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 for its Series B Cumulative Redeemable Perpetual Preferred Units of $0.49375, payable on May 17, 2021, to unitholders of record as of May 3, 2021. Additionally, a distribution of $0.4375 for Series C Floating-to-Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units was declared, also payable on May 17, 2021. The distribution for Series C is based on a rate calculation tied to a floating LIBOR rate. Landmark manages real property and infrastructure assets for industries like wireless communication and renewable power.

Positive

• Quarterly cash distribution of $0.49375 per Series B Preferred Unit enhances investor returns.
• Series C Preferred Units distribution of $0.4375 indicates ongoing financial commitments.

Negative

• None.

EL SEGUNDO, Calif., April 22, 2021 (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 May 17, 2021, to Series B Preferred Unitholders of record as of May 3, 2021.

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 May 17, 2021, to Series C Preferred Unitholders of record as of May 3, 2021. 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 February 12, 2021 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, digital infrastructure, 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:

Series B Preferred Units
Effectively Connected Income		$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, 2020, 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.

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

FAQ

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

Landmark Infrastructure Partners LP declared a cash distribution of $0.49375 per Series B Preferred Unit, payable on May 17, 2021.

When will LMRK's Series C Preferred Units distribution be paid?

The distribution for Series C Preferred Units will be paid on May 17, 2021.

What is the record date for the distributions of LMRK?

The record date for both Series B and Series C Preferred Units distributions is May 3, 2021.

What is the basis for the Series C Preferred Units distribution calculation?

The Series C distribution of $0.4375 is calculated based on a rate tied to the greater of a 7.00% annual rate or the three-month LIBOR plus a 4.698% spread.