Landmark Infrastructure Partners LP Announces Completion of Digital Infrastructure Acquisitions

Rhea-AI Summary

Landmark Infrastructure Partners LP has acquired data center sites in Toronto and Atlanta from Sungard Availability Services. The acquisition, encompassing approximately 215,000 square feet and 4 megawatts of critical capacity, is financed through borrowings from the Partnership’s existing revolving credit facility. It is expected to be immediately accretive to Landmark's adjusted funds from operations (AFFO). CEO Tim Brazy highlighted the firm's strategy to expand its digital infrastructure portfolio and capitalize on attractive acquisition opportunities.

Positive

• Acquisition of 215,000 square feet of data center sites expected to enhance portfolio.
• Immediate accretion to adjusted funds from operations (AFFO).
• Strategic expansion into key markets of Toronto and Atlanta.
• Utilization of capital raised from the sale of the European outdoor advertising portfolio.

Negative

• None.

EL SEGUNDO, Calif., Sept. 30, 2020 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (the “Partnership” or “Landmark”) (NASDAQ: LMRK) announced today that it has acquired data center sites in the greater Toronto, Ontario and Atlanta, Georgia areas from Sungard Availability Services (“Sungard AS”), a leading provider of cloud connected infrastructure solutions. Landmark is leasing the acquired data center sites back to Sungard AS in their entirety, which combined totals approximately 215,000 square feet and approximately 4 megawatts of critical capacity. The acquisitions were funded by borrowings from the Partnership’s existing revolving credit facility and are expected to be immediately accretive to Landmark’s adjusted funds from operations (“AFFO”).

“We continue to expand our digital infrastructure footprint with the addition of high-quality data center properties to our portfolio, including these recent acquisitions in the key markets of Toronto and Atlanta,” said Tim Brazy, Chief Executive Officer of the Partnership’s general partner. “We have seen attractive acquisition opportunities within the data center space and remain focused on further redeploying capital raised from the recent sale of our European outdoor advertising portfolio.”

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, renewable power generation and digital infrastructure industries. 

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 “believe,” “possible,” “if,” “will,” “expect” and “assuming” and involve risks and uncertainties including, those related to the acquisition of our new data center portfolio, the integration of these assets into our existing asset pool and the benefits of the acquisition to our AFFO. 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.

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

FAQ

What is the significance of Landmark's acquisition of data center sites in Toronto and Atlanta?

The acquisition expands Landmark's digital infrastructure portfolio and is expected to enhance its adjusted funds from operations.

How will the acquisition impact Landmark's adjusted funds from operations (AFFO)?

The acquisition is anticipated to be immediately accretive to Landmark's AFFO.

What is the size and capacity of the data center sites acquired by Landmark?

Landmark acquired approximately 215,000 square feet of data center sites with about 4 megawatts of critical capacity.

How was the acquisition funded?

The acquisition was financed through borrowings from Landmark's existing revolving credit facility.

Who is the seller of the data center sites acquired by Landmark?

The data center sites were acquired from Sungard Availability Services.