Landmark Infrastructure Partners LP Announces Cash Distributions for its Series B and Series C Preferred Units

Rhea-AI Summary

Landmark Infrastructure Partners LP (NASDAQ: LMRK) announced a quarterly cash distribution of $0.49375 for its 7.90% Series B Cumulative Redeemable Perpetual Preferred Units, payable on August 17, 2020, to unitholders of record by August 3, 2020. Additionally, a distribution of $0.4375 for the Series C Floating-to-Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units will also be made on the same date. This distribution rate is based on a calculation considering either 7.00% per annum or the three-month LIBOR plus a spread of 4.698%.

Positive

• Quarterly cash distribution of $0.49375 for Series B Preferred Units.
• Quarterly cash distribution of $0.4375 for Series C Preferred Units.

Negative

• None.

EL SEGUNDO, Calif., July 22, 2020 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (the “Partnership”) (NASDAQ: LMRK) announced today that the board of directors of its general partner (the “Board”) declared a quarterly cash distribution for its 7.90% Series B Cumulative Redeemable Perpetual Preferred Units (the “Series B Preferred Units”) (NASDAQ: LMRKO) of $0.49375 per Series B Preferred Unit, payable on August 17, 2020, to Series B Preferred Unitholders of record as of August 3, 2020. 

The Board also declared a quarterly cash distribution for the Series C Floating-to-Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units (the “Series C Preferred Units”) (NASDAQ: LMRKN) of $0.4375 per Series C Preferred Unit, payable on August 17, 2020, to Series C Preferred Unitholders of record as of August 3, 2020.  The quarterly distribution of $0.4375 per Series C Preferred Unit is based on the distribution rate calculation equal to the greater of (i) 7.00% per annum, and (ii) an annual floating rate of the three-month LIBOR on the distribution determination date of May 13, 2020 plus a spread of 4.698% per annum.

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 distributions consist of the following components:

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Series B Preferred Units
14%; width:14%; min-width:14%;">Effectively Connected Income	86%; width:86%; min-width:86%;">$0.00
U.S. Dividend Income from REIT	$0.49375
Series C Preferred Units
Effectively Connected Income	$0.00
U.S. Dividend Income from REIT	$0.4375

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.

Marcelo Choi
Vice President, Investor Relations
(213) 788-4528
ir@landmarkmlp.com

FAQ

What is the cash distribution for Landmark Infrastructure's Series B Preferred Units?

The cash distribution for Series B Preferred Units is $0.49375.

When will the quarterly distribution be paid for LMRK Series C Preferred Units?

The quarterly distribution for the Series C Preferred Units will be paid on August 17, 2020.

What is the record date for the cash distribution of the Series B Preferred Units?

The record date for the cash distribution of the Series B Preferred Units is August 3, 2020.

How is the distribution for Series C Preferred Units calculated?

The distribution for Series C Preferred Units is based on either 7.00% per annum or the three-month LIBOR plus a spread of 4.698%.