EL SEGUNDO, Calif., April 29, 2016 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (the “Partnership,” “we,” “us” or “our”) (Nasdaq:LMRK) today announced the closing of its first direct acquisition of wireless tenant sites under its recently launched Unit Exchange Program (UEP). The acquisition is expected to be accretive to the Partnership’s distributable cash flow.
“We are extremely excited about the launch of our Unit Exchange Program in the first quarter and the recent closing of our first UEP transaction. We believe the UEP provides significant benefits to property owners and gives the Partnership the opportunity to acquire assets that may not have otherwise been available,” said Tim Brazy, the Partnership’s Chief Executive Officer. “We believe acquiring assets through the UEP will be a significant competitive advantage for the Partnership and is expected to be an ongoing additional driver of the Partnership’s growth.”
Under the UEP, the Partnership acquires assets directly from property owners in exchange for our common units rather than cash. For property owners, the LMRK common unit consideration is generally tax-deferred and the owner effectively exchanges its interest in specific assets for units in a publicly traded partnership that currently owns more than 1,400 tenant sites. In addition, LMRK units are expected to provide the property owner ongoing cash flow through quarterly distributions on the units.
The Partnership is expected to benefit from UEP direct acquisitions, as we believe these transactions will help us continue to grow our portfolio and distributable cash flow.
The Partnership filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the “SEC”) for common units issued under the UEP. You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov. Alternatively, Landmark Dividend will arrange to send you the prospectus if you request it by calling toll-free 1-800-843-2024. Any offering of units under the UEP will be made solely by means of the prospectus included in the registration statement and the related documents the Partnership has filed with the SEC. This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Landmark Infrastructure Partners LP
The Partnership is a growth-oriented master limited partnership formed to acquire, own and manage a portfolio of real property interests that the Partnership leases to companies in the wireless communication, outdoor advertising and renewable power generation industries. Headquartered in El Segundo, California, the Partnership’s real property interests consist of a diversified portfolio of long-term and perpetual easements, tenant lease assignments and fee simple properties located in 49 states and the District of Columbia, entitling the Partnership to rental payments from leases on 1,456 tenant sites as of December 31, 2015.
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 the expected benefits from the UEP, acquisitions under the UEP, growth in distributable cash flow and distributions from the Partnership. 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 the Partnership’s Form 10-K for year ended December 31, 2015 filed with the Securities and Exchange Commission. 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 (310) 598-3173 email@example.com
Source:Landmark Infrastructure Partners LP