LMRK - Earnings call transcript Q3 2017 | Landmark Infrastructure Partners LP

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Operator

Good day, ladies and gentlemen, and welcome to the Third Quarter 2017 Landmark Infrastructure Partners' Earnings Conference Call. [Operator Instructions] As a reminder, today's program is being recorded. I would now like to introduce your host for today's program, Marcelo Choi, Vice President of Investor Relations. Please go ahead.

Marcelo Choi

Thank you, and good morning. you Infrastructure welcome Earnings Third to Call. like to Partners' Landmark Quarter We'd share financial following operating business, we an Today, will and will take and also overview your presentation. questions our we the of George call the Brazy, Officer; Officer. are Presenting Doyle, on Financial today Chief Chief Tim Executive and forward-looking and I'd like uncertainties. include participants are subject comments today that to which our to remind will all statements, certain risks and future our of factors uncertainties periods current differ number actual in could A results from to materially expectations. cause

of we SEC. on encourage discussion read these partnerships' earnings documents to complete and the file a For risks, you release the with

Additionally, measures during their and these non-GAAP EBITDA the measures. adjusted comparable refer I'll public earnings we flow refer reconciliations and of turn GAAP call the Please our may definitions the to to to such as over most Tim. And for to call. cash measures with release non-GAAP the that, distributable and EBITDA, filings

Tim Brazy

morning, in quarter driven both initiatives The Marcelo, launched to another and portfolio. of you, of the other last going of we've and and revenue provide operating Partnership XX% and the quarter the good sponsor, increasing months acquisitions XX Landmark of the financial Rental our our some Partnership assets everyone. year-over-year on at developments and profile results. update results and Today, solid we're had business, Thank third the recently we the of completed our the Dividend. was by number present growth in growth strong an

acquisition the we quarterly the the generate, predictability addition cash in of point flows markets stability increasing assets the in and Our our to target. results to opportunities

assets And XX, our regard quarter growth XXXX, to and consecutive of October year-over-year, approximately three X.X% consideration XX increased generation as increase cash guidance million total to distribution our we've renewable These for XXX offering. our $X.XXXX $X.X XX% overall we the XX of are With the a expected continue year. to distribution acquisitions assets six toward The with $XXX of million. previously are year-to-date per this and XXXX and previously assets. since of assets rents pipeline public work with advertising at sectors. million With our distributions of all portfolio XXX acquired announced our of $XXX communication, contribute initial now in wireless consistent annual third quarters common acquisitions, announced we've outdoor remained for our industry power their characteristics strong of sponsor approximately in in unit

the These in under asset assets current rents portfolio annual was all down today. were total XX% As of approximately management the $XX approximately assets XXX revenue the the of assuming at about or additional plus sponsor tenant under XXXX, September of management in ROFO the million rate, dropped XX, the sites. tenant represent run Partnership's sites portfolio

utilities of into industries. our As and during The are FLEXGRID The lines requirements information providers hubs sponsor. platform. strategic connectivity network smart Partnership for efficient of need and for connectivity, who QX business, property site designed commercial the lease call, all through appropriate and and solution transportation while real provide own traditional continue be municipalities strategic date. the existing access the making we power for discussions and business of their our leverage and deployment, comprehensive Zero the also smart that connectivity for related of a our Site connectivity which tremendous across a launch satisfy few. mission-critical very number we've our the will and will related our These FLEXGRID we FLEXGRID network city, utility specific the focus with FLEXGRID with critical businesses. deployment in for part customers; infrastructure and name growth ground including and to installing network to to co-location just Partnership progress assets, with are are infrastructure users and the been of a and of executing One to and densification property new has initiatives, owners driving to portfolio our partners, growing infrastructure excellent their property and and commercial products energy that mentioned to transportation strong looking is year owners meaningful provide and the and tenants large relationships our complement advertising; earnings responses allow had partnerships both to and infrastructure, owners on new We're potential telecom, core this It's our smart with Landmark while product. owners primary the our of the to programs, and at strategic extend pursuing regarding estate plan of build

$XX in complement by provide expect We venture, acquired Partnership time European opportunity we sites to million product expect is Partnership, the as a potential to business regard there's XXXX. a perfect and year. assets the continue significantly our we call, will targeting for the our the in believe the Year-to-date, reach this $XX next that XXX of operations and attractive have we've With major we ground the million to large we and to As core continue over sites grow various the acquisitions prior our we're we over to for acquisitions and joint grow ecosystem will and on all very development. number offerings anticipate up of sites the driver are of locations, of the a advertising we we on the related expect of opportunities. time. be of time, delivering by infrastructure build international lines, mentioned increase for over ramp another outdoor we number on number FLEXGRID of we've for year, year. a some broken in end of sites a effort UK, approximately And and At The this and to end and completion in stages these pipeline to of and approximately production. development XXX

select our other to opportunities sponsor. Western classes in look Dividend, sponsor, evaluating still we're addition, other prospects at our asset and and Europe Partnership and Landmark continues the for In

Now seeing well. a to tremendous growth business, our regard and performing with are of We're great in markets ahead. overall areas lot our some opportunities

growing for and meet rising investments a the mobile exploding growth data the to a network their growing, of are and to the the and environment be spending spectrum trillion, fiber, the purpose. to the video, for transmission in Within continue demand industry, term, to on making spending and to result, a adoption growth their growing cells to Overall, expected firmly mobile this deploy everything wireless move communication size telecom densification expected for revolution for IoT continue hardware connected handsets, small The and demand continue deployments this provides to contributing markets of massive from spectrum data. of are undeployed networks for owners for us are for to carriers demand. on as opportunities dedicated great this wireless mobile estimates increase. are and net. has taken the need towers. continue of significant increase significant cars And and licensed to general. market increasing wireless data accommodate states Recent IoT to commercial to Spectrum to the carriers number industry for all $X with focus capital consumer which accommodate number with bands continuation the the autonomous longer opt And of exceed means lease-up of wireless XG applications healthy will created hold conversion in More and first and capital extremely budgets infrastructure.

forward, is energy outdoor growth digital, of the that growth see market increases, five also estimates landscape continued has some being to In continuing far growth the the to demonstrating advertising continue years. renewable going also is drop, further experience With power consumers. as progress format has highest addition strong industry, made it with to changing as renewable in to expected reach wireless conversion printed the and to impressive over of in we while some in continue generates growth media costs past levels to the significant a industry among generation exceeded achieved

potential In future, and and If Sprint the it and been we business. merger if most reports efforts. recent don't been developments, an SoftBank a the But it the many center. its that recent hurdles obviously eventually impact face speculation, significant transaction merger would terms did front There rumors our T-Mobile between that approval. has abandoning clearly in have believe proceed, much in industry it is on announced a including of lot of have would was regulatory obtaining even of

years to grow. portfolio site meeting time partnership's would approved of merger a as and actual get impact the itself combination over take months of reconfigurations First to would to continues all, portfolio any the or decommissionings the take complete,

of in only necessarily direct we potentially Partnership overlap revenues. said overlap T-Mobile-Sprint Second, exists, X% the overlap. the might there's its site by about amount of will our be across the entire site just doesn't affected X% total, the portfolio. Landmark as of In lose the And direct because it a mean past, revenues limited that

ongoing need offsetting revenue would as T-Mobile-Sprint a acquisitions will asset from resulting And contractual any new platform, would also is modification offset additional significant there escalators reconfigure common the merger. growth upgraded. networks income network opportunities a the to As effects and and existing the our potential the combination platform into lease help finally, organic from be

this out to a great value. drive believe the we're we position and year of end to As in look we approach XXXX,

which to for on over extension financial a three strong have our multiple the initiatives business entering holders. overall that in And positive remain hand When George? George, and to central drive our that, the which the to who new asset grow. well a exceptionally and creates existing with to I'll growth industries, believe same create significant to us we you the deliver will performed low, of into has environment long-term detailed macro call And a are through quarter. year, will we New Interest position estate value acquisition combine healthy continue Year portfolio for asset all basis. target an business generating growth a are of pipeline, growth significant business unit we on in with both market segments. part walk our historically very organic very Our review of a infrastructure this that's of opportunities, rates these great site our our real

George Doyle

Tim. you, Thank

our through accounting our results that quarter, historical second Beginning I for result a results we I new of recasting [technical April the new the to want on XXXX. a standard are the walk for April X, highlight our sponsor. for acquisitions acquisitions, presentation changed on adopting in difficulty], longer Before as no quarter from

under entities between we In control. capitalizing common for acquisitions are that not addition, costs acquisition are

results our of our the quarter rental drop-down completed transactions growth During comments capital columns than revenue year-over-year the five to my of third-party assets that XXXX, date those primarily the drop-down were and rather on generated before predecessor during of sponsor assets our accounting the the organic an XXXX. million, the growth for $XX.X The the for since the to standard our the to excludes completed presents as million, XX% is third for of expenses the release G&A Landmark labeled will financials the G&A adjusted on earliest reduction of which reconciliation, expense. as adoption have which direct which our year-over-year. transactions acquisitions the a we of Partnership reflected quarter $X ownership the and million. as affiliates. I completed of G&A of during from year separately new These the press Infrastructure sponsors the in common prior operations from acquisitions the retroactively, reimbursement $X.X The Partnership assets acquisitions if occurred drop-down third the our a historical to reconciliation the Partners before sponsor in with is under control. focus from due prior in the its results were the the quarter XXXX date The and predecessor portfolio. We from were the increase transactions last of XXXX. of during LP reimbursement drop-down from contribution results

$X.X were expenses, which organizational EBITDA, Our quarter, third $XX the excludes of this which due items, new third including totaled several to to derivatives Adjusted acquisition-related the noncash expenses loss million an XX% implementation on in and quarter, costs increase year-over-year. unrealized the primarily G&A higher structure, quarter. for million the for increased

related foreign During markets. expense the income third XXXX, our quarter we of reported of tax $XX,XXX to

the alternatives foreign income markets. minimize structuring taxes us of some advantage will we take in in of incur markets, that level do to we Although allow taxes these still

operate to the taxes for international we X,XXX quarter was represent as a out X,XXX income total we expect grow, opportunity. foreign Despite we incur, the sites these We markets markets available ended provision our well. occupancy grow the the investment taxes of in in our operations As and income a for of the sites, leased tenant compelling XX%. quarter which with rate tenant

we mentioned, carriers portfolio to and our revolving more $XXX and up from the facility. experiencing rolled seeing credit continue the million organic sites technologies Tim opportunities finished borrowings growth wireless the to their outstanding are As lease IoT densify networks new and with under networks of quarter are strong out. We as are

capacity XXXX fourth and cash the up portion on $X.XXXX our XXXX. distribution The we On our prior As of have on or acquisitions on refinancing line of outstanding will credit its a mentioned common refinancing of unit on we line the open for our during third plan borrowings into per quarter credit of basis. quarter. on $X.XX October unit an further announced annualized XX, in per common Partnership calls,

which quarter, in third And was capital the was programs distributable the on declared coverage average subordinated by outstanding times in this quarter. ratio, fourth divided the through by the weighted is distributions quarter XXXX. our quarters and X.XX defined cash units the ATM during acquisitions impacted and preferred of of Our raising flow common to finance third coverage ratio as

basis on the with to With quarter. initiatives focused new heading quarter plan, fourth on strategic run third we are pleased the closer summary, ratio In which in coverage completed we into our results our quarter, XX% rate the with our a on partners. acquisitions and third includes are remain the a business executing

will take We questions. your

Operator

[Operator Prentiss first of line comes Instructions] from Our Raymond question from James. Rick the

question please. Your

Rick Prentiss

Couple of questions.

FLEXGRID the want First, side. on to start Site I Zero

little and time, I cost you we the capital and averaging in that, you that should more as And us Can out in walk think, be of think they you might how each. this stages effects think XXX a you online? sites mentioned XXX I You mentioned have expect how different to have in different as might math put the different through work revenue about XXXX, to process. come year, stages? Last in $XXX,XXX much about the the also, given you EBITDA far as projects the

George Doyle

Sure.

where somewhere year, the what in this As to XX we the actually far have complete as expect be we'll to in for the XX we're ground looking pole range, site ready at the and site will co-location.

to I'd revenue of We in second or expect to come these next at year. first quarter the sites the the in the at on say, of start the, quarter end

the little see going delay So, of a bit there revenue to you in. come is be actually before

to may are for million a We vary could expect They to, going million on they around to these $XXX,XXX place. I time, little, somewhere part the to our sites installations, more are but per are little than, of $X pole $X but around, expensive it say, these expect total is over what call to they in average. a initial than costs we'd deploy sites site, And multiple these maybe average on be in getting see there ones I would reason larger are average. so likely

development the that's dollars we to - think revenue you'll average continue returns lease as a what start that's after things, and come then you're these And we ground more on X to see spend the returns are starting, profile. I for they typically see being the frame that when is accretive somewhere attractive for far the the going are and time single much I see but mentioned in. to X-month a as you generally the what think, become tenant is as that to calls, to as from up sites side lease with prior similar on we of in developed return in

Rick Prentiss

property municipalities land much pay there different it? And any operating to possibly? Do to how rent Okay. with is or have cost you associated tax

George Doyle

for depends Possibly, particular it the the site. arrangement on

of this and but taxes have property probably have will on still actually a site, a bit In land of physical insurance. sites the no own little costs, maintenance little asset. Some we will case, costs bit

to ensure to little could have fixed on or we out depend occasion. and will do sites, pay arrangement. be type opportunities. going We a a specifics may to maintenance that some land on have some It's rent On variable as roll we just new

Rick Prentiss

then but thinking this ramp be All How then program? right. early ability Tim, to as to the that work XXXX And put should we process. mentioned in you think, like XXX to stage might for the in we you capital up

Tim Brazy

the some the the really I at quarter see deployment here. year. really most toward are most say But now starts the second of we beginning of starting traction that where we're think to A the happening we'll being that would start half of lot discussions at look second deployment in having of serious midyear. stage I'd with the

Rick Prentiss

thought And well. kind pole talked looked how working about Okay. of they're - market? have a contrast compare coming you bit their about to on how and as light they're Have American of you project and they at kind Tower Philips

George Doyle

Yes. doing. a like, municipalities taking a than more sites. as to what say, little looks of they'll posts use American different they in are some and up little - our than I our are would with they're is They're robust roll It taking approach bit telecom potential light those new for out bit for planning team Philips we're deployments deployments. they Tower

of a of of won't the we doing configuration be or that may right will lot have deploy. these just a you're same type type pole They away municipality necessarily deployments, and If equipment poles. light

tenant a a our lot or be Tower's pole designs of So, infrastructure. actually able - two, more can poles maybe house some house whereas, ours can to American may

that American on what we're than rolled place the potential should would by in higher out return, be the Tower pole municipality. structures I putting a light So, believe, on see a

different. a they're So, bit little

The amount of other deployments a not backup. ours comes battery thing The of with municipality any may ours with backup. power comes with sort is, fair come

So, these two for for co-location because out. the or from actually little are perspective, a you backup power get attractive design think, XX tenant telecom general if the power anywhere first a I bit more goes hours to just got should net from

Tim Brazy

solution is other encompass solution other a The ours industries thing target. Tower actually the American we that wireless can is the whereas

got you've in certain So, - potential. revenue you've certain got opportunities, and configurations advertising

utility have potentially to revenue applications can that. You grid related or streams power management and

we're industries that all wireless that pursuing we crossover just of designs not target actually the the the industry. So,

Rick Prentiss

Right.

I it, also of license And so, part was Wi-Fi, of possibly? part think, was but spectrum held, just not wireless the Wi-Fi solution,

Tim Brazy

right. That's

George Doyle

included That's be right. well. number a Wi-Fi, applications as video of sensing may with surveillance, that it and

as so on see we'll we're everybody website, some putting what likely have we soon As put some exactly our sites, most together. pictures can

Rick Prentiss

from one topic Okay. And me, then one then. final different

You had $XXX I million think. year-to-date,

in You $XXX obviously lot not million, mentioned year the left. how still left two you're means the targeting months a of but time

the you about $XXX level million XX% distribution growth? as year-over-year hitting pipeline, your think So, in acquisition the that target comfort and that,

George Doyle

that highly can confident We're acquisitions. the Yes. we complete

One that we to opens to our acquisitions the guidance. is order them complete complete credit. happens, of that Once in up to do to the refinance of some the that line for though things need the line balances off

lot ROFO of pipeline. assets - a robust that pretty There's a have lot holds. We of sorry, the sponsor I'm also a

So, hit good the acquisition about target. we ability feel the to

growth, quarter, close we're fourth that in distribution that towards As we assets depends the working the on but guidance. that the far as still

Rick Prentiss

guys. Thanks Great.

Operator

you. Thank

line comes from Jonathan RBC. question of the from Atkin next Our

question Your please.

Jonathan Atkin

rooftops about we two respect or want would call bit wonder on co-locations? down with One a any infrastructure a little sponsor efforts, the for with any to at to Thanks. to So, bit tie-in out secondly, trends you you if the implications data and drill the within wireless level, communications, questions. on that new I amendments it then as that digital little pertains and and could can centers talk MLP? And your

George Doyle

sponsor. question, about at and Sure. Tim talk digital initiative the infrastructure I'll first take the our let I'll

we the seeing trends definitely far densification. wireless the in as are area, need As for

additional be that These So, available to would some macro so We're on space. lease-up this able rooftops optimistic we'll have opportunities. tenants we are be our some space. of that seeing full some get sites,

that - the number tenants we're revenue. on basis, rolling us does on And type emerging provide also some companies. some We Penteon antennas to for see fairly call, starting are of various see and primarily well to a smaller also see of, we a so We IoT-type there modification more technologies. and coming market are applications. And what the recurring increasing number past, mentioned in I as other sites out that these companies are

So, sites to as be we're that lease-up of of some additional or well. new these from companies able revenue some on well optimistic see as our we'll some

is Although you the certainly real are typically in those are revenue not - so for the And more the there is take big, but new there opportunity want footprints, half? rooftop second companies market. as to the need estate smaller a out Tim,

Tim Brazy

Sure.

infrastructure now we we looking been initiatives. sponsor and So, have digital a where for assets few years. and data develop new centers at look at new at the That's typically

emphasized of But senior course team few last as the experienced recently, did to area, that the efforts. smaller we a Over lead industry a from large we've management an the participant years, hire purchased few we assets.

level. over business progression most future, private time, some So, the Partnership. Eventually, at although we're foreseeable focused our the of you on sponsor funds. we're sponsor But level, assets sponsor going growing happen the come That's business. into see start at natural the the may a will looking forward, activity, very for focused assets the the of and at that to at

Jonathan Atkin

estate would what's of towered real that be So or shelves, the the potentially? Or of interests scope kind activity?

Tim Brazy

of the It's the we course. of that on the transactions approach focused a look at, business. to are of parts the market focus the data terms size of very traditional center larger on, scale that the and not do industry Real in We participants interests. estate

Jonathan Atkin

Thank you very much.

Operator

Thank you.

Dave line Rodgers from Baird. from comes the question next Our of

Your question please.

Dave Rodgers

money that accretive a line do similar and going or to going you be of in dilutive? the fourth to the that you the or line refinance here quarter, think move do you when rate that you're as off George, at credit can

George Doyle

it's rate. is to at to be yield be flat, we pretty in It's going The low the going X% similar anticipate to - curve know. in you going the range. be a It's as

what's we're a term to basically refinance five-year LIBOR-based a or at pretty comparable rates. financing So, able to longer

So, DCF. have we on impact much our of to it don't an anticipate

Dave Rodgers

rollout it long way revenue appreciate to your And the you is how like XXX ask XXXX. a before dilutive? that correct from with sites are six you of sites, that's is, the you you to rollout a that And It comments I'm right site, next potentially earlier. go I willing if from kind me. FLEXGRID, dilutive If like absorb go the Is three to sounds in XXX months get - dilution but to if it how not that, much right about am, as year? of I through sounds

George Doyle

Sure. to a development. rolling be It's going

the what bit be would have wait coming point dilutive, in that. latter flow the And and the part as part little acquisitions, you'll developed the then you we that the you new then it again, a that year, believe, we'll for that earlier be from - first capital of months. of to neutral see will you year, offset have start what in get six should it deploy year, but other So, to into will, cash as you'll

expect the terms be different some some to There deployment. of too are on don't So, of dilutive. it I the payment elements

the necessarily from the day you full necessarily not out finish cash fully at day start and paid not either. it's we So,

an of impact. So, expect that have we don't to big it

Dave Rodgers

of regard know haven't target. distribution a with XXXX given you to growth, I really guess, I And kind

you that. XXXX it us and reiterated for give did You

appreciate that. I So,

comment think all commented refi, of bit do the that the as plus type is that at of I from XX% I same number FLEXGRID, from you've minus. And covered, got little the your could you think or dilution I dilution you you of consideration, hold a that look was. XXXX? But what maybe into you into think, was growth little a with XXXX, think debt distribution then

George Doyle

our front our guidance. be opportunity our us to think of top of a we right number we have we segments XXXX There's we're going strong. still clearly good that's what and fair very acquisitions to, so. market FLEXGRID, But Yes, a different activities arms all the about there's recurring as of visibility that, in Tim the lease On now with today. development for feel very are around large ground mentioned, We in. operate getting the of

And so, matter traction It's FLEXGRID. good it to cost capital ability to to different the on for also internationally we the And in well. a the operate ultimately North continue to opportunities and opportunities of very be of our significantly. about FLEXGRID But kind XXXX. get we see grow America. deploy we seen going outside we of and sectors will matter feel be We've a all what in as

We haven't well. there certainly opportunities, out of seized as those but any that's

Dave Rodgers

Okay, thank you for that.

Operator

Thank you.

from Our Mike Gyure the next question from comes of Janney. line

Your please. question

Mike Gyure

about how capital I George, you on XX% being you bit would the think, guess I - think Yes, much Can commentary at opportunities. of international than talk a you're committed said the attempted you maybe $XX Or thinking? briefly be maybe guess [ph] little should little just touched in capital there how XX%, I in just guess, think, about million the Or the commentary end a I acquisitions. year, you that we bit maybe on on the next around more numbers of more mix capital we that? I great. or talking But the of are overseas? some

George Doyle

Sure.

XX% the opportunities to think, to XX% going range It identify. I depend we're able to really to that is on that area. in it's generally, going

certainly that acquisition what there up in that And in but maybe do But little range. XX% we to we to as opportunities Right more range. XX% wireless portfolio be lease it's numbers. going sectors. yes, XX%, XX% outdoor, development well. a would been as all could see ground call, those is skew far definitely a think there's generally it's - our If opportunity, that to As or towards our standard larger weighted picking I going a heavily be element vary will the across bit now, larger

Mike Gyure

geographies then going much And geographies? particular any geographies follow-up on you're today? focus the Is it forward? potentially And on Okay. just in new a maybe pretty that. Or

George Doyle

think Yes. UK, and Today, grow. will of we those Australia, we are continue focused and to markets Canada the in each

Western some Eastern at would in Australia. that America and looking or are South I for Western We're a or Europe, in We think Canada contemplating while. anything not it Europe opportunities be and just predominantly Europe, Asia,

Mike Gyure

very Thanks Great. much.

Operator

Our line B. Liam comes Riley FBR. the [Operator next question of from Instructions] Burke from

please. question Your

Liam Burke

sites that for you under plan XXXX. sites those commitments? mentioned have XXX Are tenant many Tim, you as as all have

George Doyle

Not yet.

than We with are is deploy will we'll XXX, with what we opportunity the commitments. is various larger we XXX the in deploy that discussions have And only commitments much The place. having tenants. those but think

Liam Burke

And from be and business? you your Or both Okay. deploy? side the tenant the if would you ability the commitments rollout of accelerate that XXX commitments had to could

George Doyle

Yes.

Some we of able to accelerated if commitments be in were more it place. could get

Liam Burke

you in George. business? Great advertising a been outdoor economy? something that is just stronger Okay. traditional bit different it Or Is going there the side thanks on is And strong. mentioned of front

George Doyle

say, the two One, would it's the outdoor increases advertising helps. of overall strength things. definitely That the I economy spend.

that that's thing the this outdoor boards are large other The acquire. seeing certainly, And of bulletin the helping we you is signage. just on, digitalization

you're of, but lot or But format infrastructure, lot call I also a those lot infrastructure. in say, last, connected of the you're type over type digital five seeing smaller seen years. of cities a digital a format transition deployments, where You've would getting smart a to type it, it's four

are providing also - it. it's around data walking the individuals gathering on also the basically, So, Wi-Fi. It's that

advertising outdoor society. more to more and the and targeted we certainly it's of in we get type as driving a future as connected well. advertising And that a expect So, continue deployment, as that's more

Liam Burke

Great. Thank you.

Operator

Tim the And the does for remarks. you. program. of Thank further to today's I'd hand question-and-answer to program any like session this Brazy back conclude

Tim Brazy

us like today. Thanks. joining all you thank And to for we'd

have very we us. exciting front of some opportunities As you heard, in

the confident forward looking we're the are our continued of And you today. a for in deliver end year specifically, next ability We all joining to growth sharing Partnership. to us you and to progress Thank strong continued quarter. with

Operator

for ladies This program. you, your today's in the conference. does conclude participation Thank and gentlemen,

may day. You disconnect. Good now

Landmark Infrastructure Partners (LMRK) 5 Nov 172017 Q3 Earnings call transcript