EL SEGUNDO, Calif., Nov. 05, 2021 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP ("Landmark," the "Partnership," "we," "us" or "our") (Nasdaq: LMRK) today announced its third quarter financial results.
加利福尼亚州埃尔塞贡多,2021年11月5日(GLOBE NEWSWIRE)——Landmark Infrastructure Partners LP(“Landmark”、“合伙企业”、“我们” 或 “我们的”)(纳斯达克股票代码:LMRK)今天公布了其第三季度财务业绩。
Highlights
亮点
- Rental revenue of $17.4 million, a 22% increase year-over-year;
- Net loss attributable to common unitholders of $0.04 and Funds From Operations (FFO) of $0.19 per diluted unit;
- Adjusted Funds From Operations (AFFO) of $0.37 per diluted unit, a 19% increase year-over-year;
- On August 21st, the Partnership entered into a definitive agreement under which it will be acquired by its sponsor, Landmark Dividend LLC, with public unitholders receiving $16.50 in cash for each common unit owned;
- On October 13th, the Partnership issued $172.5 million of secured notes at a rate of 3.722%;
- As of September 30th, 269 digital kiosks deployed within the Dallas Area Rapid Transit ("DART") network; and
- A quarterly distribution of $0.20 per common unit.
- 租金收入为1740万美元,同比增长22%;
- 归属于普通单位持有人的净亏损为0.04美元,摊薄后每单位的运营资金(FFO)为0.19美元;
- 调整后的运营资金(AFFO)为摊薄后每单位0.37美元,同比增长19%;
- 8 月 21 日st,该合伙企业签订了一项最终协议,根据该协议,其发起人Landmark Dividence LLC将收购,公共单位持有人每拥有一个普通单位将获得16.50美元的现金;
- 10 月 13 日第四,该合伙企业发行了1.725亿美元的有担保票据,利率为3.722%;
- 截至9月30日第四,在达拉斯地区快速交通(“DART”)网络中部署了269个数字自助服务亭;以及
- 每个普通单位的季度分配额为0.20美元。
Third Quarter 2021 Results
Rental revenue for the quarter ended September 30, 2021 was $17.4 million, an increase of 22% compared to the third quarter of 2020. Net loss attributable to common unitholders per diluted unit in the third quarter of 2021 was $0.04, compared to net income attributable to common unitholders per diluted unit of $0.10 in the third quarter of 2020. FFO for the third quarter of 2021 was $0.19 per diluted unit, compared to $0.29 in the third quarter of 2020. The decline in FFO in the third quarter of 2021 compared to the third quarter of 2020 was primarily driven by costs associated with the LMRK take-private transaction, which are included in transaction-related expenses. AFFO per diluted unit, which excludes certain items including unrealized gains and losses on our interest rate hedges, foreign currency transaction gains and losses and transaction-related expenses, was $0.37 in the third quarter of 2021 compared to $0.31 in the third quarter of 2020.
2021 年第三季度业绩
截至2021年9月30日的季度租金收入为1,740万美元,与2020年第三季度相比增长了22%。2021年第三季度摊薄后每单位归属于普通单位持有人的净亏损为0.04美元,而2020年第三季度摊薄后每单位归属于普通单位持有人的净收益为0.10美元。2021年第三季度的FFO为摊薄后每单位0.19美元,而2020年第三季度为0.29美元。与2020年第三季度相比,2021年第三季度的FFO下降主要是由与LMRK私有化交易相关的成本推动的,这些成本包含在交易相关费用中。2021年第三季度,每摊薄单位的AFFO为0.37美元,而2020年第三季度为0.31美元,其中不包括某些项目,包括我们的利率套期保值的未实现损益、外币交易损益和交易相关支出。
For the nine months ended September 30, 2021, the Partnership reported rental revenue of $52.3 million compared to $41.9 million during the nine months ended September 30, 2020. For the nine months ended September 30, 2021, we generated net income of $13.6 million compared to $22.9 million during the nine months ended September 30, 2020. Net income attributable to common unitholders for the nine months ended September 30, 2021 was $0.16 per diluted unit compared to $0.53 per diluted unit for the nine months ended September 30, 2020. For the nine months ended September 30, 2021, we generated FFO of $0.90 per diluted unit and AFFO of $1.11 per diluted unit, compared to FFO of $0.49 per diluted unit and AFFO of $0.98 per diluted unit during the nine months ended September 30, 2020.
在截至2021年9月30日的九个月中,该合作伙伴关系报告的租金收入为5,230万美元,而截至2020年9月30日的九个月中,租金收入为4190万美元。在截至2021年9月30日的九个月中,我们创造了1,360万美元的净收入,而截至2020年9月30日的九个月中,净收入为2,290万美元。截至2021年9月30日的九个月中,归属于普通单位持有人的净收益为摊薄后每单位0.16美元,而截至2020年9月30日的九个月中,摊薄后每单位的净收益为0.53美元。在截至2021年9月30日的九个月中,我们每摊薄单位的FFO为0.90美元,摊薄后每个单位的AFFO为1.11美元,而在截至2020年9月30日的九个月中,每摊薄单位的FFO为0.49美元,摊薄后每个单位的AFFO为0.98美元。
"Our operating and financial results were solid again in the third quarter," said Tim Brazy, Chief Executive Officer of the Partnership's general partner. "Strong year-over-year growth in AFFO was driven by organic growth within our portfolio and the opportunistic acquisitions we completed in the second half of 2020."
合伙企业普通合伙人首席执行官蒂姆·布拉齐说:“我们的运营和财务业绩在第三季度再次表现稳定。”“AFFO的强劲同比增长是由我们投资组合的有机增长以及我们在2020年下半年完成的机会主义收购推动的。”
Quarterly Distributions
On October 22, 2021, the Board of Directors of the Partnership's general partner declared a distribution of $0.20 per common unit, or $0.80 per common unit on an annualized basis, for the quarter ended September 30, 2021. The distribution is payable on November 12, 2021 to common unitholders of record as of November 2, 2021.
季度分配
2021年10月22日,合伙企业普通合伙人董事会宣布,截至2021年9月30日的季度,每个普通单位的分配额为0.20美元,按年计算为每个普通单位0.80美元。该分配将于2021年11月12日支付给截至2021年11月2日的登记在册的普通单位持有人。
On October 21, 2021, the Board of Directors of the Partnership's general partner declared a quarterly cash distribution of $0.4375 per Series C preferred unit, which is payable on November 15, 2021 to Series C preferred unitholders of record as of November 1, 2021.
2021年10月21日,合伙企业普通合伙人董事会宣布,每套C系列优先单位的季度现金分配为0.4375美元,将于2021年11月15日支付给截至2021年11月1日登记在册的C系列优先单位持有人。
On October 21, 2021, the Board of Directors of the Partnership's general partner declared a quarterly cash distribution of $0.49375 per Series B preferred unit, which is payable on November 15, 2021 to Series B preferred unitholders of record as of November 1, 2021.
2021年10月21日,合伙企业普通合伙人董事会宣布,每股B系列优先单位的季度现金分配为0.49375美元,将于2021年11月15日支付给截至2021年11月1日登记在册的B系列优先单位持有人。
On September 20, 2021, the Board of Directors of the Partnership's general partner declared a quarterly cash distribution of $0.5000 per Series A preferred unit, which was paid on October 15, 2021 to Series A preferred unitholders of record as of October 1, 2021.
2021年9月20日,合伙企业普通合伙人董事会宣布,每股A系列优先单位的季度现金分配为0.5000美元,该现金已于2021年10月15日支付给截至2021年10月1日登记在册的A系列优先单位持有人。
Capital and Liquidity
As of September 30, 2021, the Partnership had $223.2 million of outstanding borrowings under its revolving credit facility (the "Facility"), and approximately $226.8 million of undrawn borrowing capacity under the Facility, subject to compliance with certain covenants.
资本和流动性
截至2021年9月30日,该合伙企业的循环信贷额度(“贷款”)下有2.232亿美元的未偿借款,在遵守某些契约的前提下,该融资机制下的未动用借款能力约为2.268亿美元。
Recent Acquisitions
Year-to-date through September 30, 2021, the Partnership acquired a total of ten assets for total consideration of approximately $2.2 million.
最近的收购
截至2021年9月30日,该合伙企业共收购了十项资产,总对价约为220万美元。
General and Administrative Reimbursement Agreement Expiration
Under the second amendment to our Omnibus Agreement, dated as of January 30, 2019, among other things, the Partnership is required to reimburse our general partner and its affiliates for expenses related to certain general and administrative services that our sponsor provides to us in support of our business, subject to a quarterly cap of 3% of the Partnership's consolidated revenue during the current calendar quarter. The cap on expense reimbursement will last until the earlier of: (i) the date on which the Partnership's consolidated revenue for the immediately preceding four consecutive fiscal quarters (in the aggregate) exceeds $120,000,000 and (ii) November 19, 2021. Our sponsor has informed us that it intends to let the cap expire on November 19, 2021 and will seek reimbursement for costs and expenses it incurs for services provided to the Partnership.
一般和行政补偿协议到期
根据截至2019年1月30日的综合协议第二修正案,除其他外,合伙企业必须向我们的普通合伙人及其关联公司偿还与保荐人为支持我们的业务而提供的某些一般和管理服务相关的费用,但季度上限为合伙企业在本日历季度合并收入的3%。费用报销上限将持续到以下两者中较早者:(i)合伙企业在前连续四个财政季度的合并收入(总计)超过1.2亿美元的日期;(ii)2021年11月19日,以较早者为准。我们的赞助商已通知我们,它打算让上限在2021年11月19日到期,并将寻求补偿向合作伙伴提供服务所产生的成本和开支。
Conference Call Information
The Partnership will hold a conference call on Friday, November 5, 2021, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) to discuss its third quarter 2021 financial and operating results. The conference call will be limited to management's prepared remarks, with no question-and-answer session following the remarks, and can be accessed via a live webcast at https://edge.media-server.com/mmc/p/onuxi68q, or by dialing 877-930-8063 in the U.S. and Canada. Investors outside of the U.S. and Canada should dial 253-336-7764. The passcode for both numbers is 1849998.
电话会议信息
合作伙伴关系将于美国东部时间2021年11月5日星期五中午12点(太平洋时间上午9点)举行电话会议,讨论其2021年第三季度的财务和经营业绩。电话会议将仅限于管理层准备好的讲话,讲话后不设问答环节,可通过网络直播 https://edge.media-server.com/mmc/p/onuxi68q 或拨打美国和加拿大877-930-8063进行观看。美国和加拿大以外的投资者应拨打253-336-7764。这两个号码的密码都是 1849998。
A webcast replay will be available approximately two hours after the completion of the conference call through November 5, 2022 at https://edge.media-server.com/mmc/p/onuxi68q. The replay is also available through November 14, 2021 by dialing 855-859-2056 or 404-537-3406 and entering the access code 1849998.
网络直播重播将在电话会议结束大约两小时后播出,直至2022年11月5日,网址为 https://edge.media-server.com/mmc/p/onuxi68q。通过拨打 855-859-2056 或 404-537-3406 并输入访问码 1849998,重播也将持续到 2021 年 11 月 14 日。
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.
关于 Landmark 基础设施合作伙伴 L
该合伙企业拥有并管理不动产权益和基础设施资产组合,这些资产由合伙企业租赁给无线通信、数字基础设施、户外广告和可再生能源发电行业的公司。
Non-GAAP Financial Measures
FFO, is a non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trust ("NAREIT"). FFO represents net income (loss) excluding real estate related depreciation and amortization expense, real estate related impairment charges, gains (or losses) on real estate transactions, adjustments for unconsolidated joint venture, and distributions to preferred unitholders and noncontrolling interests.
非公认会计准则财务指标
FFO是衡量股票房地产投资信托基金经营业绩的非公认会计准则财务指标,旨在确认创收房地产在公认会计原则确定的基础上历来没有贬值。我们根据全国房地产投资信托协会(“NAREIT”)制定的标准计算FFO。FFO代表净收益(亏损),其中不包括与房地产相关的折旧和摊销费用、房地产相关的减值费用、房地产交易的收益(或亏损)、未合并合资企业的调整以及对优先股持有人和非控股权益的分配。
FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies. FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the Partnership's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. The Partnership's computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.
行业分析师普遍认为FFO是衡量房地产公司业绩的最合适指标。根据公认会计原则,FFO不一定代表运营活动提供的现金,不应将其视为衡量合伙企业业绩的净收益的替代方案,也不应被视为衡量流动性或分配能力的现金流的替代方案。管理层认为FFO是衡量股票房地产投资信托基金业绩的适当指标,因为它主要排除了房地产资产价值随时间推移而可预见地下降的假设,也因为行业分析师已将其视为绩效衡量标准。合伙企业对FFO的计算可能与其他股票房地产投资信托基金使用的计算FFO的方法不同,因此可能无法与其他此类房地产投资信托基金进行比较。
Adjusted Funds from Operations ("AFFO") is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP. AFFO should not be considered an alternative to net earnings, as an indication of the Partnership's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the Partnership's performance. The Partnership's computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore, may not be comparable to such other REITs. We calculate AFFO by starting with FFO and adjusting for general and administrative expense reimbursement, transaction-related expenses, unrealized gain (loss) on derivatives, straight line rent adjustments, unit-based compensation, amortization of deferred loan costs and discount on secured notes, deferred income tax expense, amortization of above and below market rents, loss on early extinguishment of debt, repayments of receivables, adjustments for investment in unconsolidated joint venture, adjustments for drop-down assets and foreign currency transaction gain (loss). The GAAP measures most directly comparable to FFO and AFFO is net income.
调整后的运营资金(“AFFO”)是房地产投资信托基金行业中许多公司使用的非公认会计准则经营业绩财务指标。AFFO根据公认会计原则调整某些非现金项目的FFO,这些项目会减少或增加净收入。不应将AFFO视为净收益的替代品,以此来衡量合伙企业的业绩,也不应将现金流视为衡量流动性或分配能力的指标。管理层认为AFFO是衡量合伙企业绩效的有用补充指标。合伙企业对AFFO的计算可能与其他股票房地产投资信托基金使用的计算AFFO的方法不同,因此可能无法与其他此类房地产投资信托基金进行比较。AFFO的计算方法是从FFO开始,并对一般和管理费用报销、交易相关费用、衍生品未实现收益(亏损)、直线租金调整、单位补偿、递延贷款成本摊销和有担保票据折扣、递延所得税支出、高于和低于市场租金的摊销、提前偿还债务的亏损、应收账款的偿还、对未合并合资企业的投资调整、下拉式资产和外国资产的调整货币交易收益(损失)。与FFO和AFFO最直接比较的GAAP指标是净收入。
We define EBITDA as net income before interest expense, income taxes, depreciation and amortization, and we define Adjusted EBITDA as EBITDA before unrealized and realized gain or loss on derivatives, loss on early extinguishment of debt, gain or loss on sale of real property interests, straight line rent adjustments, amortization of above and below market rents, impairments, transaction-related expenses, unit-based compensation, repayments of investments in receivables, foreign currency transaction gain (loss), adjustments for investment in unconsolidated joint venture and the capital contribution to fund our general and administrative expense reimbursement. We believe that to understand our performance further, EBITDA and Adjusted EBITDA should be compared with our reported net income (loss) and net cash provided by operating activities in accordance with GAAP, as presented in our consolidated financial statements.
我们将息税折旧摊销前利润定义为扣除利息支出、所得税、折旧和摊销前的净收益,并将调整后的息税折旧摊销前利润定义为未实现和已实现衍生品损益前的息税折旧摊销前利润、提前偿还债务时的亏损、不动产权益出售损益、直线租金调整、减值、交易相关费用、单位薪酬、应收账款投资还款、外币交易收益(亏损),对未合并联合投资的调整风险投资和为我们的一般和管理费用报销提供资金的出资。我们认为,为了进一步了解我们的业绩,应将息税折旧摊销前利润和调整后的息税折旧摊销前利润与我们在合并财务报表中根据公认会计原则报告的净收益(亏损)和经营活动提供的净现金进行比较。
EBITDA and Adjusted EBITDA are non-GAAP supplemental financial measures that management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:
息税折旧摊销前利润和调整后息税折旧摊销前利润是非公认会计准则的补充财务指标,管理层和财务报表的外部用户,例如行业分析师、投资者、贷款人和评级机构,可以用来评估:
- our operating performance as compared to other publicly traded limited partnerships, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods;
- the ability of our business to generate sufficient cash to support our decision to make distributions to our unitholders;
- our ability to incur and service debt and fund capital expenditures; and
- the viability of acquisitions and the returns on investment of various investment opportunities.
- 我们与其他上市有限合伙企业相比的经营业绩,不考虑历史成本基础,如果是调整后的息税折旧摊销前利润,则不考虑融资方法;
- 我们的业务有能力产生足够的现金来支持我们向单位持有人进行分配的决定;
- 我们承担和偿还债务并为资本支出提供资金的能力;以及
- 收购的可行性以及各种投资机会的投资回报。
We believe that the presentation of EBITDA and Adjusted EBITDA provides information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to EBITDA and Adjusted EBITDA are net income (loss) and net cash provided by operating activities. EBITDA and Adjusted EBITDA should not be considered as an alternative to GAAP net income (loss), net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Each of EBITDA and Adjusted EBITDA has important limitations as analytical tools because they exclude some, but not all, items that affect net income (loss) and net cash provided by operating activities, and these measures may vary from those of other companies. You should not consider EBITDA and Adjusted EBITDA in isolation or as a substitute for analysis of our results as reported under GAAP. As a result, because EBITDA and Adjusted EBITDA may be defined differently by other companies in our industry, EBITDA and Adjusted EBITDA as presented below may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. For a reconciliation of EBITDA and Adjusted EBITDA to the most comparable financial measures calculated and presented in accordance with GAAP, please see the "Reconciliation of EBITDA and Adjusted EBITDA" table below.
我们认为,息税折旧摊销前利润和调整后息税折旧摊销前利润的列报为投资者评估我们的财务状况和经营业绩提供了有用的信息。与息税折旧摊销前利润和调整后息税折旧摊销前利润最直接比较的GAAP指标是运营活动提供的净收益(亏损)和净现金。息税折旧摊销前利润和调整后息税折旧摊销前利润不应被视为公认会计准则净收益(亏损)、经营活动提供的净现金或根据公认会计原则列报的任何其他财务业绩或流动性指标的替代方案。息税折旧摊销前利润和调整后息税折旧摊销前利润作为分析工具都有重要的局限性,因为它们排除了影响运营活动提供的净收益(亏损)和净现金的部分(但不是全部),而且这些衡量标准可能与其他公司的衡量标准不同。您不应单独考虑息税折旧摊销前利润和调整后息税折旧摊销前利润,也不应将其作为对根据公认会计原则报告的业绩的分析的替代方案。因此,由于我们行业中的其他公司可能对息税折旧摊销前利润和调整后息税折旧摊销前利润有不同的定义,因此如下所示的息税折旧摊销前利润和调整后的息税折旧摊销前利润可能无法与其他公司的同名指标相提并论,从而削弱了它们的效用。有关息税折旧摊销前利润和调整后息税折旧摊销前利润与根据公认会计原则计算和列报的最具可比性的财务指标的对账,请参阅下文 “息税折旧摊销前利润和调整后息税折旧摊销前利润对账” 表。
Forward-Looking Statements
This release contains forward-looking statements within the meaning of federal securities laws. These statements discuss future expectations, contain projections of results of operations or of financial condition or state other forward-looking information. You can identify forward-looking statements by words such as "anticipate," "believe," "estimate," "expect," "forecast," "project," "could," "may," "should," "would," "will" or other similar expressions that convey the uncertainty of future events or outcomes. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Partnership's control and are difficult to predict. These statements are often based upon various assumptions, many of which are based, in turn, upon further assumptions, including examination of historical operating trends made by the management of the Partnership. Although the Partnership believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, the Partnership cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements contained in the Partnership's filings with the U.S. Securities and Exchange Commission (the "Commission"), including the Partnership's annual report on Form 10-K for the year ended December 31, 2020 and Current Report on Form 8-K filed with the Commission on February 24, 2021. These risks could cause the Partnership's actual results to differ materially from those contained in any forward-looking statement.
前瞻性陈述
本新闻稿包含联邦证券法所指的前瞻性陈述。这些陈述讨论了未来的预期,包含对经营业绩或财务状况的预测或陈述了其他前瞻性信息。您可以通过 “预期”、“相信”、“估计”、“期望”、“预测”、“预测”、“可能”、“可能”、“应该”、“会”、“将” 等词语或其他传达未来事件或结果不确定性的类似表达方式来识别前瞻性陈述。这些前瞻性陈述不能保证未来的表现,并受风险、不确定性和其他因素的影响,其中一些因素超出了合伙企业的控制范围,难以预测。这些陈述通常基于各种假设,其中许多假设反过来又基于进一步的假设,包括对合伙企业管理层对历史运营趋势的审查。尽管伙伴关系认为这些假设在做出时是合理的,因为这些假设本质上会受到重大的不确定性和突发事件的影响,这些不确定性和突发事件难以或无法预测并且是其无法控制的,但伙伴关系无法保证其将实现或实现这些期望、信念或意图。在考虑这些前瞻性陈述时,您应牢记合伙企业向美国证券交易委员会(“委员会”)提交的文件中包含的风险因素和其他警示性陈述,包括合伙企业截至2020年12月31日止年度的10-K表年度报告和2021年2月24日向委员会提交的8-K表最新报告。这些风险可能导致合伙企业的实际业绩与任何前瞻性陈述中包含的业绩存在重大差异。
CONTACT: | Marcelo Choi |
Vice President, Investor Relations | |
(213) 788-4528 | |
ir@landmarkmlp.com |
联系人: | Marcelo Choi |
投资者关系副总裁 | |
(213) 788-4528 | |
ir@landmarkmlp.com |
Landmark Infrastructure Partners LP
Consolidated Statements of Operations
In thousands, except per unit data
(Unaudited)
Landamk 基础设施合作伙伴 LP
合并运营报表
以千计,每单位数据除外
(未经审计)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue | ||||||||||||||||
Rental revenue | $ | 17,405 | $ | 14,228 | $ | 52,259 | $ | 41,893 | ||||||||
Expenses | ||||||||||||||||
Property operating | 1,188 | 360 | 2,966 | 1,223 | ||||||||||||
General and administrative | 1,483 | 768 | 3,915 | 3,479 | ||||||||||||
Transaction-related | 3,295 | — | 3,421 | 91 | ||||||||||||
Depreciation and amortization | 5,079 | 3,808 | 14,871 | 11,711 | ||||||||||||
Impairments | 8 | 16 | 35 | 200 | ||||||||||||
Total expenses | 11,053 | 4,952 | 25,208 | 16,704 | ||||||||||||
Other income and expenses | ||||||||||||||||
Interest and other income | 102 | 46 | 331 | 317 | ||||||||||||
Interest expense | (4,962 | ) | (4,068 | ) | (14,830 | ) | (12,759 | ) | ||||||||
Loss on early extinguishment of debt | — | — | — | (2,231 | ) | |||||||||||
Unrealized gain (loss) on derivatives | 194 | 154 | 1,511 | (6,530 | ) | |||||||||||
Equity income (loss) from unconsolidated joint venture | 329 | 248 | (761 | ) | 1,085 | |||||||||||
Gain on sale of real property interests | 79 | — | 189 | — | ||||||||||||
Total other income and expenses | (4,258 | ) | (3,620 | ) | (13,560 | ) | (20,118 | ) | ||||||||
Income from continuing operations before income tax benefit | 2,094 | 5,656 | 13,491 | 5,071 | ||||||||||||
Income tax benefit | (80 | ) | (173 | ) | (80 | ) | (508 | ) | ||||||||
Income from continuing operations | 2,174 | 5,829 | 13,571 | 5,579 | ||||||||||||
Income (loss) from discontinued operations, net of tax | — | (171 | ) | — | 17,340 | |||||||||||
Net income | 2,174 | 5,658 | 13,571 | 22,919 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 8 | 8 | 24 | 24 | ||||||||||||
Net income attributable to limited partners | 2,166 | 5,650 | 13,547 | 22,895 | ||||||||||||
Less: Distributions to preferred unitholders | (3,060 | ) | (3,055 | ) | (9,180 | ) | (9,152 | ) | ||||||||
Less: Accretion of Series C preferred units | (96 | ) | (96 | ) | (286 | ) | (289 | ) | ||||||||
Net (loss) income attributable to common unitholders | $ | (990 | ) | $ | 2,499 | $ | 4,081 | $ | 13,454 | |||||||
Income (loss) from continuing operations per common unit | ||||||||||||||||
Common units – basic | $ | (0.04 | ) | $ | 0.10 | $ | 0.16 | $ | (0.15 | ) | ||||||
Common units – diluted | $ | (0.04 | ) | $ | 0.10 | $ | 0.16 | $ | (0.15 | ) | ||||||
Net income (loss) per common unit | ||||||||||||||||
Common units – basic | $ | (0.04 | ) | $ | 0.10 | $ | 0.16 | $ | 0.53 | |||||||
Common units – diluted | $ | (0.04 | ) | $ | 0.10 | $ | 0.16 | $ | 0.53 | |||||||
Weighted average common units outstanding | ||||||||||||||||
Common units – basic | 25,489 | 25,478 | 25,489 | 25,472 | ||||||||||||
Common units – diluted | 25,489 | 25,478 | 25,489 | 25,472 | ||||||||||||
Other Data | ||||||||||||||||
Total leased tenant sites (end of period) | 2,028 | 1,841 | 2,028 | 1,841 | ||||||||||||
Total available tenant sites (end of period) | 2,136 | 1,952 | 2,136 | 1,952 |
截至9月30日的三个月 | 截至9月30日的九个月 | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
收入 | ||||||||||||||||
租金收入 | $ | 17,405 | $ | 14,228 | $ | 52,259 | $ | 41,893 | ||||||||
开支 | ||||||||||||||||
物业运营 | 1,188 | 360 | 2,966 | 1,223 | ||||||||||||
一般和行政 | 1,483 | 768 | 3,915 | 3,479 | ||||||||||||
交易相关 | 3,295 | — | 3,421 | 91 | ||||||||||||
折旧和摊销 | 5,079 | 3,808 | 14,871 | 11,711 | ||||||||||||
损伤 | 8 | 16 | 35 | 200 | ||||||||||||
支出总额 | 11,053 | 4,952 | 25,208 | 16,704 | ||||||||||||
其他收入和支出 | ||||||||||||||||
利息和其他收入 | 102 | 46 | 331 | 317 | ||||||||||||
利息支出 | (4,962) | ) | (4,068 | ) | (14,830) | ) | (12,759 | ) | ||||||||
提前偿还债务造成的损失 | — | — | — | (2,231) | ) | |||||||||||
衍生品的未实现收益(亏损) | 194 | 154 | 1,511 | (6,530) | ) | |||||||||||
未合并合资企业的股权收益(亏损) | 329 | 248 | (761) | ) | 1,085 | |||||||||||
出售不动产权益的收益 | 79 | — | 189 | — | ||||||||||||
其他收入和支出总额 | (4,258) | ) | (3,620 | ) | (13,560 | ) | (20,118 | ) | ||||||||
扣除所得税优惠前的持续经营收入 | 2,094 | 5,656 | 13,491 | 5,071 | ||||||||||||
所得税优惠 | (80 | ) | (173 | ) | (80 | ) | (508) | ) | ||||||||
持续经营的收入 | 2,174 | 5,829 | 13,571 | 5,579 | ||||||||||||
已终止业务的收益(亏损),扣除税款 | — | (171 | ) | — | 17,340 | |||||||||||
净收入 | 2,174 | 5,658 | 13,571 | 22,919 | ||||||||||||
减去:归属于非控股权益的净收益 | 8 | 8 | 24 | 24 | ||||||||||||
归属于有限合伙人的净收益 | 2,166 | 5,650 | 13,547 | 22,895 | ||||||||||||
减去:向优先单位持有人发放的款项 | (3,060 | ) | (3,055) | ) | (9,180 | ) | (9,152 | ) | ||||||||
减去:C系列首选单位的增加 | (96 | ) | (96 | ) | (286) | ) | (289) | ) | ||||||||
归属于普通单位持有人的净(亏损)收益 | $ | (990 | ) | $ | 2,499 | $ | 4,081 | $ | 13,454 | |||||||
每个普通单位持续经营的收入(亏损) | ||||||||||||||||
常用单位-基本 | $ | (0.04 | ) | $ | 0.10 | $ | 0.16 | $ | (0.15) | ) | ||||||
普通单位——摊薄 | $ | (0.04 | ) | $ | 0.10 | $ | 0.16 | $ | (0.15) | ) | ||||||
每个普通单位的净收益(亏损) | ||||||||||||||||
常用单位-基本 | $ | (0.04 | ) | $ | 0.10 | $ | 0.16 | $ | 0.53 | |||||||
普通单位——摊薄 | $ | (0.04 | ) | $ | 0.10 | $ | 0.16 | $ | 0.53 | |||||||
未偿还普通单位的加权平均值 | ||||||||||||||||
常用单位-基本 | 25,489 | 25,478 | 25,489 | 25,472 | ||||||||||||
普通单位——摊薄 | 25,489 | 25,478 | 25,489 | 25,472 | ||||||||||||
其他数据 | ||||||||||||||||
租赁租户场地总数(期末) | 2,028 | 1,841 | 2,028 | 1,841 | ||||||||||||
可用租户站点总数(期末) | 2,136 | 1,952 | 2,136 | 1,952 |
Landmark Infrastructure Partners LP
Consolidated Balance Sheets
In thousands, except per unit data
(Unaudited)
Landamk 基础设施合作伙伴 LP
合并资产负债表
以千计,每单位数据除外
(未经审计)
September 30, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Land | $ | 117,556 | $ | 117,421 | ||||
Real property interests | 689,295 | 671,468 | ||||||
Construction in progress | 40,043 | 44,787 | ||||||
Total land and real property interests | 846,894 | 833,676 | ||||||
Accumulated depreciation and amortization of real property interests | (76,744 | ) | (63,474 | ) | ||||
Land and net real property interests | 770,150 | 770,202 | ||||||
Investments in receivables, net | 4,669 | 5,101 | ||||||
Investment in unconsolidated joint venture | 58,456 | 60,880 | ||||||
Cash and cash equivalents | 11,003 | 10,447 | ||||||
Restricted cash | 3,360 | 3,195 | ||||||
Rent receivables | 3,799 | 4,016 | ||||||
Due from Landmark and affiliates | 1,843 | 1,337 | ||||||
Deferred loan costs, net | 2,711 | 3,567 | ||||||
Deferred rent receivable | 2,691 | 1,818 | ||||||
Derivative assets | 345 | — | ||||||
Other intangible assets, net | 17,718 | 19,417 | ||||||
Right-of-use asset, net | 10,232 | 10,716 | ||||||
Other assets | 4,176 | 4,082 | ||||||
Total assets | $ | 891,153 | $ | 894,778 | ||||
Liabilities and equity | ||||||||
Revolving credit facility | $ | 223,200 | $ | 214,200 | ||||
Secured notes, net | 275,845 | 279,677 | ||||||
Accounts payable and accrued liabilities | 7,984 | 6,732 | ||||||
Other intangible liabilities, net | 5,054 | 6,081 | ||||||
Operating lease liability | 8,563 | 8,818 | ||||||
Finance lease liability | 70 | — | ||||||
Prepaid rent | 6,266 | 4,446 | ||||||
Derivative liabilities | 2,269 | 3,435 | ||||||
Total liabilities | 529,251 | 523,389 | ||||||
Commitments and contingencies | ||||||||
Mezzanine equity | ||||||||
Series C cumulative redeemable convertible preferred units, 1,982,700 units issued and outstanding at September 30, 2021 and December 31, 2020, respectively |
48,188 | 47,902 | ||||||
Equity | ||||||||
Series A cumulative redeemable preferred units, 1,788,843 units issued and outstanding at September 30, 2021 and December 31, 2020, respectively |
41,850 | 41,850 | ||||||
Series B cumulative redeemable preferred units 2,628,932 units issued and outstanding at September 30, 2021 and December 31, 2020, respectively |
63,014 | 63,014 | ||||||
Common units, 25,488,992 and 25,478,042 units issued and outstanding at September 30, 2021 and December 31, 2020, respectively |
365,108 | 376,201 | ||||||
General Partner | (156,573 | ) | (159,070 | ) | ||||
Accumulated other comprehensive income | 114 | 1,291 | ||||||
Total limited partners' equity | 313,513 | 323,286 | ||||||
Noncontrolling interests | 201 | 201 | ||||||
Total equity | 313,714 | 323,487 | ||||||
Total liabilities, mezzanine equity and equity | $ | 891,153 | $ | 894,778 |
2021年9月30日 | 2020年12月31日 | |||||||
资产 | ||||||||
土地 | $ | 117,556 | $ | 117,421 | ||||
不动产权益 | 689,295 | 671,468 | ||||||
在建工程 | 40,043 | 44,787 | ||||||
土地和不动产权益总额 | 846,894 | 833,676 | ||||||
不动产权益的累计折旧和摊销 | (76,744) | ) | (63,474) | ) | ||||
土地和不动产净权益 | 770,150 | 770,202 | ||||||
应收账款投资,净额 | 4,669 | 5,101 | ||||||
投资未合并的合资企业 | 58,456 | 60,880 | ||||||
现金和现金等价物 | 11,003 | 10,447 | ||||||
限制性现金 | 3,360 | 3,195 | ||||||
应收租金 | 3,799 | 4,016 | ||||||
应付自Landmark及其附属 | 1,843 | 1,337 | ||||||
递延贷款成本,净额 | 2,711 | 3,567 | ||||||
递延应收租金 | 2691 | 1,818 | ||||||
衍生资产 | 345 | — | ||||||
其他无形资产,净额 | 17,718 | 19,417 | ||||||
使用权资产,净额 | 10,232 | 10,716 | ||||||
其他资产 | 4,176 | 4,082 | ||||||
总资产 | $ | 891,153 | $ | 894,778 | ||||
负债和权益 | ||||||||
循环信贷额度 | $ | 223,200 | $ | 214,200 | ||||
有担保票据,网络 | 275,845 | 279,677 | ||||||
应付账款和应计负债 | 7,984 | 6,732 | ||||||
其他无形负债,净额 | 5,054 | 6,081 | ||||||
经营租赁责任 | 8,563 | 8,818 | ||||||
融资租赁负债 | 70 | — | ||||||
预付租金 | 6,266 | 4,446 | ||||||
衍生负债 | 2,269 | 3,435 | ||||||
负债总额 | 529,251 | 523,389 | ||||||
承付款和意外开支 | ||||||||
夹层股权 | ||||||||
C 系列累计可兑换可转换优先单位,1,982,700 分别截至2021年9月30日和2020年12月31日已发行和未偿还的单位 |
48,188 | 47,902 | ||||||
公平 | ||||||||
A 系列累计可兑换优先单位,1,788,843 单位 分别于2021年9月30日和2020年12月31日发行和未偿还债务 |
41,850 | 41,850 | ||||||
B 系列累计可兑换优先单位 2,628,932 单位 分别于2021年9月30日和2020年12月31日发行和未偿还债务 |
63,014 | 63,014 | ||||||
普通单位,25,488,992和25,478,042套已发行和未偿还的单位 分别为2021年9月30日和2020年12月31日 |
365,108 | 376,201 | ||||||
普通合伙人 | (156,573) | ) | (159,070) | ) | ||||
累计其他综合收益 | 114 | 1,291 | ||||||
有限合伙人的权益总额 | 313,513 | 323,286 | ||||||
非控股权益 | 201 | 201 | ||||||
权益总额 | 313,714 | 323,487 | ||||||
负债、夹层权益和权益总额 | $ | 891,153 | $ | 894,778 |
Landmark Infrastructure Partners LP
Real Property Interest Table
Landamk 基础设施合作伙伴 LP
不动产利息表
Available Tenant Sites (1) | Leased Tenant Sites | |||||||||||||||||||||||||||||||||||
Real Property Interest |
Number of Infrastructure Locations (1) |
Number |
Average Remaining Property Interest (Years) |
Number |
Average Remaining Lease Term (Years) (2) |
Tenant Site Occupancy Rate (3) |
Average Monthly Effective Rent Per Tenant Site (4)(5) |
Quarterly Rental Revenue (6) (In thousands) |
Percentage of Quarterly Rental Revenue (6) |
|||||||||||||||||||||||||||
Tenant Lease Assignment with Underlying Easement | ||||||||||||||||||||||||||||||||||||
Wireless Communication | 693 | 896 | 75.4 | (7) | 843 | 34.1 | $ | 5,353 | 31 | % | ||||||||||||||||||||||||||
Digital Infrastructure | 1 | 1 | 99.0 | (7) | 1 | 7.9 | 450 | 3 | % | |||||||||||||||||||||||||||
Outdoor Advertising | 567 | 887 | 79.9 | (7) | 860 | 15.0 | 3,348 | 19 | % | |||||||||||||||||||||||||||
Renewable Power Generation | 15 | 47 | 28.4 | (7) | 47 | 33.1 | 372 | 2 | % | |||||||||||||||||||||||||||
Subtotal | 1,276 | 1,831 | 72.6 | (7) | 1,751 | 26.0 | $ | 9,523 | 55 | % | ||||||||||||||||||||||||||
Tenant Lease Assignment only (8) | ||||||||||||||||||||||||||||||||||||
Wireless Communication | 116 | 176 | 44.6 | 152 | 15.8 | $ | 1,055 | 6 | % | |||||||||||||||||||||||||||
Outdoor Advertising | 33 | 36 | 60.6 | 34 | 11.8 | 229 | 1 | % | ||||||||||||||||||||||||||||
Renewable Power Generation | 6 | 6 | 45.8 | 6 | 23.7 | 58 | — | % | ||||||||||||||||||||||||||||
Subtotal | 155 | 218 | 47.3 | 192 | 15.3 | $ | 1,342 | 7 | % | |||||||||||||||||||||||||||
Tenant Lease on Fee Simple | ||||||||||||||||||||||||||||||||||||
Wireless Communication | 18 | 29 | 99.0 | (7) | 27 | 25.8 | $ | 222 | 1 | % | ||||||||||||||||||||||||||
Digital Infrastructure | 13 | 13 | 99.0 | (7) | 13 | 23.6 | 4,454 | 25 | % | |||||||||||||||||||||||||||
Outdoor Advertising | 26 | 28 | 99.0 | (7) | 28 | 5.9 | 243 | 2 | % | |||||||||||||||||||||||||||
Renewable Power Generation | 14 | 17 | 99.0 | (7) | 17 | 27.7 | 1,621 | 10 | % | |||||||||||||||||||||||||||
Subtotal | 71 | 87 | 99.0 | (7) | 85 | 19.6 | $ | 6,540 | 38 | % | ||||||||||||||||||||||||||
Total | 1,502 | 2,136 | 68.1 | (9) | 2,028 | 24.5 | $ | 17,405 | 100 | % | ||||||||||||||||||||||||||
Aggregate Portfolio | ||||||||||||||||||||||||||||||||||||
Wireless Communication | 827 | 1,101 | 66.1 | 1,022 | 31.1 | 93 | % | $ | 2,080 | $ | 6,630 | 38 | % | |||||||||||||||||||||||
Digital Infrastructure | 14 | 14 | 99.0 | 14 | 22.5 | 100 | % | 116,439 | 4,904 | 28 | % | |||||||||||||||||||||||||
Outdoor Advertising | 626 | 951 | 71.4 | 922 | 14.5 | 97 | % | 1,954 | 3,820 | 22 | % | |||||||||||||||||||||||||
Renewable Power Generation | 35 | 70 | 34.5 | 70 | 29.4 | 100 | % | 9,767 | 2,051 | 12 | % | |||||||||||||||||||||||||
Total | 1,502 | 2,136 | 68.1 | (9) | 2,028 | 24.5 | 95 | % | $ | 3,250 | $ | 17,405 | 100 | % |
可用租户网站(1) | 租赁的租户场地 | |||||||||||||||||||||||||||||||||||
不动产利息 | 的数量 基础架构 地点 (1) |
数字 | 平均值 剩余的 财产 利息 (年份) |
数字 | 平均值 剩余的 租赁 任期 (年份) (2) |
租户网站 占用率 费率 (3) |
平均值 每月 有效 租金 每位租户 站点 (4) (5) |
每季度 租金 收入 (6) (以千计) |
百分比 的每季度 租金 收入 (6) |
|||||||||||||||||||||||||||
带有底层地役权的租户租赁分配 | ||||||||||||||||||||||||||||||||||||
无线通信 | 693 | 896 | 75.4 | (7) | 843 | 34.1 | $ | 5,353 | 31 | % | ||||||||||||||||||||||||||
数字基础设施 | 1 | 1 | 99.0 | (7) | 1 | 7.9 | 450 | 3 | % | |||||||||||||||||||||||||||
户外广告 | 567 | 887 | 79.9 | (7) | 860 | 15.0 | 3,348 | 19 | % | |||||||||||||||||||||||||||
可再生发电 | 15 | 47 | 28.4 | (7) | 47 | 33.1 | 372 | 2 | % | |||||||||||||||||||||||||||
小计 | 1,276 | 1,831 | 72.6 | (7) | 1,751 | 26.0 | $ | 9,523 | 55 | % | ||||||||||||||||||||||||||
仅限租户租赁分配 (8) | ||||||||||||||||||||||||||||||||||||
无线通信 | 116 | 176 | 44.6 | 152 | 15.8 | $ | 1,055 | 6 | % | |||||||||||||||||||||||||||
户外广告 | 33 | 36 | 60.6 | 34 | 11.8 | 229 | 1 | % | ||||||||||||||||||||||||||||
可再生发电 | 6 | 6 | 45.8 | 6 | 23.7 | 58 | — | % | ||||||||||||||||||||||||||||
小计 | 155 | 218 | 47.3 | 192 | 15.3 | $ | 1,342 | 7 | % | |||||||||||||||||||||||||||
租客付费租赁 Simple | ||||||||||||||||||||||||||||||||||||
无线通信 | 18 | 29 | 99.0 | (7) | 27 | 25.8 | $ | 222 | 1 | % | ||||||||||||||||||||||||||
数字基础设施 | 13 | 13 | 99.0 | (7) | 13 | 23.6 | 4,454 | 25 | % | |||||||||||||||||||||||||||
户外广告 | 26 | 28 | 99.0 | (7) | 28 | 5.9 | 243 | 2 | % | |||||||||||||||||||||||||||
可再生发电 | 14 | 17 | 99.0 | (7) | 17 | 27.7 | 1,621 | 10 | % | |||||||||||||||||||||||||||
小计 | 71 | 87 | 99.0 | (7) | 85 | 19.6 | $ | 6,540 | 38 | % | ||||||||||||||||||||||||||
总计 | 1,502 | 2,136 | 68.1 | (9) | 2,028 | 24.5 | $ | 17,405 | 100 | % | ||||||||||||||||||||||||||
汇总投资组合 | ||||||||||||||||||||||||||||||||||||
无线通信 | 827 | 1,101 | 66.1 | 1,022 | 31.1 | 93 | % | $ | 2,080 | $ | 6,630 | 38 | % | |||||||||||||||||||||||
数字基础设施 | 14 | 14 | 99.0 | 14 | 22.5 | 100 | % | 116,439 | 4,904 | 28 | % | |||||||||||||||||||||||||
户外广告 | 626 | 951 | 71.4 | 922 | 14.5 | 97 | % | 1,954 | 3,820 | 22 | % | |||||||||||||||||||||||||
可再生发电 | 35 | 70 | 34.5 | 70 | 29.4 | 100 | % | 9,767 | 2,051 | 12 | % | |||||||||||||||||||||||||
总计 | 1,502 | 2,136 | 68.1 | (9) | 2,028 | 24.5 | 95 | % | $ | 3,250 | $ | 17,405 | 100 | % |
____________________
__________________
(1) | "Available Tenant Sites" means the number of individual sites that could be leased. For example, if we have an easement on a single rooftop, on which three different tenants can lease space from us, this would be counted as three "tenant sites," and all three tenant sites would be at a single infrastructure location with the same address. |
(2) | Assumes the exercise of all remaining renewal options of tenant leases. Assuming no exercise of renewal options, the average remaining lease terms for our wireless communication, digital infrastructure, outdoor advertising, renewable power generation and total portfolio as of September 30, 2021 were 2.2, 8.6, 6.5, 16.1 and 4.2 years, respectively. |
(3) | Represents the number of leased tenant sites divided by the number of available tenant sites. |
(4) | Occupancy and average monthly effective rent per tenant site are shown only on an aggregate portfolio basis by industry. |
(5) | Represents total monthly revenue excluding the impact of amortization of above and below market lease intangibles divided by the number of leased tenant sites. |
(6) | Represents GAAP rental revenue recognized under existing tenant leases for the three months ended September 30, 2021. Excludes interest income on receivables. |
(7) | Fee simple ownership and perpetual easements are shown as having a term of 99 years for purposes of calculating the average remaining term. |
(8) | Reflects "springing lease agreements" whereby the cancellation or nonrenewal of a tenant lease entitles us to enter into a new ground lease with the property owner (up to the full property interest term) and a replacement tenant lease. The remaining lease assignment term is, therefore, equal to or longer than the remaining lease term. Also represents properties for which the "springing lease" feature has been exercised and has been replaced by a lease for the remaining lease term. |
(9) | Excluding perpetual ownership rights, the average remaining property interest term on our tenant sites is approximately 58 years. |
(1) | “可用租户站点” 是指可以租赁的单个场地的数量。例如,如果我们在单个屋顶上有一个地役权,三个不同的租户可以在该地役权上向我们租赁空间,则这将被算作三个 “租户用地”,并且所有三个租户场地都将位于具有相同地址的单一基础设施位置。 |
(2) | 假设租户租赁的所有剩余续订选项均已行使。假设不行使续订期权,截至2021年9月30日,我们的无线通信、数字基础设施、户外广告、可再生能源发电和总投资组合的平均剩余租赁期分别为2.2年、8.6年、6.5年、16.1年和4.2年。 |
(3) | 表示租用租户站点的数量除以可用租户站点的数量。 |
(4) | 每个租户场地的入住率和平均月有效租金仅按行业的总体投资组合显示。 |
(5) | 代表每月总收入,其中不包括高于和低于市场价格的租赁无形资产摊销的影响,除以租赁租户用地的数量。 |
(6) | 代表截至2021年9月30日的三个月中,根据现有租户租赁确认的GAAP租金收入。不包括应收账款的利息收入。 |
(7) | 为了计算平均剩余期限,收费简单所有权和永久地役权被显示为99年期限。 |
(8) | 反映了 “临时租赁协议”,根据该协议,租户租约的取消或不续签使我们有权与业主签订新的地面租约(不超过整个财产利息期限)和替代租户租约。因此,剩余的租赁分配期等于或长于剩余的租赁期限。还代表已使用 “春季租赁” 功能并在剩余的租赁期限内被租赁所取代的房产。 |
(9) | 不包括永久所有权,我们租户用地的平均剩余财产利息期限约为58年。 |
Landmark Infrastructure Partners LP
Reconciliation of Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)
In thousands, except per unit data
(Unaudited)
Landamk 基础设施合作伙伴 LP
运营资金(FFO)和调整后的运营资金(AFFO)的对账
以千计,每单位数据除外
(未经审计)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 (1) | 2021 | 2020 (1) | |||||||||||||
Net income | $ | 2,174 | $ | 5,658 | $ | 13,571 | $ | 22,919 | ||||||||
Adjustments: | ||||||||||||||||
Depreciation and amortization expense | 5,079 | 3,808 | 14,871 | 12,247 | ||||||||||||
Impairments | 8 | 16 | 35 | 200 | ||||||||||||
(Gain) loss on sale of real property interests, net of income taxes | (79 | ) | 215 | (189 | ) | (15,508 | ) | |||||||||
Adjustments for investment in unconsolidated joint venture | 705 | 742 | 3,730 | 1,825 | ||||||||||||
Distributions to preferred unitholders | (3,060 | ) | (3,055 | ) | (9,180 | ) | (9,152 | ) | ||||||||
Distributions to noncontrolling interests | (8 | ) | (8 | ) | (24 | ) | (24 | ) | ||||||||
FFO attributable to common unitholders | $ | 4,819 | $ | 7,376 | $ | 22,814 | $ | 12,507 | ||||||||
Adjustments: | ||||||||||||||||
General and administrative expense reimbursement (2) | 1,050 | 425 | 2,497 | 2,455 | ||||||||||||
Transaction-related expenses | 3,295 | — | 3,421 | 432 | ||||||||||||
Unrealized (gain) loss on derivatives | (194 | ) | (154 | ) | (1,511 | ) | 8,329 | |||||||||
Straight line rent adjustments | (192 | ) | 7 | (614 | ) | 384 | ||||||||||
Unit-based compensation | — | — | 120 | 120 | ||||||||||||
Amortization of deferred loan costs and discount on secured notes | 659 | 640 | 1,907 | 1,845 | ||||||||||||
Amortization of above- and below-market rents, net | (238 | ) | (245 | ) | (708 | ) | (726 | ) | ||||||||
Deferred income tax benefit | (31 | ) | (152 | ) | (122 | ) | (460 | ) | ||||||||
Loss on early extinguishment of debt | — | — | — | 2,231 | ||||||||||||
Repayments of receivables | 181 | 152 | 432 | 395 | ||||||||||||
Adjustments for investment in unconsolidated joint venture | 47 | 26 | 127 | 103 | ||||||||||||
Foreign currency transaction gain | — | (86 | ) | — | (2,721 | ) | ||||||||||
AFFO attributable to common unitholders | $ | 9,396 | $ | 7,989 | $ | 28,363 | $ | 24,894 | ||||||||
FFO per common unit - diluted | $ | 0.19 | $ | 0.29 | $ | 0.90 | $ | 0.49 | ||||||||
AFFO per common unit - diluted | $ | 0.37 | $ | 0.31 | $ | 1.11 | $ | 0.98 | ||||||||
Weighted average common units outstanding - diluted | 25,489 | 25,478 | 25,489 | 25,472 |
截至9月30日的三个月 | 截至9月30日的九个月 | |||||||||||||||
2021 | 2020 (1) | 2021 | 2020 (1) | |||||||||||||
净收入 | $ | 2,174 | $ | 5,658 | $ | 13,571 | $ | 22,919 | ||||||||
调整: | ||||||||||||||||
折旧和摊销费用 | 5,079 | 3,808 | 14,871 | 12,247 | ||||||||||||
损伤 | 8 | 16 | 35 | 200 | ||||||||||||
出售不动产权益(收益)亏损,扣除所得税 | (79) | ) | 215 | (189) | ) | (15,508) | ) | |||||||||
对未合并合资企业投资的调整 | 705 | 742 | 3,730 | 1,825 | ||||||||||||
向优先单位持有人分配 | (3,060 | ) | (3,055) | ) | (9,180 | ) | (9,152 | ) | ||||||||
对非控股权益的分配 | (8) | ) | (8) | ) | (24) | ) | (24) | ) | ||||||||
归属于普通单位持有人的FFO | $ | 4,819 | $ | 7,376 | $ | 22,814 | $ | 12,507 | ||||||||
调整: | ||||||||||||||||
一般和管理费用报销 (2) | 1,050 | 425 | 2497 | 2,455 | ||||||||||||
与交易相关的费用 | 3,295 | — | 3,421 | 432 | ||||||||||||
衍生品未实现(收益)亏损 | (194) | ) | (154) | ) | (1,511) | ) | 8,329 | |||||||||
直线租金调整 | (192 | ) | 7 | (614) | ) | 384 | ||||||||||
基于单位的薪酬 | — | — | 120 | 120 | ||||||||||||
递延贷款成本的摊销和有担保票据的折扣 | 659 | 640 | 1,907 | 1,845 | ||||||||||||
高于市场和低于市场的租金摊销,净额 | (238) | ) | (245) | ) | (708) | ) | (726 | ) | ||||||||
递延所得税优惠 | (31) | ) | (152) | ) | (122) | ) | (460) | ) | ||||||||
提前偿还债务造成的损失 | — | — | — | 2,231 | ||||||||||||
应收账款的还款 | 181 | 152 | 432 | 395 | ||||||||||||
对未合并合资企业投资的调整 | 47 | 26 | 127 | 103 | ||||||||||||
外币交易收益 | — | (86) | ) | — | (2,721 | ) | ||||||||||
归属于普通单位持有人的AFFO | $ | 9,396 | $ | 7,989 | $ | 28,363 | $ | 24,894 | ||||||||
每个普通单位的 FFO-稀释 | $ | 0.19 | $ | 0.29 | $ | 0.90 | $ | 0.49 | ||||||||
每个普通单位的 AFFO-已稀释 | $ | 0.37 | $ | 0.31 | $ | 1.11 | $ | 0.98 | ||||||||
未偿还的加权平均普通单位——摊薄 | 25,489 | 25,478 | 25,489 | 25,472 |
____________________
__________________
(1) | Amounts include the effects that are reported in discontinued operations. |
(2) | Under the omnibus agreement with Landmark, we agreed to reimburse Landmark for expenses related to certain general and administrative services that Landmark will provide to us in support of our business, subject to a quarterly cap equal to 3% of our revenue during the current calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeds $120 million and (ii) November 19, 2021. The full amount of general and administrative expenses incurred will be reflected in our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reimbursed by Landmark and reflected in our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in our general and administrative expenses. |
(1) | 金额包括已终止业务中报告的影响。 |
(2) | 根据与Landmark达成的综合协议,我们同意向Landmark偿还与Landmark为支持我们的业务而提供的某些一般和管理服务相关的费用,但季度上限为本日历季度收入的3%。该支出上限将持续到以下两者中较早发生的日期:(i)我们在前连续四个财政季度的收入超过1.2亿美元的日期;(ii)2021年11月19日。产生的一般和管理费用的全部金额将反映在我们的损益表中,如果此类一般和管理费用超过上限,则此类超出部分将由Landmark报销,并作为Landmark的资本出资而不是作为一般和管理费用的扣减额反映在我们的财务报表中,否则将分配给我们,这些费用不包括在我们的一般和管理费用中。 |
Landmark Infrastructure Partners LP
Reconciliation of EBITDA and Adjusted EBITDA
In thousands
(Unaudited)
Landamk 基础设施合作伙伴 LP
息税折旧摊销前利润和调整后息税折旧摊销前利润的核
以千计
(未经审计)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 (1) | 2021 | 2020 (1) | |||||||||||||
Reconciliation of EBITDA and Adjusted EBITDA to Net Income | ||||||||||||||||
Net income | $ | 2,174 | $ | 5,658 | $ | 13,571 | $ | 22,919 | ||||||||
Interest expense | 4,962 | 4,068 | 14,830 | 13,400 | ||||||||||||
Depreciation and amortization expense | 5,079 | 3,808 | 14,871 | 12,247 | ||||||||||||
Income tax expense | (80 | ) | (131 | ) | (80 | ) | (28 | ) | ||||||||
EBITDA | $ | 12,135 | $ | 13,403 | $ | 43,192 | $ | 48,538 | ||||||||
Impairments | 8 | 16 | 35 | 200 | ||||||||||||
Transaction-related | 3,295 | — | 3,421 | 432 | ||||||||||||
Unrealized (gain) loss on derivatives | (194 | ) | (154 | ) | (1,511 | ) | 8,329 | |||||||||
Loss on early extinguishment of debt | — | — | — | 2,231 | ||||||||||||
(Gain) loss on sale of real property interests | (79 | ) | 215 | (189 | ) | (15,508 | ) | |||||||||
Unit-based compensation | — | — | 120 | 120 | ||||||||||||
Straight line rent adjustments | (192 | ) | 7 | (614 | ) | 384 | ||||||||||
Amortization of above- and below-market rents, net | (238 | ) | (245 | ) | (708 | ) | (726 | ) | ||||||||
Repayments of investments in receivables | 181 | 152 | 432 | 395 | ||||||||||||
Adjustments for investment in unconsolidated joint venture | 1,397 | 1,430 | 5,801 | 3,920 | ||||||||||||
Foreign currency transaction gain | — | (86 | ) | — | (2,721 | ) | ||||||||||
Deemed capital contribution to fund general and administrative expense reimbursement(2) | 1,050 | 425 | 2,497 | 2,455 | ||||||||||||
Adjusted EBITDA | $ | 17,363 | $ | 15,163 | $ | 52,476 | $ | 48,049 | ||||||||
Reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by Operating Activities |
||||||||||||||||
Net cash provided by operating activities | $ | 11,365 | $ | 11,886 | $ | 34,701 | $ | 31,982 | ||||||||
Unit-based compensation | — | — | (120 | ) | (120 | ) | ||||||||||
Unrealized gain (loss) on derivatives | 194 | 154 | 1,511 | (8,329 | ) | |||||||||||
Loss on early extinguishment of debt | — | — | — | (2,231 | ) | |||||||||||
Depreciation and amortization expense | (5,079 | ) | (3,808 | ) | (14,871 | ) | (12,247 | ) | ||||||||
Amortization of above- and below-market rents, net | 238 | 245 | 708 | 726 | ||||||||||||
Amortization of deferred loan costs and discount on secured notes | (659 | ) | (640 | ) | (1,907 | ) | (1,845 | ) | ||||||||
Impairments | (8 | ) | (16 | ) | (35 | ) | (200 | ) | ||||||||
Gain (loss) on sale of real property interests | 79 | (215 | ) | 189 | 15,508 | |||||||||||
Adjustment for uncollectible accounts | — | (45 | ) | — | (195 | ) | ||||||||||
Equity income (loss) from unconsolidated joint venture | 329 | 248 | (761 | ) | 1,085 | |||||||||||
Distributions of earnings from unconsolidated joint venture | (1,184 | ) | (726 | ) | (1,663 | ) | (1,651 | ) | ||||||||
Foreign currency transaction gain | — | 86 | — | 2,721 | ||||||||||||
Working capital changes | (3,101 | ) | (1,511 | ) | (4,181 | ) | (2,285 | ) | ||||||||
Net income | $ | 2,174 | $ | 5,658 | $ | 13,571 | $ | 22,919 | ||||||||
Interest expense | 4,962 | 4,068 | 14,830 | 13,400 | ||||||||||||
Depreciation and amortization expense | 5,079 | 3,808 | 14,871 | 12,247 | ||||||||||||
Income tax benefit | (80 | ) | (131 | ) | (80 | ) | (28 | ) | ||||||||
EBITDA | $ | 12,135 | $ | 13,403 | $ | 43,192 | $ | 48,538 | ||||||||
Less: | ||||||||||||||||
Gain on sale of real property interests | (79 | ) | — | (189 | ) | (15,508 | ) | |||||||||
Unrealized gain on derivatives | (194 | ) | (154 | ) | (1,511 | ) | — | |||||||||
Straight line rent adjustment | (192 | ) | — | (614 | ) | — | ||||||||||
Amortization of above- and below-market rents, net | (238 | ) | (245 | ) | (708 | ) | (726 | ) | ||||||||
Foreign currency transaction gain | — | (86 | ) | — | (2,721 | ) | ||||||||||
Add: | ||||||||||||||||
Impairments | 8 | 16 | 35 | 200 | ||||||||||||
Transaction-related | 3,295 | — | 3,421 | 432 | ||||||||||||
Unrealized loss on derivatives | — | — | — | 8,329 | ||||||||||||
Loss on early extinguishment of debt | — | 215 | — | 2,231 | ||||||||||||
Unit-based compensation | — | — | 120 | 120 | ||||||||||||
Straight line rent adjustment | — | 7 | — | 384 | ||||||||||||
Repayments of investments in receivables | 181 | 152 | 432 | 395 | ||||||||||||
Adjustments for investment in unconsolidated joint venture | 1,397 | 1,430 | 5,801 | 3,920 | ||||||||||||
Deemed capital contribution to fund general and administrative expense reimbursement (2) | 1,050 | 425 | 2,497 | 2,455 | ||||||||||||
Adjusted EBITDA | $ | 17,363 | $ | 15,163 | $ | 52,476 | $ | 48,049 |
截至9月30日的三个月 | 截至9月30日的九个月 | |||||||||||||||
2021 | 2020 (1) | 2021 | 2020 (1) | |||||||||||||
息税折旧摊销前利润和调整后息税折旧摊销前利润与净收益的对账 | ||||||||||||||||
净收入 | $ | 2,174 | $ | 5,658 | $ | 13,571 | $ | 22,919 | ||||||||
利息支出 | 4,962 | 4,068 | 14,830 | 13,400 | ||||||||||||
折旧和摊销费用 | 5,079 | 3,808 | 14,871 | 12,247 | ||||||||||||
所得税支出 | (80 | ) | (131) | ) | (80 | ) | (28) | ) | ||||||||
EBITDA | $ | 12,135 | $ | 13,403 | $ | 43,192 | $ | 48,538 | ||||||||
损伤 | 8 | 16 | 35 | 200 | ||||||||||||
交易相关 | 3,295 | — | 3,421 | 432 | ||||||||||||
衍生品未实现(收益)亏损 | (194) | ) | (154) | ) | (1,511) | ) | 8,329 | |||||||||
提前偿还债务造成的损失 | — | — | — | 2,231 | ||||||||||||
出售不动产权益(收益)亏损 | (79) | ) | 215 | (189) | ) | (15,508) | ) | |||||||||
基于单位的薪酬 | — | — | 120 | 120 | ||||||||||||
直线租金调整 | (192 | ) | 7 | (614) | ) | 384 | ||||||||||
高于市场和低于市场的租金摊销,净额 | (238) | ) | (245) | ) | (708) | ) | (726 | ) | ||||||||
应收账款投资的还款 | 181 | 152 | 432 | 395 | ||||||||||||
对未合并合资企业投资的调整 | 1,397 | 1,430 | 5,801 | 3,920 | ||||||||||||
外币交易收益 | — | (86) | ) | — | (2,721 | ) | ||||||||||
被视为资本出资,用于资助一般和管理费用报销(2) | 1,050 | 425 | 2497 | 2,455 | ||||||||||||
调整后 EBITDA | $ | 17,363 | $ | 15,163 | $ | 52,476 | $ | 48,049 | ||||||||
息税折旧摊销前利润和调整后息税折旧摊销前利润与由提供的净现金的对账 运营活动 |
||||||||||||||||
经营活动提供的净现金 | $ | 11,365 | $ | 11,886 | $ | 34,701 | $ | 31,982 | ||||||||
基于单位的薪酬 | — | — | (120) | ) | (120) | ) | ||||||||||
衍生品的未实现收益(亏损) | 194 | 154 | 1,511 | (8,329) | ) | |||||||||||
提前偿还债务造成的损失 | — | — | — | (2,231) | ) | |||||||||||
折旧和摊销费用 | (5,079) | ) | (3,808) | ) | (14,871) | ) | (12,247) | ) | ||||||||
高于市场和低于市场的租金摊销,净额 | 238 | 245 | 708 | 726 | ||||||||||||
递延贷款成本的摊销和有担保票据的折扣 | (659) | ) | (640) | ) | (1,907) | ) | (1,845) | ) | ||||||||
损伤 | (8) | ) | (16) | ) | (35) | ) | (200 | ) | ||||||||
出售不动产权益的收益(亏损) | 79 | (215 | ) | 189 | 15,508 | |||||||||||
无法收回账户的调整 | — | (45) | ) | — | (195 | ) | ||||||||||
未合并合资企业的股权收益(亏损) | 329 | 248 | (761) | ) | 1,085 | |||||||||||
未合并合资企业的收益分配 | (1,184) | ) | (726 | ) | (1,663 | ) | (1,651) | ) | ||||||||
外币交易收益 | — | 86 | — | 2,721 | ||||||||||||
营运资金变动 | (3,101) | ) | (1,511) | ) | (4,181 | ) | (2,285) | ) | ||||||||
净收入 | $ | 2,174 | $ | 5,658 | $ | 13,571 | $ | 22,919 | ||||||||
利息支出 | 4,962 | 4,068 | 14,830 | 13,400 | ||||||||||||
折旧和摊销费用 | 5,079 | 3,808 | 14,871 | 12,247 | ||||||||||||
所得税优惠 | (80 | ) | (131) | ) | (80 | ) | (28) | ) | ||||||||
EBITDA | $ | 12,135 | $ | 13,403 | $ | 43,192 | $ | 48,538 | ||||||||
减去: | ||||||||||||||||
出售不动产权益的收益 | (79) | ) | — | (189) | ) | (15,508) | ) | |||||||||
衍生品的未实现收益 | (194) | ) | (154) | ) | (1,511) | ) | — | |||||||||
直线租金调整 | (192 | ) | — | (614) | ) | — | ||||||||||
高于市场和低于市场的租金摊销,净额 | (238) | ) | (245) | ) | (708) | ) | (726 | ) | ||||||||
外币交易收益 | — | (86) | ) | — | (2,721 | ) | ||||||||||
添加: | ||||||||||||||||
损伤 | 8 | 16 | 35 | 200 | ||||||||||||
交易相关 | 3,295 | — | 3,421 | 432 | ||||||||||||
衍生品的未实现亏损 | — | — | — | 8,329 | ||||||||||||
提前偿还债务造成的损失 | — | 215 | — | 2,231 | ||||||||||||
基于单位的薪酬 | — | — | 120 | 120 | ||||||||||||
直线租金调整 | — | 7 | — | 384 | ||||||||||||
应收账款投资的还款 | 181 | 152 | 432 | 395 | ||||||||||||
对未合并合资企业投资的调整 | 1,397 | 1,430 | 5,801 | 3,920 | ||||||||||||
被视为资本出资,用于资助一般和管理费用报销 (2) | 1,050 | 425 | 2497 | 2,455 | ||||||||||||
调整后 EBITDA | $ | 17,363 | $ | 15,163 | $ | 52,476 | $ | 48,049 |
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(1) | Amounts include the effects that are reported in discontinued operations. |
(2) | Under the omnibus agreement with Landmark, we agreed to reimburse Landmark for expenses related to certain general and administrative services that Landmark will provide to us in support of our business, subject to a quarterly cap equal to 3% of our revenue during the current calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $120 million and (ii) November 19, 2021. The full amount of general and administrative expenses incurred will be reflected in our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reimbursed by Landmark and reflected in our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in our general and administrative expenses. |
(1) | 金额包括已终止业务中报告的影响。 |
(2) | 根据与Landmark达成的综合协议,我们同意向Landmark偿还与Landmark为支持我们的业务而提供的某些一般和管理服务相关的费用,但季度上限为本日历季度收入的3%。该支出上限将持续到以下两者中较早发生的日期:(i)我们在前连续四个财政季度的收入超过1.2亿美元的日期;(ii)2021年11月19日。产生的一般和管理费用的全部金额将反映在我们的损益表中,如果此类一般和管理费用超过上限,则此类超出部分将由Landmark报销,并作为Landmark的资本出资而不是作为一般和管理费用的扣减额反映在我们的财务报表中,否则将分配给我们,这些费用不包括在我们的一般和管理费用中。 |