Landmark Infrastructure Partners LP (Nasdaq: LMRK) this week released its first quarter financial results.
“We delivered another outstanding quarter of financial and operating results in the first quarter, an indication of the strength and consistency of our diversified portfolio,” said Tim Brazy, Chief Executive Officer of the company’s general partner. “In addition, we continue to see improvement in our outdoor advertising segment. With vaccination rates increasing and more businesses reopening across the country, we expect to see further progress throughout the rest of 2021.”
Highlights included:
- Reported rental revenue of $17.3 million, a 25 percent increase year-over-year;
- Net income attributable to common unitholders of $0.11 and FFO of $0.36 per diluted unit for the quarter ended March 31, 2021;
- AFFO of $0.37 per diluted unit for the quarter ended March 31, 2021, a 12 percent increase year-over-year;
- As of March 31, deployed 201 digital kiosks within the Dallas Area Rapid Transit network; and
- Announced a quarterly distribution of $0.20 per common unit.
Rental revenue for the quarter ended March 31, 2021 was $17.3 million, an increase of 25 percent compared to the first quarter of 2020. Net income attributable to common unitholders per diluted unit in the first quarter of 2021 was $0.11, compared to a loss of $0.18 in the first quarter of 2020.
FFO for the first quarter of 2021 was $0.36 per diluted unit, compared to $0.01 in the first quarter of 2020. AFFO per diluted unit, which excludes certain items including unrealized gains and losses on our interest rate hedges and foreign currency transaction gains and losses, was $0.37 in the first quarter of 2021 compared to $0.33 in the first quarter of 2020.
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