Landmark Infrastructure Partners LP (Nasdaq: LMRK) yesterday announced its fourth quarter financial results. For the full year ended December 31, 2020, Landmark reported rental revenue of $58.8 million compared to $53.7 million during the full year ended December 31, 2019. For the full year ended December 31, 2020, it generated net income of $29.1 million compared to $21.6 million during the full year ended December 31, 2019.
Net income attributable to common unitholders for the full year ended December 31, 2020 was $0.65 per diluted unit compared to $0.33 per diluted unit for the full year ended December 31, 2019. For the full year ended December 31, 2020, it generated FFO of $0.84 per diluted unit and AFFO of $1.36 per diluted unit, compared to FFO of $0.58 per diluted unit and AFFO of $1.31 per diluted unit during the full year ended December 31, 2019.
“Despite the challenges in 2020 stemming from the global pandemic our portfolio proved resilient and we delivered significant growth year over year,” said Tim Brazy, CEO of the Partnership. “Growth was generated organically from the portfolio as well as through redeploying capital from the disposition of our European joint venture. We ended 2020 with a more diverse revenue base, stronger distribution coverage and we believe we are positioned well to drive further growth in 2021.”
Highlights
- Reported rental revenue of $16.9 million, a 22 percent increase year-over-year;
- Net income attributable to common unitholders of $0.12 and FFO of $0.35 per diluted unit for the quarter ended December 31, 2020;
- Record AFFO of $0.38 per diluted unit for the quarter ended December 31, 2020, a 12 percent increase year-over-year;
- Net income attributable to common unitholders of $0.65, FFO of $0.84 and AFFO of $1.36 per diluted unit for the full year ended December 31, 2020;
- In the full year 2020, acquired 15 assets for total consideration of approximately $148 million
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