·

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.

CONTACT:

Investor Relations, (310) 598-3173

ir@landmarkmlp.com

Three Months Ended

December 31, 

Year ended December 31, 

2014

2013

2014

2013

Revenue

Rental revenue

$

$

$

$

Interest income on receivables

Total revenue

Expenses

Management fees to affiliate

Property operating

—

General and administrative

Acquisition-related

—

Amortization

Impairments

Total expenses

Other income and expenses

Interest expense

Loss on early extinguishment of debt

—

—

Realized loss on derivatives

—

—

Unrealized gain (loss) on derivatives

Total other income and expenses

Net income (loss)

$

$

$

$

Less: Net income (loss) attributable to Predecessor

Limited partners’ interest in net loss

$

$

Net loss per limited partner unit (basic and diluted):

Common units

$

$

Subordinated units

$

$

Other Data:

Total leased tenant sites (end of period)

Total available tenant sites (end of period)

December 31, 

2014

2013

Assets

Land

$

$

Real property interests

Total land and real property interests

Accumulated amortization of real property interest

Land and net real property interests

Investments in receivables, net

Cash and cash equivalents

Rent receivables, net

Due from Landmark and affiliates

Deferred loan cost, net

Deferred rent receivable

Derivative assets

—

Other intangible assets, net

Other assets

—

Total assets

$

$

Liabilities and equity

Revolving credit facility

$

$

—

Secured debt facilities

—

Accounts payable and accrued liabilities

Due to Landmark and affiliates

—

Other intangible liabilities, net

Prepaid rent

Derivative liabilities

Total liabilities

Commitments and contingencies

Equity

Total liabilities and equity

$

$

Available Tenant

Leased Tenant

Sites(1)

Sites

Average

Average

Average

Remaining

Remaining

Monthly

Percentage

Number of

Property

Lease

Tenant Site

Effective Rent

Quarterly

of Quarterly

Infrastructure

Interest

Term

Occupancy

Per Tenant

Rental

Rental

Real Property Interest

Locations(1)

Number

(Years)

Number

(Years)(2)

Rate(3)(4)

Site(5)(6)

Revenue(6)

Revenue(6)

Tenant Lease Assignment with Underlying Easement

Wireless Communication

(7)

$

%  

Outdoor Advertising

(7)

%  

Renewable Power Generation

—

%  

Subtotal

(7)

$

%  

Tenant Lease Assignment only(8)

Wireless Communication

$

%  

Outdoor Advertising

%  

Subtotal

$

%  

Tenant Lease on Fee Simple

Wireless Communication

(7)

$

%  

Outdoor Advertising

(7)

%  

Subtotal

(7)

$

%  

Total 

(9)

$

%  

Aggregate Portfolio

Wireless Communication

%  

$

$

%  

Outdoor Advertising

%  

%  

Renewable Power Generation

%  

—

%  

Total 

(9)

%  

$

$

%  

(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, outdoor advertising, renewable power generation and aggregate portfolios as of December 31, 2014 were 2.6, 7.2, 23.1 and 3.5 years, respectively.

(3)

Represents number of leased tenant sites divided by 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 December 31, 2014.  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 57 years.

Three Months Ended

December 31, 

Year ended December 31, 

2014

2013

2014

2013

Reconciliation of EBITDA and Adjusted EBITDA to Net Income (loss)

Net income (loss)

$

$

$

$

Interest expense

Amortization expense

EBITDA

$

$

$

$

Impairments

Acquisition-related

—

Unrealized (gain) loss on derivatives

Realized loss on derivatives

—

—

Loss on early extinguishment of debt

—

—

Straight line rent adjustments

Amortization of above- and below-market rents, net

Unit-based compensation

—

—

Deemed capital contribution due to cap on general and administrative expense reimbursement(1)

—

—

Adjusted EBITDA

$

$

$

$

Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities

Net cash provided by operating activities

$

$

$

$

Unit-based compensation

—

—

Unrealized (gain) loss on derivatives

Loss on early extinguishment of debt

—

—

Amortization expense

Amortization of above- and below-market rents, net

Amortization of deferred loan costs

Receivables interest accretion

Impairments

Allowance for doubtful accounts and loan losses

—

Working capital changes

Net income (loss)

$

$

$

$

Interest expense

Amortization expense

EBITDA

$

$

$

$

Less:

Unrealized gain on derivatives

—

—

Straight line rent adjustments

Amortization of above- and below-market rents, net

Add:

Impairments

Acquisition-related

—

Unrealized loss on derivatives

—

—

Realized loss on derivatives

—

—

Loss on early extinguishment of debt

—

—

Unit-based compensation

—

—

Deemed capital contribution due to cap on general and administrative expense reimbursement(1)

—

—

Adjusted EBITDA

$

$

$

$

Less:

Expansion capital expenditures(2)

—

Cash interest expense

Add:

Borrowings and capital contributions to fund expansion capital expenditures

—

Distributable cash flow

$

$

$

$

(1)

Under the omnibus agreement that we entered into at the closing of the IPO, we agreed to reimburse Landmark for expenses related to certain general and administrative services Landmark will provide to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding 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 $80.0 million and (ii) the fifth anniversary of the closing of the IPO.  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 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. 

(2)

Our predecessor has historically incurred expansion capital expenditures through the acquisition of real property interests, acquiring 26 and 171 tenant sites for the years ended December 31, 2014 and 2013, respectively. Acquisitions by our predecessor represented only a portion of Landmarks’ total acquisitions for these periods.

(3)

We have historically had no maintenance capital expenditures because our tenant lease arrangements are effectively triple net, which generally means our tenants or the underlying property owners are contractually responsible for property‑level operating expenses, including maintenance capital expenditures, taxes and insurance. We anticipate that effectively triple net lease arrangements will continue to represent substantially all of our tenant leases and, correspondingly, that we will continue to have no maintenance capital expenditures.

For the Period

For the Period

From

From

November 19, 2014 to

January 1, 2014 to

For the Year Ended

December 31, 2014

November 18, 2014

December 31, 

Reconciliation of Predecessor and Partnership:

Successor

Predecessor

Partnership

Revenue:

Rental revenue

$

$

$

Interest income

Total revenue

Expenses:

Management fees to affiliate

—

Property operating

General and administrative

Acquisition-related

—

Amortization

Impairments

Total expenses

Other income and expenses

Interest expense

Loss on early extinguishment of debt

—

Realized loss on derivatives

—

Unrealized loss on derivatives

Total other income and expenses

Net income (loss)

$

$

$

Add:

Interest expense

Amortization expense

EBITDA

$

$

$

Less:

Straight line rent adjustments

Amortization of above- and below-market rents

Add:

Impairments

Acquisition-related expenses

—

Loss on early extinguishment of debt

—

Unrealized loss on derivatives

Realized loss on derivatives

—

Unit-based compensation

—

Deemed capital contribution due to cap on general and administrative expense reimbursement(1)

—

Adjusted EBITDA

$

$

$

Less:

Expansion capital expenditures(2)

—

Cash interest expense

Add:

Borrowings and capital contributions to fund expansion capital expenditures

—

Distributable cash flow

$

$

$

Annualized minimum quarterly distribution per unit

$

n/a

$

Distributions to common unitholders

n/a

Distributions to Landmark Dividend – subordinated units

n/a

Total distributions to our unitholders

$

n/a

$

Excess of distributable cash flow over aggregate annualized minimum quarterly distribution

$

n/a

$

n/a

(1)

Under the omnibus agreement that we entered into at the closing of the IPO, we agreed to reimburse Landmark for expenses related to certain general and administrative services Landmark will provide to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding 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 $80.0 million and (ii) the fifth anniversary of the closing of the IPO.  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 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.

(2)

Our predecessor has historically incurred expansion capital expenditures through the acquisition of real property interests, acquiring 26 and 171 tenant sites for the years ended December 31, 2014 and 2013, respectively. Acquisitions by our predecessor represented only a portion of Landmarks’ total acquisitions for these periods.

(3)

We have historically had no maintenance capital expenditures because our tenant lease arrangements are effectively triple net, which generally means our tenants or the underlying property owners are contractually responsible for property‑level operating expenses, including maintenance capital expenditures, taxes and insurance. We anticipate that effectively triple net lease arrangements will continue to represent substantially all of our tenant leases and, correspondingly, that we will continue to have no maintenance capital expenditures.