LMRK - Earnings call transcript Q3 2021 | Landmark Infrastructure Partners LP

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Operator

Good day and welcome to the Third Quarter 2021 Landmark Infrastructure Partners LP Earnings Conference Call. Today's call will be limited to prepared remarks. I would now like to turn the call over to Marcelo Choi, Investor Relations.

You may begin.

Marcelo Choi

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

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

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

Tim Brazy

you, today. us for and thank Thank you all joining Marcelo,

portfolio operating In our remains and projects and quarter acquisitions. you results Advertising behind as with our industry another Outdoor some segment, were within development run. due As Outdoor venture We're from in AFFO the the saw near-term, and us been has expect quarter partnerships solid third worst redeployment optimistic focus the the from recovery. compared to slightly release industry last capital as this the for had Rental for long and revenues that financial And cash to the Advertising interest we rebound increased we to We over European our which segment select second flows. continues revenues most is the the of pandemic, morning, produce primarily on of affected will our the press the year. saw both consistent rental well-positioned the of Advertising quarter. fully sale by in Advertising the Outdoor joint the our the higher segment year-over-year, Outdoor improvement stable

through contribute $XXX,XXX progress acquisitions our made while year-to-date, Landmark total overall we of with our September With assets to to been rents. with approximately offering, this the our consideration XX annual a The program As $X.X our stealth revenues total has quarter about and further meaningful of September volume service Rapid light to in have has deployments, Vertex, not of projects, of pandemic pace rental total ramped wireless expected million. into quickly Area the in placed slowed XXth, expected, development XX. acquisition regard for DART, the DART are anticipated. the kiosks System. installed as Dallas brought number third additional yet which existing infrastructure as We as quarter, and service with up not Transit of kiosks the XXX are in acquired

the the levels third within rental at by hit at of The digital kiosks footprint. transit on ridership still to XX% to have quarter ridership is revenues approximately many XX% mass activity, transit in ridership rebounded numbers outdoor transit third ridership the are total has including actually DART's lag in ridership recovering the country, The which has While the been that increased XXXX advertising of to traffic down continues meaningful anticipated But well these of levels. DART, ability parts quarter overall At ridership been XXXX. below it compared pre-pandemic than levels pre-pandemic drive approximately to placed country. lower year-over-year. our numbers, across still mass total DART DART's

kiosks. will and to subsides, continue we pandemic as these our than DART revenues expected are the to has led trends that While rental for ridership normalize believe temporary, this lower

and as date proxy The the mail to of take-private October on date with with I'd unitholders partnership been has unitholder proxy over are vote by of XXXX. record or able to it card. a to to currently sent meeting proposed the has filed displayed unitholders. is Dividend. LMRK's approval the unitholders. their scheduled like information of and out LMRK the briefly turn touch sponsor SEC online, by X, is acquisition set record George, Landmark on voting transaction I LMRK definitive LMRK XXth it Before by for The by phone, been majority to December subject A

proposal. And so I'll The transaction is it's approved who will of the to and complex unitholders favor turn George? all we over various considering vote of And financial our board us in therefore partnership review vote. determined factors, the the committee interest unanimous transaction recommendation that, call of provide has with in to that best of unitholders recommending including quarter. the George the the encourage more the detailed that after of the with a and

George Doyle

you, Tim. Thank

venture XXth, Sprint another third the Outdoor fourth As Tim as growth joint of higher the year-over-year. The the rising in redeployment cash year-over-year portfolio another flows, sites are stable in decommissioned, as was of Rental two quarter continue X including our revenue mentioned, the was organic and which third the the to September of disposition had we operating driven Advertising from $XX.X XXXX, of have quarter. quarter in quarter across decommission XX% primarily by XX to half as generate for revenue as capital results. million, expected Year-to-date the European and was assets portfolio. the sites rental solid well generated second in the in growth

be we from annualized expected offsetting XG at renewed deploy fourth T-Mobile have slowed are calls, impact to wireless the expiring T-Mobile as longer in some pace decommission we recently. terminate continue to $X.X carriers and past leases in rates. approximately And the are equipment termination the of sites includes notices from sites have We rents to that higher quarter. The as XXXX rent revenues in term, the discussed in which annualized million, Sprint XX expect the expect Sprint

$X.XX FFO and year. to FFO this to diluted was in quarter, of on Moving quarter third compared $X.XX unit AFFO. the per last

currency various by our gains have losses. and interest in rate FFO we in of compared fluctuate hedges quarter-to-quarter, value in the driven the primarily calls, change to foreign depending the transaction, fair on associated excludes second quarter the as which discussed As rate was unit decline as The prior with take-private gains the line can third other year-over-year. compared year, quarter including items, well diluted was in transaction transaction-related FFO on the expense LMRK of cost quarter AFFO, representing the hedges $X.XX included interest per these our transaction-related quarter, and this growth the on to last XX% and items which third losses item. in are $X.XX other

seek has partnership. XXXX. the The expected sponsor discussed it us last fourth cap of expire is the G&A to the our on let November, incurs will quarter the that AFFO for we for expenses expiration negatively G&A the beginning impact in As quarter, cap that of it to provided to intends reimbursement services And partnership XXXX. for reimbursement informed in

year respectively. and December $X.X and ended During XXXX, $X.X the XX, months from September nine XX, million ended the expense million the XXXX sponsor totaled the reimbursement

reimbursement year. we to $X seek G&A it to addition, sponsor expect costs the to In incurs be partnership million expenses the around for manage related per additional expected with

our credit turning approximately million with borrowings to balance facility. under our quarter ended sheet, the revolving we Now $XXX outstanding of

rates until no We and for asset XXXX. continue maturities November attractive classes, our to scheduled we have see financing

and ended our data $XXX In we revolving to in with subject covenants. approximately quarter million the certain compliance terms liquidity, with center credit our we completed cash under borrowing million facility, capacity In of of with undrawn of in million $XX transaction a fixed $XXX securitization borrowings issuing in term the the of from years. from used Net notes coupon secured securitization were facility. rate to X.XX% the revolving seven primarily credit repay approximately proceeds October,

of notional interest one of swaps our also value the rate We $XX with terminated million.

out With the completion finance our our debt all or been now swaps. our hedged data pushed through October, in maturities of is and have center interest fixed rate of debt

stable remarks. cap, flows. per G&A of the confident Regarding due third negatively churn on coverage that, Sprint cash level the to strong our AFFO this quarter expenses, ratio it for portfolio. additional distribution, performance X.XX were fourth In turn our the distribution with G&A unit. closing this continues Tim financial quarter. to generate distribution, distribution of of in again our board impact our exploration the growing the Headwinds quarter was times. we to from additional as our Based of the But expected results And declared summary, $X.XX are longer-term over for remain portfolio the in and I'll to

Tim Brazy

like the that best. didn't our appreciate the proud the years in to We're have George, continued you, of We portfolio Thank all. of moment always this and ground thank support first partners, company have over all and their Landmark. from our and stable proven wish to truly working directors and you the investors, accumulated all we've board perform. you while just the you. to focused lease cooperate, I'd assets take been public industries. estate acknowledge Thank And markets to the everyone commitment for real particular

End of Q&A

This does conference. the conclude

You have a may great now Everyone, disconnect. day.

Landmark Infrastructure Partners (LMRK) 5 Nov 212021 Q3 Earnings call transcript