Landmark Infrastructure Partners LP Reports Third Quarter 2016 Results; Updates 2016 Guidance And Provides Preliminary 2017 Guidance

EL SEGUNDO, Calif., Nov. 03, 2016 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (the "Partnership," "we," "us" or "our") (Nasdaq:LMRK) today announced its third quarter 2016 financial results.

Highlights
  • Announced a quarterly distribution of $0.3375 per common unit, representing year-over-year distribution growth of 6.3%;
  • Reported Q3 2016 revenue of $8.8 million, a 59% increase year-over-year;
  • Reported Q3 2016 net income of $1.5 million, EBITDA of $7.1 million, and Adjusted EBITDA of $8.3 million, a 65% increase in Adjusted EBITDA year-over-year;
  • Reported Q3 2016 distributable cash flow of $4.6 million, a 22% increase year-over-year;
  • On October 31, the Partnership completed the previously announced utility-scale solar land acquisition from Canadian Solar subsidiary, Recurrent Energy, for total consideration of approximately $73 million;
  • On August 30, the Partnership acquired a portfolio of 390 assets from Landmark Dividend Growth Fund - G LLC, an affiliate of its sponsor, Landmark Dividend LLC ("Landmark"), for total consideration of $140.5 million;
  • On August 30, the Partnership also acquired a portfolio of 63 assets from Landmark, for total consideration of $21.1 million;
  • Maintained an occupancy rate of 97%;
  • On October 19, the Partnership completed an offering of 3,450,000 common units, raising net proceeds of approximately $53.3 million;
  • On August 8, the Partnership completed the issuance of 7.9% Series B preferred units, raising net proceeds of approximately $44.3 million;
  • Increased commitments under the Partnerships revolving line of credit to $282 million.

Third Quarter and Nine Months 2016 ResultsRevenue for the quarter ended September 30, 2016 increased 59% to $8.8 million compared to the third quarter of 2015.  Net income for the third quarter was $1.5 million, or $0.06 per basic common unit.  EBITDA (earnings before interest, income taxes, depreciation and amortization) for the quarter ended September 30, 2016 increased 196% to $7.1 million compared to the third quarter of 2015.  The net income and EBITDA amounts include the impact from $1.2 million of impairments and $1.0 million of unrealized gain on interest rate swaps.  Adjusted EBITDA for the quarter ended September 30, 2016 increased 65% to $8.3 million compared to the third quarter of 2015, and distributable cash flow increased 22% to $4.6 million compared to the third quarter of 2015.

For the nine months ended September 30, 2016, the Partnership reported revenue of $24.4 million, net income of $1.1 million, or $0.02 per basic common unit.  The Partnership reported EBITDA of $15.6 million, Adjusted EBITDA of $22.7 million, and distributable cash flow of $14.4 million in the nine-month period ended September 30, 2016.  The net income and EBITDA amounts include the impact from $3.8 million of unrealized loss on interest rate swaps, $1.2 million of impairments and $0.4 million of gain on sale of real property interests.