Landmark Infrastructure Partners LP Announces Quarterly Distribution

EL SEGUNDO, Calif., April 21, 2020 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (the “Partnership”) (NASDAQ: LMRK) announced today that the board of directors of its general partner approved a distribution of $0.20 per common unit for the quarter ended March 31, 2020, which is payable on May 15, 2020 to common unitholders of record as of the close of business on May 4, 2020.  This distribution amount, which is a reduction from the $0.3675 per unit in the previous quarter, represents on an annualized basis $17.0 million of additional cash available to strengthen our balance sheet and enhance our long-term financial flexibility.

“Given the heightened uncertainty around the impact of the coronavirus (COVID-19) on the economy, we believe this action is in the best interests of our unitholders and the Partnership,” said Tim Brazy, Chief Executive Officer of the Partnership’s general partner.  “Our  portfolio performed well in the first quarter; however, given the potential effects on our outdoor advertising tenants due to the unprecedented economic conditions, we believe it’s prudent to strengthen our balance sheet until the duration and extent of the potential impact of the COVID-19 pandemic becomes known.  As a result, we will focus on repaying borrowings under our revolving credit facility, preserving liquidity and capital for any potential impact to our business and positioning the Partnership to take advantage of any prospective market opportunities.  We’ll continue to actively monitor the market and look to reevaluate our distribution levels once business conditions normalize.”

About Landmark Infrastructure Partners LP

The Partnership owns and manages a portfolio of real property interests and infrastructure assets that the Partnership leases to companies in the wireless communication, outdoor advertising and renewable power generation industries.

Notice

This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d).  Please note that we believe that zero percent of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business, and we believe that 100 percent is attributable to dividend income from a real estate investment trust subject to withholding under Internal Revenue Code Section 1441.  Nominees, and not the Partnership, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

The distribution consists of the following components:

Cautionary Note Regarding Forward Looking Statements

Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws.  Statements that do not relate strictly to historical or current facts are forward-looking.  These statements contain words such as “possible,” “if,” “will,” “expect” and “assuming” and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant.  Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results.  For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2019, as supplemented by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.  Any forward-looking statements in this press release are made as of the date of this press release and the Partnership undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or of which the Partnership becomes aware, after the date hereof, unless required by law.