Landmark Infrastructure Partners LP報告第三季度業績

GlobeNewswire · 2021/11/05 20:16

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.

Highlights

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 21^st, 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 13^th, the Partnership issued $172.5 million of secured notes at a rate of 3.722%;
As of September 30^th, 269 digital kiosks deployed within the Dallas Area Rapid Transit ("DART") network; and
A quarterly distribution of $0.20 per common unit.

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.

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.

"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."

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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:

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.

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.

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.

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

Landmark Infrastructure Partners LP
Consolidated Statements of Operations
In thousands, except per unit data
(Unaudited)

	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

Landmark Infrastructure Partners LP
Consolidated Balance Sheets
In thousands, except per unit data
(Unaudited)

	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

Landmark Infrastructure Partners LP
Real Property Interest Table

			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	%

____________________

⁽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 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

____________________

⁽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 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

____________________

⁽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.}

加利福尼亞州埃爾塞貢多，2021年11月5日(環球通訊社)--里程碑基礎設施合作伙伴有限公司(“Landmark”、“合作伙伴”、“我們”、“我們”或“我們的”)(納斯達克股票代碼：LMRK)今天公佈了第三季度財務業績。

亮點

租金收入1740萬美元，同比增長22%；
普通股持有人應佔淨虧損0.04美元，運營資金(FFO)每攤薄單位虧損0.19美元；
調整後的運營資金(AFFO)為每稀釋單位0.37美元，同比增長19%；
8月21日^ST，該合夥公司達成了一項最終協議，根據該協議，該公司將由其贊助商Landmark Divide LLC收購，每持有一個普通單位，公共單位持有人將獲得16.50美元的現金；
10月13日，合夥企業發行了1.725億美元的擔保票據，利率為3.722%；
截至9月30日，269個安裝在達拉斯地區快速運輸(DART)網絡內的數碼服務亭；以及
每個普通單位的季度分配為0.20美元。

2021年第三季度業績
截至2021年9月30日的季度租金收入為1,740萬美元，較2020年第三季度增長22%。2021年第三季度，普通股持有人每攤薄單位的淨虧損為0.04美元，而2020年第三季度普通股持有人每攤薄單位的淨收益為0.10美元。2021年第三季度的FFO為每稀釋單位0.19美元，而2020年第三季度為0.29美元。與2020年第三季度相比，2021年第三季度FFO的下降主要是由與LMRK私有化交易相關的成本推動的，這些成本包括在交易相關費用中。2021年第三季度，不包括某些項目(包括利率對衝的未實現損益、外幣交易損益和交易相關費用)的稀釋單位AFFO為0.37美元，而2020年第三季度為0.31美元。

在截至2021年9月30日的9個月裏，合作伙伴關係報告的租金收入為5230萬美元，而截至2020年9月30日的9個月為4190萬美元。截至2021年9月30日的9個月，我們創造了1360萬美元的淨收入，而截至2020年9月30日的9個月為2290萬美元。截至2021年9月30日的9個月，普通股持有人的淨收入為每稀釋單位0.16美元，而截至2020年9月30日的9個月，普通股持有者的淨收入為每稀釋單位0.53美元。在截至2021年9月30日的9個月中，我們產生的FFO為每稀釋單位0.90美元，AFFO為每稀釋單位1.11美元，而截至2020年9月30日的9個月，我們產生的FFO為每稀釋單位0.49美元，AFFO為每稀釋單位0.98美元。

該合夥公司的普通合夥人首席執行官蒂姆·布拉齊(Tim Brazy)説：“我們的經營和財務業績在第三季度再次表現穩健。”AFFO的強勁同比增長是由我們投資組閤中的有機增長以及我們在2020年下半年完成的機會性收購推動的。“

季度分銷
2021年10月22日，該合夥企業的普通合夥人董事會宣佈，在截至2021年9月30日的季度裏，每共同單位分配0.20美元，摺合成年率每共同單位分配0.80美元。分配將於2021年11月12日支付給截至2021年11月2日登記在冊的普通單位持有人。

2021年10月21日，該合夥企業的普通合夥人董事會宣佈，每個C系列優先股的季度現金分配為0.4375美元，將於2021年11月15日支付給截至2021年11月1日登記在冊的C系列優先股持有人。

2021年10月21日，該合夥企業的普通合夥人董事會宣佈，每個B系列優先股的季度現金分配為0.49375美元，將於2021年11月15日支付給截至2021年11月1日登記在冊的B系列優先股持有人。

2021年9月20日，該合夥企業的普通合夥人董事會宣佈，每個A系列優先股的季度現金分配為0.5000美元，並於2021年10月15日支付給截至2021年10月1日登記在冊的A系列優先股持有人。

資本和流動性
截至2021年9月30日，該合夥企業在其循環信貸安排(“該安排”)下有2.232億美元的未償還借款，在該安排下的未提取借款能力約為2.268億美元，但須遵守某些契約。

最近的收購
截至2021年9月30日，今年到目前為止，該夥伴關係總共收購了10項資產，總對價約為220萬美元。

一般報銷協議和行政報銷協議到期
根據截至2019年1月30日對我們綜合協議的第二項修訂，合夥企業必須償還我們的普通合夥人及其附屬公司與我們的贊助商為支持我們的業務而向我們提供的某些一般和行政服務相關的費用，季度上限為合夥企業本日曆季度綜合收入的3%。費用報銷上限將持續到：(I)合夥企業前四個會計季度的綜合收入(合計)超過1.2億美元和(Ii)2021年11月19日，兩者中較早者。我們的贊助商已經通知我們，它打算讓上限在2021年11月19日到期，並將要求報銷為合作伙伴提供的服務所產生的成本和費用。

電話會議信息
合作伙伴關係將於2021年11月5日(星期五)中午12點舉行電話會議。東部時間(上午9：00)太平洋時間)，討論其2021年第三季度的財務和運營業績。電話會議將僅限於管理層事先準備好的講話，講話之後沒有問答環節，可以通過https://edge.media-server.com/mmc/p/onuxi68q的網絡直播收聽。,或者在美國和加拿大撥打877-930-8063。美國和加拿大以外的投資者請撥打253-336-7764。兩個號碼的密碼都是1849998。

電話會議結束後大約兩個小時，到2022年11月5日，可通過https://edge.media-server.com/mmc/p/onuxi68q.收看網絡直播重播。重播將持續到2021年11月14日，請撥打8558592056或4045373406，並輸入接入碼1849998。

關於Landmark Infrastructure Partners LP
該合夥公司擁有和管理一系列房地產權益和基礎設施資產，該合夥公司將這些資產租賃給無線通信、數字基礎設施、户外廣告和可再生能源發電行業的公司。

非GAAP財務指標
FFO，是衡量股權REIT經營業績的非GAAP財務指標，目的是確認創收房地產在歷史上沒有根據GAAP確定的基礎進行折舊。我們根據全國房地產投資信託協會(“NAREIT”)制定的標準計算FFO。FFO代表淨收益(虧損)，不包括與房地產相關的折舊和攤銷費用、與房地產相關的減值費用、房地產交易的收益(或虧損)、未合併合資企業的調整以及對優先單位持有人和非控股權益的分配。

FFO被行業分析師普遍認為是衡量房地產公司業績的最合適指標。FFO不一定代表根據GAAP由經營活動提供的現金，不應被視為衡量合夥企業業績的淨收益的替代指標，也不應被視為衡量流動性或分配能力的現金流的替代指標。管理層認為FFO是衡量股權REIT業績的適當指標，因為它基本上排除了房地產資產價值隨着時間的推移可預測地減少的假設，也因為行業分析師已經接受它作為業績衡量標準。合夥企業對FFO的計算可能與其他股權REITs計算FFO的方法不同，因此可能無法與其他REITs進行比較。

調整後運營資金(“AFFO”)是REIT行業中許多公司使用的非GAAP財務業績衡量標準。AFFO根據GAAP調整某些減少或增加淨收入的非現金項目的FFO。AFFO不應被視為淨收益的替代品，不應被視為合夥企業業績的指標，也不應被視為現金流的替代指標，以衡量流動性或分配能力。管理層認為AFFO是對夥伴關係業績的有用補充衡量標準。合夥企業對AFFO的計算可能與其他股權REITs計算AFFO的方法不同，因此可能無法與其他REITs進行比較。我們從FFO開始計算AFFO，並對一般和行政費用償還、交易相關費用、衍生品未實現收益(虧損)、直線租金調整、單位補償、遞延貸款成本攤銷和擔保票據折價、遞延所得税費用、高於和低於市場租金的攤銷、提前清償債務損失、應收賬款償還、對未合併合資企業的投資調整、下拉資產調整和外幣交易收益(虧損)進行調整。GAAP衡量與FFO和AFFO最直接的可比性是淨收益。

我們將EBITDA定義為扣除利息費用、所得税、折舊及攤銷前的淨收益，我們將調整後的EBITDA定義為扣除未實現和已實現衍生品損益、提前清償債務損失、不動產權益出售損益、直線租金調整、高於和低於市場租金的攤銷、減值、交易相關費用、以單位為基礎的薪酬、應收賬款投資償還、外幣交易收益(損失)、對未合併合資企業的投資調整和對未合併的合資企業的投資調整前的EBITDA、減值、交易相關費用、以單位為基礎的薪酬、應收賬款投資的償還、外幣交易收益(損失)、對未合併的合資企業的投資調整和我們認為，為了進一步瞭解我們的業績，EBITDA和調整後的EBITDA應該與我們根據GAAP報告的淨收益(虧損)和經營活動提供的淨現金進行比較，這在我們的合併財務報表中呈現。

EBITDA和調整後的EBITDA是非GAAP補充財務指標，我們財務報表的管理層和外部用户(如行業分析師、投資者、貸款人和評級機構)可以使用它們來評估：

我們的經營業績與其他上市有限合夥企業相比，不考慮歷史成本基礎，或者在調整後的EBITDA的情況下，不考慮融資方式；
我們業務產生足夠現金的能力，以支持我們向單位持有人進行分配的決定；
我們產生和償還債務的能力，以及為非經常開支提供資金的能力；以及
收購的可行性和各種投資機會的投資回報。

我們相信，EBITDA和調整後EBITDA的列報為投資者評估我們的財務狀況和經營結果提供了有用的信息。GAAP衡量標準與EBITDA和調整後EBITDA最直接的可比性是經營活動提供的淨收益(虧損)和淨現金。EBITDA和調整後的EBITDA不應被視為GAAP淨收入(虧損)、經營活動提供的淨現金或根據GAAP呈報的財務業績或流動性的任何其他衡量標準的替代品。EBITDA和調整後的EBITDA作為分析工具都有重要的侷限性，因為它們排除了一些(但不是全部)影響經營活動提供的淨收入(虧損)和淨現金的項目，這些衡量標準可能與其他公司的不同。您不應單獨考慮EBITDA和調整後的EBITDA，也不應將其作為GAAP報告的我們業績分析的替代品。因此，由於本行業其他公司對EBITDA和調整後EBITDA的定義可能有所不同，下面所示的EBITDA和調整後EBITDA可能無法與其他公司的同名指標相比，從而降低了它們的效用。有關EBITDA和調整後的EBITDA與根據公認會計原則計算和提出的最具可比性的財務指標的對賬情況，請參閲下表“EBITDA和調整後的EBITDA的對賬”。

前瞻性陳述
本新聞稿包含符合聯邦證券法的前瞻性陳述。這些陳述討論未來預期，包含對經營結果或財務狀況的預測，或陳述其他前瞻性信息。你可以通過諸如“預期”、“相信”、“估計”、“預期”、“預測”、“項目”、“可能”、“應該”、“將會”、“將會”或其他表達未來事件或結果不確定性的類似表達來識別前瞻性陳述。這些前瞻性陳述不是對未來業績的保證，受到風險、不確定性和其他因素的影響，其中一些因素超出了夥伴關係的控制範圍，難以預測。這些陳述往往基於各種假設，而其中許多假設又是基於進一步的假設，包括審查合夥企業管理層的歷史經營趨勢。儘管夥伴關系認為這些假設在作出時是合理的，因為假設本身就受到重大不確定性和意外情況的影響，這些不確定和意外情況很難或不可能預測，並且超出了夥伴關係的控制範圍，但夥伴關係不能保證它將實現或實現這些期望、信念或意圖。在考慮這些前瞻性陳述時，您應該牢記合作伙伴提交給美國證券交易委員會(以下簡稱“委員會”)的文件中包含的風險因素和其他警示聲明，包括合作伙伴提交給美國證券交易委員會(SEC)的截至2020年12月31日的年度Form 10-K報告和2021年2月24日提交給委員會的當前Form 8-K報告。這些風險可能導致該夥伴關係的實際結果與任何前瞻性陳述中包含的結果大不相同。

聯繫方式：	馬塞洛·蔡(Marcelo Choi)
	投資者關係部副總裁
	(213) 788-4528
	郵箱：ir@landmarkmlp.com

里程碑基礎設施合作伙伴有限責任公司
合併業務報表
以千為單位，單位數據除外
(未經審計)

	截至9月30日的三個月，						截至9月30日的9個月，
	2021			2020			2021			2020
收入
租金收入	$	17,405		$	14,228		$	52,259		$	41,893
費用
物業經營		1,188			360			2,966			1,223
一般事務和行政事務		1,483			768			3,915			3,479
與交易相關		3,295			—			3,421			91
折舊及攤銷		5,079			3,808			14,871			11,711
減損		8			16			35			200
總費用		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	)
提前清償債務損失		—			—			—			(2,231	)
衍生工具未實現損益		194			154			1,511			(6,530	)
未合併合營企業的股權收益(虧損)		329			248			(761	)		1,085
出售不動產權益所得收益		79			—			189			—
其他收入和支出合計		(4,258	)		(3,620	)		(13,560	)		(20,118	)
所得税優惠前持續經營所得		2,094			5,656			13,491			5,071
所得税優惠		(80	)		(173	)		(80	)		(508	)
持續經營收入		2,174			5,829			13,571			5,579
非持續經營所得(虧損)，税後淨額		—			(171	)		—			17,340
淨收入		2,174			5,658			13,571			22,919
減去：可歸因於非控股權益的淨收入		8			8			24			24
有限責任合夥人應佔淨收益		2,166			5,650			13,547			22,895
減去：分配給優先單位持有人		(3,060	)		(3,055	)		(9,180	)		(9,152	)
減去：C系列首選單位的增加		(96	)		(96	)		(286	)		(289	)
可歸因於普通單位持有人的淨(虧損)收入	$	(990	)	$	2,499		$	4,081		$	13,454
每公用事業單位持續經營的收入(虧損)
常用單位-基本單位	$	(0.04	)	$	0.10		$	0.16		$	(0.15	)
常用單位-稀釋	$	(0.04	)	$	0.10		$	0.16		$	(0.15	)
每普通單位淨收益(虧損)
常用單位-基本單位	$	(0.04	)	$	0.10		$	0.16		$	0.53
常用單位-稀釋	$	(0.04	)	$	0.10		$	0.16		$	0.53
加權平均未償還公用事業單位
常用單位-基本單位		25,489			25,478			25,489			25,472
常用單位-稀釋		25,489			25,478			25,489			25,472
其他數據
租賃租户用地總數(期末)		2,028			1,841			2,028			1,841
可用租户場地總數(期末)		2,136			1,952			2,136			1,952

里程碑基礎設施合作伙伴有限責任公司
合併資產負債表
以千為單位，單位數據除外
(未經審計)

	2021年9月30日			2020年12月31日
資產
土地	$	117,556		$	117,421
不動產權益		689,295			671,468
在建工程正在進行中		40,043			44,787
土地和不動產總權益		846,894			833,676
不動產權益累計折舊攤銷		(76,744	)		(63,474	)
土地和不動產淨權益		770,150			770,202
應收賬款投資淨額		4,669			5,101
對未合併的合資企業的投資		58,456			60,880
現金和現金等價物		11,003			10,447
受限現金		3,360			3,195
應收租金		3,799			4,016
應由Landmark及其附屬公司支付		1,843			1,337
遞延貸款成本，淨額		2,711			3,567
遞延應收租金		2,691			1,818
衍生資產		345			—
其他無形資產，淨額		17,718			19,417
使用權資產，淨額		10,232			10,716
其他資產		4,176			4,082
總資產	$	891,153		$	894,778
負債和權益
循環信貸安排	$	223,200		$	214,200
擔保票據，淨額		275,845			279,677
應付賬款和應計負債		7,984			6,732
其他無形負債，淨額		5,054			6,081
經營租賃負債		8,563			8,818
融資租賃負債		70			—
預付租金		6,266			4,446
衍生負債		2,269			3,435
總負債		529,251			523,389
承諾和或有事項
夾層股權
C系列累計可贖回可轉換優先股，1982700 已發行和未償還的單位分別為2021年9月30日和2020年12月31日		48,188			47,902
權益
A系列累計可贖回優先股，1,788,843股分別於2021年9月30日和2020年12月31日發行和未償還		41,850			41,850
B系列累計可贖回優先股2,628,932個分別於2021年9月30日和2020年12月31日發行和未償還		63,014			63,014
普通單位，25,488,992和25,478,042個已發行和未償還的單位 2021年9月30日和2020年12月31日		365,108			376,201
普通合夥人		(156,573	)		(159,070	)
累計其他綜合收益		114			1,291
有限責任合夥人權益總額		313,513			323,286
非控制性權益		201			201
總股本		313,714			323,487
總負債、夾層權益和權益	$	891,153		$	894,778

里程碑基礎設施合作伙伴有限責任公司
不動產利息表

			可用的租户站點⁽¹⁾					租賃租户用地
不動產權益	數量基礎設施位置⁽¹⁾		數		平均值剩餘屬性利息 (年)			數		平均值剩餘租賃術語 (年)⁽²⁾		租户站點入住率費率⁽³⁾			平均值每月有效租金每個租户立地⁽⁴⁾⁽⁵⁾		季刊租賃收入⁽⁶⁾ (單位：千)		百分比每季度的租賃收入⁽⁶⁾
帶有基礎地役權的租户租賃轉讓
無線通信		693		896		75.4	⁽⁷⁾		843		34.1						$	5,353		31	%
數字基礎設施		1		1		99.0	⁽⁷⁾		1		7.9							450		3	%
户外廣告		567		887		79.9	⁽⁷⁾		860		15.0							3,348		19	%
可再生能源發電		15		47		28.4	⁽⁷⁾		47		33.1							372		2	%
小計		1,276		1,831		72.6	⁽⁷⁾		1,751		26.0						$	9,523		55	%
僅限租户租賃轉讓⁽⁸⁾
無線通信		116		176		44.6			152		15.8						$	1,055		6	%
户外廣告		33		36		60.6			34		11.8							229		1	%
可再生能源發電		6		6		45.8			6		23.7							58		—	%
小計		155		218		47.3			192		15.3						$	1,342		7	%
租户收費租賃簡單
無線通信		18		29		99.0	⁽⁷⁾		27		25.8						$	222		1	%
數字基礎設施		13		13		99.0	⁽⁷⁾		13		23.6							4,454		25	%
户外廣告		26		28		99.0	⁽⁷⁾		28		5.9							243		2	%
可再生能源發電		14		17		99.0	⁽⁷⁾		17		27.7							1,621		10	%
小計		71		87		99.0	⁽⁷⁾		85		19.6						$	6,540		38	%
總計		1,502		2,136		68.1	⁽⁹⁾		2,028		24.5						$	17,405		100	%
聚合投資組合
無線通信		827		1,101		66.1			1,022		31.1		93	%	$	2,080	$	6,630		38	%
數字基礎設施		14		14		99.0			14		22.5		100	%		116,439		4,904		28	%
户外廣告		626		951		71.4			922		14.5		97	%		1,954		3,820		22	%
可再生能源發電		35		70		34.5			70		29.4		100	%		9,767		2,051		12	%
總計		1,502		2,136		68.1	⁽⁹⁾		2,028		24.5		95	%	$	3,250	$	17,405		100	%

____________________

⁽¹⁾	^{“可用的租户場地”是指可以租賃的單個場地的數量。例如，如果我們在一個屋頂上有一個地役權，在這個屋頂上有三個不同的租户可以向我們租用空間，那麼這將被算作三個“租户地點”，所有三個租户地點都將位於同一地址的單一基礎設施位置。}
⁽²⁾	^{假定行使租户租約的所有剩餘續訂選擇權。假設不行使續期選擇權，截至2021年9月30日，我們的無線通信、數字基礎設施、户外廣告、可再生發電和總投資組合的平均剩餘租賃期分別為2.2年、8.6年、6.5年、16.1年和4.2年。}
⁽³⁾	^{表示租賃租户站點數除以可用租户站點數。}
⁽⁴⁾	^{每個租户用地的入住率和平均每月有效租金僅按行業彙總組合顯示。}
⁽⁵⁾	^{代表每月總收入，不包括高於和低於市場租賃無形資產攤銷的影響除以租賃土地的數量。}
⁽⁶⁾	^{代表截至2021年9月30日的三個月根據現有租户租約確認的GAAP租金收入。不包括應收賬款的利息收入。}
⁽⁷⁾	^{在計算平均剩餘期限時，費用、簡單所有權和永久地役權的期限顯示為99年。}
⁽⁸⁾	^{反映了“彈性租賃協議”，根據該協議，租户租約的取消或不續簽使我們有權與物業所有者簽訂新的地面租約(最長不超過全部財產利息期限)和替代租户租約。因此，剩餘的租賃轉讓期限等於或長於剩餘的租賃期限。還表示已對其使用“彈性租賃”功能並已被剩餘租賃期的租賃所取代的物業。}
⁽⁹⁾	^{若不計永久所有權，我們租户土地的平均剩餘物業利息期約為58年。}

里程碑基礎設施合作伙伴有限責任公司
對賬運營資金來源(FFO)和已調整運營資金(AFFO)
以千為單位，單位數據除外
(未經審計)

	截至9月30日的三個月，						截至9月30日的9個月，
	2021			2020 ⁽¹⁾			2021			2020 ⁽¹⁾
淨收入	$	2,174		$	5,658		$	13,571		$	22,919
調整：
折舊及攤銷費用		5,079			3,808			14,871			12,247
減損		8			16			35			200
(收益)出售不動產權益時的損失，扣除所得税後的淨額		(79	)		215			(189	)		(15,508	)
對非合併合資企業的投資調整		705			742			3,730			1,825
分配給優先單位持有人		(3,060	)		(3,055	)		(9,180	)		(9,152	)
對非控股權益的分配		(8	)		(8	)		(24	)		(24	)
可歸因於普通單位持有人的FFO	$	4,819		$	7,376		$	22,814		$	12,507
調整：
一般和行政費用報銷⁽²⁾		1,050			425			2,497			2,455
交易相關費用		3,295			—			3,421			432
衍生工具的未實現(收益)損失		(194	)		(154	)		(1,511	)		8,329
直線調整租金		(192	)		7			(614	)		384
基於單位的薪酬		—			—			120			120
遞延貸款成本攤銷和擔保票據貼現		659			640			1,907			1,845
攤銷高於市值和低於市值的租金，淨額		(238	)		(245	)		(708	)		(726	)
遞延所得税優惠		(31	)		(152	)		(122	)		(460	)
提前清償債務損失		—			—			—			2,231
應收賬款的償還		181			152			432			395
對非合併合資企業的投資調整		47			26			127			103
外幣交易收益		—			(86	)		—			(2,721	)
可歸因於普通單位持有人的AFFO	$	9,396		$	7,989		$	28,363		$	24,894
每普通單位FFO-稀釋	$	0.19		$	0.29		$	0.90		$	0.49
每普通單位AFFO-稀釋	$	0.37		$	0.31		$	1.11		$	0.98
加權平均未清償公用事業單位-攤薄		25,489			25,478			25,489			25,472

____________________

⁽¹⁾

^{金額包括在非持續經營中報告的影響。}

⁽²⁾

^{根據與Landmark達成的綜合協議，我們同意償還Landmark為支持我們的業務而向我們提供的某些一般和行政服務相關的費用，季度上限為本日曆季度收入的3%。這一費用上限將持續到以下日期中較早的日期：(I)我們在緊隨其後的連續四個會計季度的收入超過1.2億美元的日期和(Ii)2021年11月19日。發生的全部一般和行政費用將反映在我們的損益表中，如果這些一般和行政費用超過上限，超出的金額將由Landmark報銷，並在我們的財務報表中作為Landmark的資本貢獻而不是作為我們的一般和行政費用的減少反映，但不包括在我們的一般和行政費用中的原本分配給我們的費用除外。}

里程碑基礎設施合作伙伴有限責任公司
EBITDA和調整後EBITDA的對賬
以千計
(未經審計)

	截至9月30日的三個月，						截至9月30日的9個月，
	2021			2020 ⁽¹⁾			2021			2020 ⁽¹⁾
EBITDA和調整後EBITDA與淨收入的對賬
淨收入	$	2,174		$	5,658		$	13,571		$	22,919
利息支出		4,962			4,068			14,830			13,400
折舊及攤銷費用		5,079			3,808			14,871			12,247
所得税費用		(80	)		(131	)		(80	)		(28	)
EBITDA	$	12,135		$	13,403		$	43,192		$	48,538
減損		8			16			35			200
與交易相關		3,295			—			3,421			432
衍生工具的未實現(收益)損失		(194	)		(154	)		(1,511	)		8,329
提前清償債務損失		—			—			—			2,231
不動產權益出售損失(收益)		(79	)		215			(189	)		(15,508	)
基於單位的薪酬		—			—			120			120
直線調整租金		(192	)		7			(614	)		384
攤銷高於市值和低於市值的租金，淨額		(238	)		(245	)		(708	)		(726	)
應收賬款投資的償還		181			152			432			395
對非合併合資企業的投資調整		1,397			1,430			5,801			3,920
外幣交易收益		—			(86	)		—			(2,721	)
為一般和行政費用報銷提供資金的視為出資額⁽²⁾		1,050			425			2,497			2,455
調整後的EBITDA	$	17,363		$	15,163		$	52,476		$	48,049
將EBITDA和調整後的EBITDA對帳至以下公司提供的淨現金經營活動
經營活動提供的淨現金	$	11,365		$	11,886		$	34,701		$	31,982
基於單位的薪酬		—			—			(120	)		(120	)
衍生工具未實現損益		194			154			1,511			(8,329	)
提前清償債務損失		—			—			—			(2,231	)
折舊及攤銷費用		(5,079	)		(3,808	)		(14,871	)		(12,247	)
攤銷高於市值和低於市值的租金，淨額		238			245			708			726
遞延貸款成本攤銷和擔保票據貼現		(659	)		(640	)		(1,907	)		(1,845	)
減損		(8	)		(16	)		(35	)		(200	)
不動產權益出讓損益		79			(215	)		189			15,508
壞賬調整		—			(45	)		—			(195	)
未合併合營企業的股權收益(虧損)		329			248			(761	)		1,085
未合併合資企業的收益分配		(1,184	)		(726	)		(1,663	)		(1,651	)
外幣交易收益		—			86			—			2,721
營運資金變動		(3,101	)		(1,511	)		(4,181	)		(2,285	)
淨收入	$	2,174		$	5,658		$	13,571		$	22,919
利息支出		4,962			4,068			14,830			13,400
折舊及攤銷費用		5,079			3,808			14,871			12,247
所得税優惠		(80	)		(131	)		(80	)		(28	)
EBITDA	$	12,135		$	13,403		$	43,192		$	48,538
更少：
出售不動產權益所得收益		(79	)		—			(189	)		(15,508	)
衍生工具未實現收益		(194	)		(154	)		(1,511	)		—
直線租金調整		(192	)		—			(614	)		—
攤銷高於市值和低於市值的租金，淨額		(238	)		(245	)		(708	)		(726	)
外幣交易收益		—			(86	)		—			(2,721	)
添加：
減損		8			16			35			200
與交易相關		3,295			—			3,421			432
衍生工具未實現虧損		—			—			—			8,329
提前清償債務損失		—			215			—			2,231
基於單位的薪酬		—			—			120			120
直線租金調整		—			7			—			384
應收賬款投資的償還		181			152			432			395
對非合併合資企業的投資調整		1,397			1,430			5,801			3,920
為一般和行政費用報銷提供資金的視為出資額⁽²⁾		1,050			425			2,497			2,455
調整後的EBITDA	$	17,363		$	15,163		$	52,476		$	48,049

____________________

⁽¹⁾

^{金額包括在非持續經營中報告的影響。}

⁽²⁾

^{根據與Landmark達成的綜合協議，我們同意償還Landmark為支持我們的業務而向我們提供的某些一般和行政服務相關的費用，季度上限為本日曆季度收入的3%。這一費用上限將持續到以下較早的日期：(I)我們在緊隨其後的連續四個會計季度的收入超過1.2億美元的日期和(Ii)2021年11月19日。發生的全部一般和行政費用將反映在我們的損益表中，如果這些一般和行政費用超過上限，超出的金額將由Landmark報銷，並在我們的財務報表中作為Landmark的資本貢獻而不是作為我們的一般和行政費用的減少反映，但不包括在我們的一般和行政費用中的原本分配給我們的費用除外。}

譯文內容由第三人軟體翻譯。

以上內容僅用作資訊或教育之目的，不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。

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