____________________
(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been replaced by a lease for the remaining lease term.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.) Landmark Infrastructure Partners LP
Reconciliation of Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)
In thousands, except per unit data
(Unaudited)
Three Months Ended Nine Months Ended
September 30, 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
____________________
(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.
Landmark Infrastructure Partners LP
Reconciliation of EBITDA and Adjusted EBITDA
In thousands
(Unaudited)
Three Months Ended Nine Months Ended
September 30, 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