 EL SEGUNDO, Calif., Aug. 06, 2020 GLOBE NEWSWIRE -- Landmark Infrastructure Partners LP Landmark, the Partnership, we, us or our Nasdaq: LMRK today announced its second quarter financial results. Highlights Reported rental revenue of 13.8 million, a 1 increase year-over-year; Net income attributable to common unitholders of 0.61 per diluted unit, FFO of 0.19 per diluted unit and AFFO of 0.33 per diluted unit; Completed the sale of European outdoor advertising portfolio for a purchase price of 95 million in June 2020; Completed the initial phase of the Dallas Area Rapid Transit DART project, with the deployment of more than 70 kiosks; and Announced a quarterly distribution of 0.20 per common unit.Discontinued Operations Sale of European Outdoor Advertising Portfolio On June 17, 2020, Landmark completed the sale of its interests in the joint venture that held its European outdoor advertising portfolio for a purchase price of 95 million, subject to certain adjustments. Accordingly, for all prior periods presented, the related assets and liabilities were reclassified to assets and liabilities held for sale on the consolidated balance sheets, and the related operating results are presented as income from discontinued operations on the consolidated statement of operations for all periods presented.Second Quarter 2020 Results Rental revenue for the quarter ended June 30, 2020 was 13.8 million, an increase of 1 compared to the second quarter of 2019. Net income attributable to common unitholders per diluted unit in the second quarter of 2020 was 0.61, compared to 0.23 in the second quarter of 2019. Net income for the second quarter of 2020 included a gain on sale of assets of 15.7 million, which is included in income from discontinued operations, and net income for the second quarter of 2019 included a gain on sale of assets of 11.7 million. FFO for the second quarter of 2020 was 0.19 per diluted unit, compared to 0.07 in the second quarter of 2019. FFO included a 1.2 million unrealized loss on interest rate hedges and a 0.7 million foreign currency transaction loss in the second quarter of 2020, and a 4.0 million unrealized loss on interest rate hedges in the second quarter of 2019. AFFO per diluted unit, which excludes certain items including unrealized gains and losses on our interest rate hedges, was 0.33 in the second quarter of 2020 compared to 0.33 in the second quarter of 2019.For the six months ended June 30, 2020, the Partnership reported rental revenue of 27.7 million compared to 26.9 million during the six months ended June 30, 2019. For the six months ended June 30, 2020, we generated net income of 17.3 million compared to 16.5 million during the six months ended June 30, 2019. Net income attributable to common unitholders for the six months ended June 30, 2020 was 0.43 per diluted unit compared to 0.38 per diluted unit for the six months ended June 30, 2019. For the six months ended June 30, 2020, we generated FFO of 0.20 per diluted unit and AFFO of 0.66 per diluted unit, compared to FFO of 0.20 per diluted unit and AFFO of 0.64 per diluted unit during the six months ended June 30, 2019.We were very pleased with our financial and operating results in the second quarter, especially in light of challenges in the outdoor advertising industry, said Tim Brazy, Chief Executive Officer of the Partnerships general partner. We are also encouraged by the significant improvement in outdoor traffic data which bodes well for the recovery of the outdoor advertising industry. With the steps we have taken to preserve liquidity and capital, including the recent sale of our European outdoor advertising portfolio, we believe that we are in a much better position today to navigate through this challenging environment.Quarterly Distributions On July 24, 2020, the Board of Directors of the Partnerships 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 June 30, 2020. The distribution is payable on August 14, 2020 to common unitholders of record as of August 4, 2020.On July 22, 2020, the Board of Directors of the Partnerships general partner declared a quarterly cash distribution of 0.4375 per Series C preferred unit, which is payable on August 17, 2020 to Series C preferred unitholders of record as of August 3, 2020.On July 22, 2020, the Board of Directors of the Partnerships general partner declared a quarterly cash distribution of 0.49375 per Series B preferred unit, which is payable on August 17, 2020 to Series B preferred unitholders of record as of August 3, 2020.On June 19, 2020, the Board of Directors of the Partnerships general partner declared a quarterly cash distribution of 0.5000 per Series A preferred unit, which was paid on July 15, 2020 to Series A preferred unitholders of record as of July 1, 2020.Capital and Liquidity As of June 30, 2020, the Partnership had 58 million of outstanding borrowings under its revolving credit facility the Facility, and approximately 392 million of undrawn borrowing capacity under the Facility, subject to compliance with certain covenants.Recent Acquisitions Year-to-date through June 30, 2020, the Partnership acquired a total of 7 assets for total consideration of approximately 1.3 million. The acquisitions were immediately accretive to AFFO and funded primarily with borrowings under the Partnerships existing credit facility.At-The-Market ATM Equity Programs Year-to-date through June 30, 2020, the Partnership issued 109,724 common units, 23,287 Series A preferred units and 84,139 Series B preferred units through its At-The-Market ATM issuance programs for gross proceeds of approximately 4.5 million.Conference Call Information The Partnership will hold a conference call on Thursday, August 6, 2020, at 12:00 p.m. Eastern Time 9:00 a.m. Pacific Time to discuss its second quarter 2020 financial and operating results. The call can be accessed via a live webcast at 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 9368289.A webcast replay will be available approximately two hours after the completion of the conference call through August 6, 2021 at The replay is also available through August 15, 2020 by dialing 855-859-2056 or 404-537-3406 and entering the access code 9368289.About Landmark Infrastructure Partners LP The Partnership owns and manages a portfolio of real property interests and infrastructure assets that the Partnership leases to companies in the wireless communication, outdoor advertising 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 Partnerships 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 Partnerships 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 Partnerships performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the Partnerships performance. The Partnerships 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, acquisition-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. 