abstract]
Lessee, weighted average discount rate	4.30%
Weighted-average remaining lease term of operating leases	10 years	10 years

Acquisitions and Developments_3

Acquisitions and Developments - Summary of Information about Other Lease Related Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating leases:
Right-of-use asset	$ 10,587	$ 10,716
Operating lease liability	8,741	8,818
Finance leases:
Right-of-use asset	1,636	$ 1,229
Finance lease liability	$ 77

Acquisitions and Developments_4

Acquisitions and Developments - Summary of Future Minimum Ground Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Business Combinations [Abstract]
Operating Lease, 2021 (nine months)	$ 459
Operating Lease, 2022	618
Operating Lease, 2023	630
Operating Lease, 2024	640
Operating Lease, 2025	652
Operating Lease, Thereafter	11,668
Operating Lease, Total future payments	14,667
Operating Lease, Discount	(5,926)
Operating Lease, Total lease liability	8,741	$ 8,818
Finance Lease, 2021 (nine months)	7
Finance Lease, 2022	9
Finance Lease, 2023	9
Finance Lease, 2024	9
Finance Lease, 2025	9
Finance Lease, Thereafter	48
Finance Lease, Total future payments	91
Finance Lease, Discount	(14)
Finance Lease, Total lease liability	$ 77

Acquisitions and Developments_5

Acquisitions and Developments - Developments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)Kiosk	Dec. 31, 2020USD ($)TowerKiosk
Business Acquisition [Line Items]
Construction in progress	$ 43,545	$ 44,787
Number of stealth towers | Tower		2
Smart Enabled Infrastructure
Business Acquisition [Line Items]
Construction in progress	$ 43,500	$ 44,800
DART
Business Acquisition [Line Items]
Number of Kiosks | Kiosk	89	112
Total other assets, placed in service	$ 8,300	$ 16,200

Real Property Interests - Summa

Real Property Interests - Summary of the Partnership's Real Property Interests (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 117,398	$ 117,421
Building and site improvements	169,487	169,275
Real property interests – perpetual	102,248	101,785
Real property interests – finite life	406,686	399,179
Real property interests – ROU asset finance lease	1,636	1,229
Total real property interests	680,057	671,468
Construction in progress	43,545	44,787
Total land and real property interests	841,000	833,676
Accumulated depreciation and amortization of real property interests	(67,625)	(63,474)
Land and net real property interests	$ 773,375	$ 770,202

Real Property Interests - Sales

Real Property Interests - Sales (Details) £ in Millions	Jun. 17, 2020GBP (£)
Real Property Interests
Cash consideration received	£ 95

Real Property Interests - Purch

Real Property Interests - Purchase Price Allocation (Details) - Measurement Input, Discount Rate	Mar. 31, 2021
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
Weighted Average
Acquisitions
Discount rate used to estimate fair values (as a percent)	8.5

Real Property Interests - Sum_2

Real Property Interests - Summary of Final Allocations for Acquisitions and Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - Landmark, General Partner and affiliates - Acquisition from related party - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Land		$ 9,338
Investments in real property interests		144,672
ROU Assets	$ 414	748
Lease Liability	(77)
Debt		(3,354)
Total	359	151,449
Acquired in-place leases
Fair values of the assets acquired and liabilities assumed at the date of acquisition
Lease intangibles, assets	$ 22	$ 45

Real Property Interests - Sched

Real Property Interests - Schedule of Future Estimated Aggregate Depreciation and Amortization of Finite Lived Real Property Interests (Details) $ in Thousands	Mar. 31, 2021USD ($)
Future estimated aggregate amortization of real property interests
2021 (nine months)	$ 13,549
2022	17,588
2023	16,246
2024	15,972
2025	15,972
Thereafter	430,857
Total	$ 510,184

Real Property Interests - Weigh

Real Property Interests - Weighted Average Remaining Depreciation and Amortization Period for Non-perpetual Real Property Interests (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Weighted average remaining depreciation and amortization period for non-perpetual real property interests	38 years	38 years

Real Property Interests - Impai

Real Property Interests - Impairments (Details)		3 Months Ended
		Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)site
Impairment
Recognized impairment charge	[1]		$ 82,000
Impaired Real Property Interest
Impairment
Number of real property interests impaired | site			2
Recognized impairment charge		$ 0
Impaired real property interests		$ 0
Impaired Real Property Interest | Maximum
Impairment
Recognized impairment charge			$ 100,000
[1]	Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented ( Note 8 ).

Other Intangible Assets and L_3

Other Intangible Assets and Liabilities - Total Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Intangible Assets
Net amount	$ 18,808	$ 19,417
Acquired in-place leases
Other Intangible Assets
Gross amount	26,836	26,819
Accumulated amortization	(10,500)	(9,998)
Net amount	16,336	16,821
Acquired above-market leases
Other Intangible Assets
Gross amount	6,562	6,564
Accumulated amortization	(4,090)	(3,968)
Net amount	$ 2,472	$ 2,596

Other Intangible Assets and L_4

Other Intangible Assets and Liabilities - Total Other Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Acquired below-market leases
Below market lease intangibles	$ (16,779)	$ (16,779)
Accumulated amortization	11,053	10,698
Net amount	$ (5,726)	$ (6,081)

Other Intangible Assets and L_5

Other Intangible Assets and Liabilities - Amortization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Intangible Assets And Liabilities [Abstract]
Amortization of above-and below-market leases, excluding amounts related to discontinued operations	$ 0.2	$ 0.2
Amortization expense excluding amounts related to discontinued operations	$ 0.5	$ 0.5

Other Intangible Assets and L_6

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Future amortization of lease intangibles
Net amount	$ 18,808	$ 19,417
Acquired in-place leases
Future amortization of lease intangibles
2021 (nine months)	1,487
2022	1,913
2023	1,637
2024	1,522
2025	1,396
Thereafter	8,381
Net amount	16,336	16,821
Acquired above-market leases
Future amortization of lease intangibles
2021 (nine months)	304
2022	344
2023	309
2024	285
2025	226
Thereafter	1,004
Net amount	$ 2,472	$ 2,596

Other Intangible Assets and L_7

Other Intangible Assets and Liabilities - Future Aggregate Amortization of Other Intangible Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Future amortization of acquired below-market leases
2021 (nine months)	$ (1,020)
2022	(1,252)
2023	(809)
2024	(719)
2025	(420)
Thereafter	(1,506)
Net amount	$ (5,726)	$ (6,081)

Investments in Receivables - Ge

Investments in Receivables - General Information (Details) - USD ($) $ in Millions	Jul. 21, 2015	Mar. 31, 2021	Mar. 31, 2020
Receivables With Imputed Interest [Line Items]
Interest income recognized		$ 0.1	$ 0.2
Minimum
Receivables With Imputed Interest [Line Items]
Payment collection period		2 years
Discount rate	7.00%
Maximum
Receivables With Imputed Interest [Line Items]
Payment collection period		99 years
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, 2021	Dec. 31, 2020
Receivables With Imputed Interest [Line Items]
Investments in receivables – beginning	$ 5,101	$ 5,653
Other		7
Repayments	(112)	(506)
Investments in receivables – ending	$ 4,989	5,101
ASU 2016-13 | Revision of Prior Period, Accounting Standards Update, Adjustment
Receivables With Imputed Interest [Line Items]
Adoption of ASU 2016-13		$ (53)

Investments in Receivables - An

Investments in Receivables - Annual Amounts Due (Details) $ in Thousands	Mar. 31, 2021USD ($)
Notes Receivable Net [Abstract]
2021 (nine months)	$ 813
2022	1,157
2023	1,260
2024	1,316
2025	780
Thereafter	4,701
Total	$ 10,027

Investments in Receivables - _2

Investments in Receivables - Annual Amounts Due - Principal and Interest (Details) $ in Thousands	Mar. 31, 2021USD ($)
Notes Receivable Net [Abstract]
Interest	$ 5,038
Principal	4,989
Total	$ 10,027

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Venture - Additional Information (Details) $ in Millions	Sep. 24, 2018USD ($)site	Mar. 31, 2021	Jun. 06, 2018USD ($)
Schedule Of Equity Method Investments [Line Items]
Aggregate principal amount			$ 125.4
Maximum
Schedule Of Equity Method Investments [Line Items]
Debt discount			$ 0.1
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	$ 125.4
Percentage of membership interest in unconsolidated JV	50.01%
Cash transaction in unconsolidated JV	$ 65.5

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Venture - Summary of Balance Sheet Information for Unconsolidated JV (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Total assets	$ 895,584	$ 894,778
Total liabilities	525,377	523,389
Total equity	322,211	323,487	$ 304,948	$ 321,658
Total liabilities, mezzanine equity and equity	895,584	894,778
Equity Method Investment | Unconsolidated Joint Venture
Schedule Of Equity Method Investments [Line Items]
Total assets	246,969	249,252
Total liabilities	124,084	124,034
Total equity	122,885	125,218
Total liabilities, mezzanine equity and equity	$ 246,969	$ 249,252

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, 2021	Mar. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Net income (loss)	[1]	$ 5,951	$ (1,372)
Partnership's share in net income (loss)	[1]	(689)	150
Distributions declared to the Partnership		479	675
Equity Method Investment | Unconsolidated Joint Venture
Schedule Of Equity Method Investments [Line Items]
Rental revenue		3,658	3,575
Net income (loss)		(1,378)	299
Partnership's share in net income (loss)		(689)	150
Distributions declared to the Partnership		$ 479	$ 675
[1]	Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented ( Note 8 ).

Discontinued Operations - Sched

Discontinued Operations - Schedule of Income from Discontinued Operations in Connection with Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Revenue
Rental revenue from discontinued operations	$ 1,857
Expenses
Property operating	222
General and administrative	124
Acquisition-related	310
Depreciation and amortization	290
Total expenses from discontinued operations	946
Other income and expenses
Interest and other income	57
Interest expense	(403)
Unrealized loss on derivatives	(1,088)
Foreign currency transaction gain	3,363
Total other income and expenses from discontinued operations	1,929
Income from discontinued operations before income tax expense	2,840
Income tax expense	185
Income from discontinued operations	$ 2,655	[1]
[1]	Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented ( Note 8 ).

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Nov. 30, 2017
Debt Instrument [Line Items]
Outstanding Balance, revolving credit facility	$ 218,200	$ 214,200
Deferred loan costs	(3,212)	(3,567)
Secured Notes, net	278,418	279,677
Senior secured revolving credit facility
Debt Instrument [Line Items]
Outstanding Balance, revolving credit facility	$ 218,200	214,200
Maturity Date	Nov. 15, 2023
PACE Special assessment loan
Debt Instrument [Line Items]
Outstanding Balance, secured debt	$ 3,397	3,480
Maturity Date	Feb. 14, 2038
4.38% senior secured notes
Debt Instrument [Line Items]
Outstanding Balance, secured debt	$ 37,209	37,686
Maturity Date	Jun. 30, 2036
Series 2019-1 Class A 3.90%
Debt Instrument [Line Items]
Outstanding Balance, secured debt	$ 170,000	170,000
Maturity Date	Jan. 14, 2027
Series 2017-1 Class A 4.10%
Debt Instrument [Line Items]
Outstanding Balance, secured debt	$ 55,849	56,676
Maturity Date	Nov. 15, 2022
Series 2017-1 Class B 3.81%
Debt Instrument [Line Items]
Outstanding Balance, secured debt	$ 16,717	16,816
Maturity Date	Nov. 15, 2022
Secured notes
Debt Instrument [Line Items]
Outstanding Balance, secured debt	$ 283,172	284,658
Discount on Secured Notes	(737)	(831)	$ (1,800)
Deferred loan costs	(4,017)	(4,150)
Secured Notes, net	$ 278,418	$ 279,677

Debt - Summary of Debt (Parenth

Debt - Summary of Debt (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2021
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 2017-1 Class A and B
Debt Instrument [Line Items]
Debt instrument, final legal maturity date	Nov. 15, 2047

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands	Nov. 15, 2018	Mar. 31, 2021	Dec. 31, 2020
Debt
Revolving credit facility		$ 218,200	$ 214,200
Senior secured revolving credit facility
Debt
Annual commitment rate		0.20%
Maturity Date		Nov. 15, 2023
Revolving credit facility		$ 218,200	$ 214,200
Undrawn borrowing capacity		$ 231,800
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	Apr. 24, 2018	Mar. 31, 2021	Dec. 31, 2020	Jun. 06, 2018	Nov. 30, 2017
Debt Instrument [Line Items]
Aggregate principal amount					$ 125,400
Restricted cash reserved			$ 3,259	$ 3,195
Maximum
Debt Instrument [Line Items]
Debt discount					$ 100
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
Senior secured revolving credit facility
Debt Instrument [Line Items]
Maturity Date			Nov. 15, 2023
Repayment of debt	$ 59,000
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
4.38% senior secured notes
Debt Instrument [Line Items]
Interest rate (as a percent)			4.38%
Maturity Date			Jun. 30, 2036
Standby letter of credit amount		$ 2,400
Secured notes
Debt Instrument [Line Items]
Aggregate principal amount						$ 80,000
Debt discount			$ 737	$ 831		$ 1,800
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]
DSCR			150.00%
2017 Secured notes | Minimum
Debt Instrument [Line Items]
DSCR			200.00%

Debt - Other Secured Debt (Deta

Debt - Other Secured Debt (Details) - PACE Special assessment loan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Special Assessment bond		$ 3.5
Maturity Date	Feb. 14, 2038

Debt - Annual Principal Payment

Debt - Annual Principal Payment Amounts (Details) - Secured notes - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
2021 (nine months)	$ 4,673
2022	72,527
2023	6,946
2024	7,293
2025	7,619
Thereafter	184,114
Total	$ 283,172	$ 284,658

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Interest Expense
Debt interest expense	$ 5	$ 4.3
Interest payable	0.3		$ 0.3
Amortization of deferred loan costs and discount on secured notes	$ 0.6	$ 0.6

Interest Rate Swap Agreements -

Interest Rate Swap Agreements - Fair Value of Interest Rate Swap Agreements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ (2,311,000)	$ (3,435,000)
Agreement entered into June 12, 2017 effective date March 02, 2018
Interest Rate Swap Agreements
Date Entered	Jun. 12, 2017
Notional value	$ 50,000,000
Fixed Rate	2.10%
Index	1-month USD LIBOR
Maturity Date	Sep. 2, 2024
Agreement entered into June 12, 2017 effective date March 02, 2018 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ (2,673,000)	(3,381,000)
Agreement entered into September 29, 2020 effective date September 30, 2020
Interest Rate Swap Agreements
Date Entered	Sep. 29, 2020
Notional value	$ 60,000,000
Fixed Rate	0.18%
Index	1-month USD LIBOR
Maturity Date	Nov. 15, 2023
Agreement entered into September 29, 2020 effective date September 30, 2020 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 239,000	(9,000)
Agreement entered into December 30, 2020 effective date December 30, 2020
Interest Rate Swap Agreements
Date Entered	Dec. 30, 2020
Notional value	$ 40,000,000
Fixed Rate	0.21%
Index	1-month USD LIBOR
Maturity Date	Nov. 15, 2023
Agreement entered into December 30, 2020 effective date December 30, 2020 | Level 2 inputs
Interest Rate Swap Agreements
Fair Value Asset (Liability)	$ 123,000	$ (45,000)

Interest Rate Swap Agreements_2

Interest Rate Swap Agreements - Gain (Loss) on Derivatives (Details) $ in Thousands, £ in Millions		1 Months Ended	3 Months Ended
		Jun. 30, 2020USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2020GBP (£)
Interest Rate Swap Agreements
Unrealized gain (loss) on derivatives	[1]		$ 1,124	$ (6,203)
Interest Rate Swap Agreement
Interest Rate Swap Agreements
Payments to terminate derivative agreements		$ 7,600
Interest Rate Swap Agreement | GBP
Interest Rate Swap Agreements
Payments to terminate derivative agreements		$ 3,300
Notional value | £					£ 38
[1]	Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented ( Note 8 ).

Interest Rate Swap Agreements_3

Interest Rate Swap Agreements - Summary of Fair Value of Interest Rate Swaps as a Result of Analysis Performed (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Agreement entered into June 12, 2017 effective date March 02, 2018
Interest Rate Swap Agreements
Date Entered	Jun. 12, 2017
Maturity Date	Sep. 2, 2024
Agreement entered into June 12, 2017 effective date March 02, 2018 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Fair Value of Interest Rate Swaps As a Result of Changes in Interest Rates	$ (1,904)
Agreement entered into June 12, 2017 effective date March 02, 2018 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Fair Value of Interest Rate Swaps As a Result of Changes in Interest Rates	(3,607)
Agreement entered into June 12, 2017 effective date March 02, 2018 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Fair Value of Interest Rate Swaps As a Result of Changes in Interest Rates	(1,078)
Agreement entered into June 12, 2017 effective date March 02, 2018 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Fair Value of Interest Rate Swaps As a Result of Changes in Interest Rates	$ (4,485)
Agreement entered into September 29, 2020 effective date September 30, 2020
Interest Rate Swap Agreements
Date Entered	Sep. 29, 2020
Maturity Date	Nov. 15, 2023
Agreement entered into September 29, 2020 effective date September 30, 2020 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Fair Value of Interest Rate Swaps As a Result of Changes in Interest Rates	$ 988
Agreement entered into September 29, 2020 effective date September 30, 2020 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Fair Value of Interest Rate Swaps As a Result of Changes in Interest Rates	(525)
Agreement entered into September 29, 2020 effective date September 30, 2020 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Fair Value of Interest Rate Swaps As a Result of Changes in Interest Rates	1,728
Agreement entered into September 29, 2020 effective date September 30, 2020 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Fair Value of Interest Rate Swaps As a Result of Changes in Interest Rates	$ (1,300)
Agreement entered into December 30, 2020 effective date December 30, 2020
Interest Rate Swap Agreements
Date Entered	Dec. 30, 2020
Maturity Date	Nov. 15, 2023
Agreement entered into December 30, 2020 effective date December 30, 2020 | Increase of 50 Basis Points
Interest Rate Swap Agreements
Fair Value of Interest Rate Swaps As a Result of Changes in Interest Rates	$ 623
Agreement entered into December 30, 2020 effective date December 30, 2020 | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Fair Value of Interest Rate Swaps As a Result of Changes in Interest Rates	(387)
Agreement entered into December 30, 2020 effective date December 30, 2020 | Increase of 100 Basis Points
Interest Rate Swap Agreements
Fair Value of Interest Rate Swaps As a Result of Changes in Interest Rates	1,116
Agreement entered into December 30, 2020 effective date December 30, 2020 | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Fair Value of Interest Rate Swaps As a Result of Changes in Interest Rates	$ (904)
Interest Rate Swap Agreement | Increase of 50 Basis Points
Interest Rate Swap Agreements
Fair value of interest rate swaps, assumed increase (decrease) in basis points (as a percent)	0.50%
Interest Rate Swap Agreement | Decrease of 50 Basis Points
Interest Rate Swap Agreements
Fair value of interest rate swaps, assumed increase (decrease) in basis points (as a percent)	(0.50%)
Interest Rate Swap Agreement | Increase of 100 Basis Points
Interest Rate Swap Agreements
Fair value of interest rate swaps, assumed increase (decrease) in basis points (as a percent)	1.00%
Interest Rate Swap Agreement | Decrease of 100 Basis Points
Interest Rate Swap Agreements
Fair value of interest rate swaps, 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, 2021	Mar. 31, 2020
Common Units
Increase (decrease) in partners' capital
Balance (in units)	25,478,042	25,353,140
Unit-based compensation (in units)	10,950	7,368
Balance (in units)	25,488,992	25,470,232
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)	1,788,843	1,722,041
Balance (in units)	1,788,843	1,745,328
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)	2,628,932	2,544,793
Balance (in units)	2,628,932	2,628,932
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)	1,982,700	1,988,700
Balance (in units)	1,982,700	1,988,700

Equity - General Information (D

Equity - General Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2020	Jan. 30, 2020	May 03, 2019	May 15, 2018	Apr. 02, 2018	Mar. 30, 2017	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Partnership Equity
Proceeds from the issuance of Preferred Units, net											$ 2,663
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				0
Preferred Units Series C
Partnership Equity
Distribution date							May 17, 2021	Feb. 16, 2021	Nov. 16, 2020	Aug. 17, 2020	May 15, 2020
Distribution Per Unit Paid (in dollars per share)							$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4375
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				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				0
Limited Partners | 2017 Series B Preferred Units ATM Program | 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
Aggregate offering price			$ 50,000
Issuance of units, net (in shares)											23,287
Proceeds from issuance of unit, before costs											$ 600
Limited Partners | 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				0
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 | 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, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Common Units
Quarter Ended
Declaration Date	Apr. 23, 2021	Jan. 22, 2021	Oct. 23, 2020	Jul. 24, 2020	Apr. 21, 2020
Distribution Date	May 14, 2021	Feb. 12, 2021	Nov. 13, 2020	Aug. 14, 2020	May 15, 2020
Distribution Per Unit Paid (in dollars per share)	$ 0.2000	$ 0.2000	$ 0.2000	$ 0.2000	$ 0.2000
Total Distribution Paid	$ 5,098	$ 5,098	$ 5,096	$ 5,096	$ 5,096
Preferred Units Series A
Quarter Ended
Declaration Date	Mar. 19, 2021	Dec. 22, 2020	Sep. 18, 2020	Jun. 19, 2020	Mar. 20, 2020
Distribution Date	Apr. 15, 2021	Jan. 15, 2021	Oct. 15, 2020	Jul. 15, 2020	Apr. 15, 2020
Distribution Per Unit Paid (in dollars per share)	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000	$ 0.5000
Total Distribution Paid	$ 894	$ 894	$ 893	$ 873	$ 873
Preferred Units Series B
Quarter Ended
Declaration Date	Apr. 22, 2021	Jan. 21, 2021	Oct. 22, 2020	Jul. 22, 2020	Apr. 20, 2020
Distribution Date	May 17, 2021	Feb. 16, 2021	Nov. 16, 2020	Aug. 17, 2020	May 15, 2020
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	$ 1,298	$ 1,298	$ 1,298
Preferred Units Series C
Quarter Ended
Declaration Date	Apr. 22, 2021	Jan. 21, 2021	Oct. 22, 2020	Jul. 22, 2020	Apr. 20, 2020
Distribution Date	May 17, 2021	Feb. 16, 2021	Nov. 16, 2020	Aug. 17, 2020	May 15, 2020
Distribution Per Unit Paid (in dollars per share)	$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4375
Total Distribution Paid	$ 867	$ 867	$ 867	$ 867	$ 867

Net Income (Loss) Per Limited_3

Net Income (Loss) Per Limited Partner Unit - Undistributed Net Loss Attributable to Common Unitholders (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Net income (loss) attributable to partners:
Income (loss) from continuing operations	[1]	$ 5,951	$ (4,027)
Less: Net income attributable to noncontrolling interest	[1]	8	8
Income (loss) from continuing operations attributable to limited partners		5,943	(4,035)
Income from discontinued operations, net of tax	[1]		2,655
Net income (loss) attributable to limited partners	[1]	5,943	(1,380)
Less: Distributions declared to preferred unitholders	[1]	(3,060)	(3,060)
Less: Accretion of Series C preferred units		(94)	(97)
Net income (loss) attributable to common unitholders	[1]	2,789	(4,537)
Undistributed income from discontinued operations			2,655
Undistributed loss from continuing operations		(2,309)	(12,288)
Preferred Units
Net income (loss) attributable to partners:
Less: Distributions declared to preferred unitholders		(3,060)	(3,060)
Common Units
Net income (loss) attributable to partners:
Less: Distributions declared to preferred unitholders		(5,098)	(5,096)
Net income (loss) attributable to common unitholders		2,789	(4,537)
Undistributed loss from continuing operations		(2,309)	(12,288)
Common and Subordinated Units
Net income (loss) attributable to partners:
Undistributed net loss		$ (2,309)	$ (9,633)
[1]	Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented ( Note 8 ).

Net Income (Loss) Per Limited_4

Net Income (Loss) Per Limited Partner Unit - Net Income (Loss) per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Net income (loss) attributable to partners:
Distributions declared	[1]	$ 3,060	$ 3,060
Undistributed net loss from continuing operations		(2,309)	(12,288)
Net income (loss) attributable to common unitholders	[1]	$ 2,789	$ (4,537)
Weighted average common units outstanding
Common units – basic	[1]	25,489	25,461
Common units – diluted	[1]	25,489	25,461
Income (loss) from continuing operations per common unit
Basic	[1]	$ 0.11	$ (0.28)
Diluted	[1]	0.11	(0.28)
Net income (loss) per common unit
Basic	[1]	0.11	(0.18)
Diluted	[1]	$ 0.11	$ (0.18)
Common Units
Net income (loss) attributable to partners:
Distributions declared		$ 5,098	$ 5,096
Undistributed net loss from continuing operations		(2,309)	(12,288)
Income (loss) from continuing operations attributable to common units - basic		2,789	(7,192)
Income from discontinued operations attributable to common units - basic			2,655
Net income (loss) attributable to common unitholders		2,789	(4,537)
Income (loss) from continuing operations attributable to common units - diluted		2,789	(7,192)
Income from discontinued operations attributable to common units - diluted			2,655
Net income (loss) attributable to common units - diluted		$ 2,789	$ (4,537)
Weighted average common units outstanding
Common units – basic		25,489	25,461
Common units – diluted		25,489	25,461
Income (loss) from continuing operations per common unit
Basic		$ 0.11	$ (0.28)
Diluted		0.11	(0.28)
Income from discontinued operations per common unit:
Basic			0.10
Diluted			0.10
Net income (loss) per common unit
Basic		0.11	(0.18)
Diluted		$ 0.11	$ (0.18)
[1]	Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented ( Note 8 ).

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount
Investment in receivables, net
Investment in receivables, net	$ 4,989	$ 5,101
Carrying Amount | Senior secured revolving credit facility
Investment in receivables, net
Revolving credit facility	218,200	214,200
Carrying Amount | Secured notes
Investment in receivables, net
Secured Notes, net	278,418	279,677
Fair Value
Investment in receivables, net
Investment in receivables, net	5,050	5,105
Fair Value | Senior secured revolving credit facility
Investment in receivables, net
Revolving credit facility	218,200	214,200
Fair Value | Secured notes
Investment in receivables, net
Secured Notes, net	$ 289,174	$ 298,097

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative Assets		$ 362
Derivative Liabilities		2,673	$ 3,435
Recurring | Level 2 inputs
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative Assets	[1]	362
Derivative Liabilities	[1]	$ 2,673	$ 3,435
[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 (Det

Related-Party Transactions (Details)	3 Months Ended
	Mar. 31, 2021USD ($)item$ / shares$ / property	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
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	900,000	$ 1,000,000
Management fees related to unconsolidated joint venture not subject to cap		100,000
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
Due from Landmark and affiliates	$ 2,061,000		$ 1,337,000
4.38% senior secured notes
Related Party Transaction [Line Items]
Interest rate (as a percent)	4.38%
Incentive Distribution Rights
Related Party Transaction [Line Items]
Incentive distribution and allocations waived amount	$ 0	$ 0
Threshold percentage per unit per quarter (in dollars per share) | $ / shares	$ 0.2875
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 | 2018 Secured Notes | Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Costs incurred	$ 100,000	$ 100,000
Landmark Dividend LLC | Acquisitions fees
Related Party Transaction [Line Items]
Costs incurred	0	0
Landmark, General Partner and affiliates
Related Party Transaction [Line Items]
Due from Landmark and affiliates	2,100,000		$ 1,300,000
Maximum
Related Party Transaction [Line Items]
Management fees related to unconsolidated joint venture not subject to cap	$ 100,000
Maximum | 2018 Secured Notes | Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Operating revenue per tenant site | $ / property	46
Maximum | Incentive Distribution Rights
Related Party Transaction [Line Items]
Percentage of available cash	50.00%
Maximum | General Partner | Management fees
Related Party Transaction [Line Items]
Costs incurred	$ 100,000	$ 100,000

Segment Information - General I

Segment Information - General Information (Details) - segment	Jun. 30, 2020	Jun. 29, 2020
Segment Reporting [Abstract]
Number of reportable segments	4	3

Segment Information - Statement

Segment Information - Statements of Operations (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Revenue
Rental revenue	[1]	$ 17,284	$ 13,821
Expenses
Property operating	[1]	712	509
General and administrative	[1]	1,481	1,488
Acquisition-related	[1]	88	5
Depreciation and amortization	[1]	4,680	3,602
Impairments	[1]		82
Total expenses		6,961	5,686
Total other income and expenses	[1]	(4,482)	(12,407)
Income (loss) from continuing operations before income tax benefit	[1]	5,841	(4,272)
Income tax benefit	[1]	(110)	(245)
Income (loss) from continuing operations	[1]	5,951	(4,027)
Income from discontinued operations, net of tax	[1]		2,655
Net income (loss)	[1]	5,951	(1,372)
Operating Segments | Wireless Communication
Revenue
Rental revenue		6,650	6,325
Expenses
Property operating		46	107
Depreciation and amortization		1,771	1,922
Total expenses		1,817	2,029
Total other income and expenses		(640)	155
Income (loss) from continuing operations before income tax benefit		4,193	4,451
Income (loss) from continuing operations			4,451
Net income (loss)		4,193	4,451
Operating Segments | Digital Infrastructure
Revenue
Rental revenue		4,850	1,557
Expenses
Property operating		244	135
Depreciation and amortization		1,261	561
Total expenses		1,505	696
Total other income and expenses		(63)
Income (loss) from continuing operations before income tax benefit		3,282	861
Income (loss) from continuing operations			861
Net income (loss)		3,282	861
Operating Segments | Outdoor Advertising
Revenue
Rental revenue		3,831	4,019
Expenses
Property operating		387	211
Depreciation and amortization		1,525	999
Impairments			82
Total expenses		1,912	1,292
Income (loss) from continuing operations before income tax benefit		1,919	2,727
Income (loss) from continuing operations			2,727
Income from discontinued operations, net of tax			2,655
Net income (loss)		1,919	5,382
Operating Segments | Renewable Power Generation
Revenue
Rental revenue		1,953	1,920
Expenses
Property operating		35	56
Depreciation and amortization		123	120
Total expenses		158	176
Total other income and expenses		20	18
Income (loss) from continuing operations before income tax benefit		1,815	1,762
Income (loss) from continuing operations			1,762
Net income (loss)		1,815	1,762
Corporate
Expenses
General and administrative		1,481	1,488
Acquisition-related		88	5
Total expenses		1,569	1,493
Total other income and expenses		(3,799)	(12,580)
Income (loss) from continuing operations before income tax benefit		(5,368)	(14,073)
Income tax benefit		(110)	(245)
Income (loss) from continuing operations			(13,828)
Net income (loss)		$ (5,258)	$ (13,828)
[1]	Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented ( Note 8 ).

Segment Information - Total Ass

Segment Information - Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 895,584	$ 894,778
Corporate
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	18,334	18,601
Wireless Communication | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	351,647	354,457
Digital Infrastructure | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	216,042	216,849
Outdoor Advertising | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	210,016	204,990
Renewable Power Generation | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 99,545	$ 99,881

Segment Information - Schedule

Segment Information - Schedule of Rental Revenues by Geographic Location (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue	[1]	$ 17,284	$ 13,821
United States
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue		16,354	13,518
Australia
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue		375	284
Canada
Segment Reporting Asset Reconciling Item [Line Items]
Rental revenue		$ 555	$ 19
[1]	Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented ( Note 8 ).

Segment Information - Schedul_2

Segment Information - Schedule of Total Assets by Geographic Location (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 895,584	$ 894,778
United States
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	850,674	852,088
Australia
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	17,378	17,533
Canada
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 27,532	$ 25,157

Commitments and Contingencies -

Commitments and Contingencies - Real Property Interest Subject to Subordination (Details) $ in Millions	Mar. 31, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Real property interest subject to subordination	$ 63.1

Tenant Concentration (Details)

Tenant Concentration (Details) - Concentration - Tenant Revenue		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
T-Mobile
Concentration Risk [Line Items]
Percentage of revenue	[1]	12.30%	15.00%
Sungard
Concentration Risk [Line Items]
Percentage of revenue		11.00%	4.20%
Clear Channel
Concentration Risk [Line Items]
Percentage of revenue		10.10%	13.50%
[1]	On April 1, 2020, T-Mobile and Sprint completed their merger. As a result, prior year concentrations for T-Mobile and Sprint have been combined to reflect the merger.

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Noncash Activities (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Noncash activities
Capital contribution to fund general and administrative expense reimbursement		$ 938	$ 1,101
Distributions payable to preferred unitholders		1,836	1,819
Accretion of Series C preferred units		94	97
Purchase price for acquisitions and development activities included in accounts payable and accrued liabilities		1,085	500
Initial recognition of lease liabilities related to right of use assets		77
Declared distributions receivable from the unconsolidated joint venture			(675)
Net cash provided by operating activities of discontinued operations			8,555
Net cash used in investing activities of discontinued operations			(3,197)
Net cash used in financing activities of discontinued operations			(4)
Preferred Units Series C
Noncash activities
Accretion of Series C preferred units	[1]	$ 94	97
ASU 2016-13
Noncash activities
Adoption of ASU 2016-13			$ (76)
[1]	Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented ( Note 8 ).

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, 2021	Mar. 31, 2020
Cash flows related to interest paid
Cash paid for interest	$ 4,339	$ 4,412
Capitalized interest	356	657
Income taxes paid	$ 76	$ 312