GlobeNewswire Inc | Feb 24, 2021 08:00AM EST

February 24, 2021

EL SEGUNDO, Calif., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (Landmark, the Partnership, we, us or our) (Nasdaq: LMRK) today announced its fourth quarter financial results.

Highlights

-- Reported rental revenue of $16.9 million, a 22% 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% 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; -- As of January 31st, deployed 138 digital kiosks within the Dallas Area Rapid Transit (DART) network; and -- Announced a quarterly distribution of $0.20 per common unit.

Fourth Quarter 2020 ResultsRental revenue for the quarter ended December 31, 2020 was $16.9 million, an increase of 22% compared to the fourth quarter of 2019. Net income attributable to common unitholders per diluted unit in the fourth quarter of 2020 was $0.12, compared to a loss of $0.08 in the fourth quarter of 2019. FFO for the fourth quarter of 2020 was $0.35 per diluted unit, compared to $0.18 in the fourth quarter of 2019. 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 $0.38 in the fourth quarter of 2020 compared to $0.34 in the fourth quarter of 2019.

For the full year ended December 31, 2020, the Partnership 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, we 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, we 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, Chief Executive Officer of the Partnerships general partner. 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.

Quarterly DistributionsOn January 22, 2021, the Board of Directors of the Partnerships general partner declared a distribution of$0.20 per common unit, or$0.80per common unit on an annualized basis, for the quarter ended December 31, 2020. The distribution was paid on February 12, 2021 to common unitholders of record as of February 2, 2021.

On January 21, 2021, the Board of Directors of the Partnerships general partner declared a quarterly cash distribution of $0.4375 per Series C preferred unit, which was paid on February 16, 2021 to Series C preferred unitholders of record as of February 1, 2021.

On January 21, 2021, the Board of Directors of the Partnerships general partner declared a quarterly cash distribution of $0.49375 per Series B preferred unit, which was paid on February 16, 2021 to Series B preferred unitholders of record as of February 1, 2021.

OnDecember 22, 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 January 15, 2021 to Series A preferred unitholders of record as of January 4, 2021.

Capital and LiquidityAs of December 31, 2020, the Partnership had $214 million of outstanding borrowings under its revolving credit facility (the Facility), and approximately $236 million of undrawn borrowing capacity under the Facility, subject to compliance with certain covenants.

Recent AcquisitionsIn the full year 2020, the Partnership acquired a total of 15 assets for total consideration of approximately $148 million. The acquisitions were immediately accretive to AFFO and funded primarily with borrowings under the Partnerships existing credit facility.

At-The-Market (ATM) Equity ProgramsThrough its At-The-Market (ATM) issuance programs, the Partnership issued 109,724 common units, 66,802 Series A preferred units and 84,139 Series B preferred units for gross proceeds of approximately $5.6 million for the full year 2020.

Conference Call InformationThe Partnership will hold a conference call on Wednesday, February 24, 2021, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) to discuss its fourth quarter 2020 financial and operating results. The call can be accessed via a live webcast at https://edge.media-server.com/mmc/p/udcn6ph8, 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 3174946.

A webcast replay will be available approximately two hours after the completion of the conference call through February 24, 2022 at https://edge.media-server.com/mmc/p/udcn6ph8. The replay is also available through March 5, 2021 by dialing 855-859-2056 or 404-537-3406 and entering the access code 3174946.

About Landmark Infrastructure Partners LPThe 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 MeasuresFFO, 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, 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.

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, acquisition-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 StatementsThis 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 Partnerships 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. Examples of forward-looking statements in this press release include expected acquisition opportunities from our sponsor. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements contained in the Partnerships filings with the U.S. Securities and Exchange Commission (the Commission), including the Partnerships annual report on Form 10-K for the year endedDecember 31, 2020 and Current Report on Form 8-K filed with the Commission on February 24, 2021. These risks could cause the Partnerships 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 PartnersLPConsolidated Statements of OperationsIn thousands, except per unit data(Unaudited)

Three Months Ended Year Ended December31, December31, 2020 2019^(1) 2020^(1) 2019^(1) Revenue Rental revenue $ 16,946 $ 13,868 $ 58,839 $ 53,701 Expenses Property operating 656 317 1,879 1,434 General and 1,264 1,106 4,743 5,279 administrativeAcquisition-related 21 332 112 608 Depreciation and 4,755 3,614 16,466 13,447 amortizationImpairments 57 1,642 257 2,288 Total expenses 6,753 7,011 23,457 23,056 Other income and expenses Interest and other income 133 9 450 597 Interest expense (4,514 ) (4,396 ) (17,273 ) (17,455 )Loss on early ? ? (2,231 ) ? extinguishment of debtUnrealized gain (loss) on 319 961 (6,211 ) (6,066 )derivativesEquity income fromunconsolidated joint 146 135 1,231 398 ventureGain (loss) on sale of ? (23 ) ? 17,985 real property interestsTotal other income and (3,916 ) (3,314 ) (24,034 ) (4,541 )expensesIncome from continuingoperations before income 6,277 3,543 11,348 26,104 tax expense (benefit)Income tax expense 78 117 (430 ) 3,277 (benefit)Income from continuing 6,199 3,426 11,778 22,827 operationsIncome (loss) fromdiscontinued operations, ? (2,281 ) 17,340 (1,221 )net of taxNet income 6,199 1,145 29,118 21,606 Less: Net incomeattributable to 8 8 32 31 noncontrolling interestsNet income attributable 6,191 1,137 29,086 21,575 to limited partnersLess: Distributions to (3,061 ) (2,983 ) (12,213 ) (11,883 )preferred unitholdersLess: General Partner'sincentive distribution ? (197 ) ? (788 )rightsLess: Accretion of Series (97 ) (95 ) (386 ) (641 )C preferred unitsNet income (loss)attributable to common $ 3,033 $ (2,138 ) $ 16,487 $ 8,263 unitholdersIncome (loss) fromcontinuing operations per common unitCommon units ? basic $ 0.12 $ (0.08 ) $ (0.03 ) $ 0.33 Common units ? diluted $ 0.12 $ (0.08 ) $ (0.03 ) $ 0.33 Net income (loss) per common unitCommon units ? basic $ 0.12 $ (0.08 ) $ 0.65 $ 0.33 Common units ? diluted $ 0.12 $ (0.08 ) $ 0.65 $ 0.33 Weighted average common units outstandingCommon units ? basic 25,478 25,353 25,473 25,343 Common units ? diluted 25,478 25,353 25,473 25,343 Other Data Total leased tenant sites 1,874 1,952 1,874 1,952 (end of period)Total available tenant 1,986 2,058 1,986 2,058 sites (end of period)

_______________(1)Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, operating results of the European outdoor advertising portfolio are presented as income from discontinued operations on the consolidated statements of operations for all periods presented.

Landmark Infrastructure PartnersLPConsolidated Balance SheetsIn thousands, except per unit data(Unaudited)

December31, December31, 2020 2019^(1)Assets Land $ 117,421 $ 107,558 Real property interests 671,468 509,181 Construction in progress 44,787 49,116 Total land and real property interests 833,676 665,855 Accumulated depreciation and amortization of (63,474 ) (48,995 )real property interestsLand and net real property interests 770,202 616,860 Investments in receivables, net 5,101 5,653 Investment in unconsolidated joint venture 60,880 62,059 Cash and cash equivalents 10,447 5,885 Restricted cash 3,195 5,619 Rent receivables 4,016 3,673 Due from Landmark and affiliates 1,337 1,132 Deferred loan costs, net 3,567 4,557 Deferred rent receivable 1,818 1,548 Other intangible assets, net 19,417 21,936 Assets held for sale (AHFS) ? 114,400 Right of use asset, net 10,716 6,615 Other assets 4,082 5,668 Total assets $ 894,778 $ 855,605 Liabilities and equity Revolving credit facility $ 214,200 $ 179,500 Secured notes, net 279,677 217,098 Accounts payable and accrued liabilities 6,732 3,842 Other intangible liabilities, net 6,081 7,583 Liabilities associated with AHFS ? 64,627 Operating lease liability 8,818 6,766 Prepaid rent 4,446 5,391 Derivative liabilities 3,435 1,474 Total liabilities 523,389 486,281 Commitments and contingencies Mezzanine equity Series C cumulative redeemable convertiblepreferred units, 1,982,700 and 1,988,700 47,902 47,666 units issued and outstanding at December 31,2020 and 2019, respectivelyEquity Series A cumulative redeemable preferredunits, 1,788,843 and 1,722,041 units issued 41,850 40,210 and outstanding at December 31, 2020 and2019, respectivelySeries B cumulative redeemable preferredunits 2,628,932 and 2,544,793 units issued 63,014 60,926 and outstanding at December 31, 2020 and2019, respectivelyCommon units, 25,478,042 and 25,353,140 unitsissued and outstanding at December 31, 2020 376,201 382,581 and 2019, respectivelyGeneral Partner (159,069 ) (162,277 )Accumulated other comprehensive income (loss) 1,290 17 Total limited partners' equity 323,286 321,457 Noncontrolling interests 201 201 Total equity 323,487 321,658 Total liabilities, mezzanine equity and $ 894,778 $ 855,605 equity

_______________(1)Prior period amounts have been revised to reflect classification of the European outdoor advertising portfolio as discontinued operations. As a result, assets and liabilities of the European outdoor advertising portfolio were reclassified to assets and liabilities held for sale on the consolidated balance sheets.

Landmark Infrastructure PartnersLPReal Property InterestTable

AvailableTenant Sites LeasedTenant Sites ^(1) Average Average Average Quarterly Number of Remaining Remaining Tenant Monthly Rental PercentageReal Property Interest Infrastructure Number Property Number Lease Site EffectiveRent Revenue ^ ofQuarterly Locations^ (1) Interest Term Occupancy Per Tenant (6) Rental (Years) (Years)^ Rate^ (3) Site ^(4)(5) (In Revenue ^(6) (2) thousands)Tenant Lease Assignment with Underlying EasementWireless Communication 703 909 75.6 ^ 847 34.7 $ 5,264 31 % (7)Digital Infrastructure 1 1 99.0 ^ 1 8.7 450 3 % (7)Outdoor Advertising 544 732 84.6 ^ 706 15.5 3,295 20 % (7)Renewable Power Generation 15 47 29.2 ^ 47 33.9 292 2 % (7)Subtotal 1,263 1,689 74.4 ^ 1,601 26.8 $ 9,301 56 % (7)Tenant Lease Assignment only^ (8) Wireless Communication 115 169 45.1 149 16.6 $ 1,084 6 %Outdoor Advertising 33 36 61.2 34 12.5 213 1 %Renewable Power Generation 6 6 46.6 6 24.4 57 ? %Subtotal 154 211 47.9 189 16.1 $ 1,354 7 %Tenant Lease on Fee Simple Wireless Communication 17 28 99.0 ^ 26 26.8 $ 175 1 % (7)Digital Infrastructure 13 13 99.0 ^ 13 24.4 4,236 25 % (7)Outdoor Advertising 26 28 99.0 ^ 28 6.6 221 1 % (7)Renewable Power Generation 14 17 99.0 ^ 17 28.4 1,659 10 % (7)Subtotal 70 86 99.0 ^ 84 20.3 $ 6,291 37 % (7)Total 1,487 1,986 69.6 ^ 1,874 25.4 $ 16,946 100 % (9)Aggregate Portfolio Wireless Communication 835 1,106 66.4 1,022 31.9 92 % $ 2,045 $ 6,523 38 %Digital Infrastructure 14 14 99.0 14 23.3 100 % 115,367 4,686 28 %Outdoor Advertising 603 796 75.2 768 15.0 96 % 1,875 3,729 22 %Renewable Power Generation 35 70 35.2 70 30.1 100 % 9,562 2,008 12 %Total 1,487 1,986 69.6 ^ 1,874 25.4 94 % $ 3,150 $ 16,946 100 % (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, digital infrastructure, outdoor advertising, renewable power generation and total portfolio as of December 31, 2020 were 2.8, 9.9, 7.0, 16.8 and 4.7 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 December 31, 2020.Excludes interest income on receivables.(7)Fee simple ownership and perpetual easements are shown as having a term of 99years 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 61years.

Landmark Infrastructure PartnersLPReconciliation of Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)In thousands, except per unit data(Unaudited)

Three Months Ended Year Ended December31, December31, 2020^(1) 2019^(1) 2020^(1) 2019^(1) Net income $ 6,199 $ 1,145 $ 29,118 $ 21,606 Adjustments: Depreciation and 4,755 3,867 17,002 14,235 amortization expenseImpairments 57 1,642 257 2,288 (Gain) loss on sale ofreal property interests, 190 45 (15,318 ) (14,937 )net of income taxesAdjustments forinvestment in 756 790 2,581 3,358 unconsolidated jointventureDistributions to (3,061 ) (2,983 ) (12,213 ) (11,883 )preferred unitholdersDistributions to (8 ) (8 ) (32 ) (31 )noncontrolling interestsFFO attributable to $ 8,888 $ 4,498 $ 21,395 $ 14,636 common unitholdersAdjustments: General andadministrative expense 828 896 3,283 3,954 reimbursement^ (2)Acquisition-related 21 549 453 1,163 expensesUnrealized (gain) loss on (319 ) (1,636 ) 8,010 7,327 derivativesStraight line rent (211 ) 186 173 600 adjustmentsUnit-based compensation ? ? 120 130 Amortization of deferredloan costs and discount 626 789 2,471 3,097 on secured notesAmortization of above-and below-market rents, (242 ) (236 ) (968 ) (890 )netDeferred income tax (91 ) (141 ) (551 ) (32 )benefitLoss on early ? ? 2,231 ? extinguishment of debtRepayments of receivables 127 134 522 564 Adjustments forinvestment in 38 40 141 103 unconsolidated jointventureForeign currency ? 3,478 (2,721 ) 2,433 transaction (gain) lossAFFO attributable to $ 9,665 $ 8,557 $ 34,559 $ 33,085 common unitholders FFO per common unit ? $ 0.35 $ 0.18 $ 0.84 $ 0.58 dilutedAFFO per common unit ? $ 0.38 $ 0.34 $ 1.36 $ 1.31 dilutedWeighted average commonunits outstanding ? 25,478 25,353 25,473 25,343 diluted

________________(1)For all periods presented, 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 $120million 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 PartnersLPReconciliation of EBITDA and Adjusted EBITDAIn thousands(Unaudited)

Three Months Ended Year Ended December31, December31, 2020^(1) 2019^(1) 2020^(1) 2019^(1) Reconciliation of EBITDAand Adjusted EBITDA to Net IncomeNet income $ 6,199 $ 1,145 $ 29,118 $ 21,606 Interest expense 4,514 4,731 17,914 18,170 Depreciation and 4,755 3,867 17,002 14,235 amortization expenseIncome tax expense 78 148 50 3,783 EBITDA $ 15,546 $ 9,891 $ 64,084 $ 57,794 Impairments 57 1,642 257 2,288 Acquisition-related 21 549 453 1,163 Unrealized (gain) loss on (319 ) (1,636 ) 8,010 7,327 derivativesLoss on early ? ? 2,231 ? extinguishment of debt(Gain) loss on sale of ? 23 (15,508 ) (17,985 )real property interestsUnit-based compensation ? ? 120 130 Straight line rent (211 ) 186 173 600 adjustmentsAmortization of above-and below-market rents, (242 ) (236 ) (968 ) (890 )netRepayments of investments 127 134 522 564 in receivablesAdjustments forinvestment in 1,456 1,499 5,376 6,169 unconsolidated jointventureForeign currency ? 3,478 (2,721 ) 2,433 transaction (gain) lossDeemed capitalcontribution to fundgeneral and 828 896 3,283 3,954 administrative expensereimbursement^(^2)Adjusted EBITDA $ 17,263 $ 16,426 $ 65,312 $ 63,547 Reconciliation of EBITDAand Adjusted EBITDA to Net Cash Provided byOperating ActivitiesNet cash provided by $ 10,198 $ 9,709 $ 42,180 $ 31,663 operating activitiesUnit-based compensation ? ? (120 ) (130 )Unrealized gain (loss) on 319 1,636 (8,010 ) (7,327 )derivativesLoss on early ? ? (2,231 ) ? extinguishment of debtDepreciation and (4,755 ) (3,867 ) (17,002 ) (14,235 )amortization expenseAmortization of above-and below-market rents, 242 236 968 890 netAmortization of deferredloan costs and discount (626 ) (789 ) (2,471 ) (3,097 )on secured notesReceivables interest ? ? ? 9 accretionImpairments (57 ) (1,642 ) (257 ) (2,288 )Gain (loss) on sale of ? (23 ) 15,508 17,985 real property interestsAdjustment for (165 ) (19 ) (360 ) (126 )uncollectible accountsEquity income fromunconsolidated joint 146 135 1,231 398 ventureDistributions of earningsfrom unconsolidated joint (1,450 ) (500 ) (3,101 ) (3,383 )ventureForeign currency ? (3,478 ) 2,721 (2,433 )transaction gain (loss)Working capital changes 2,347 (253 ) 62 3,680 Net income $ 6,199 $ 1,145 $ 29,118 $ 21,606 Interest expense 4,514 4,731 17,914 18,170 Depreciation and 4,755 3,867 17,002 14,235 amortization expenseIncome tax expense 78 148 50 3,783 EBITDA $ 15,546 $ 9,891 $ 64,084 $ 57,794 Less: Gain on sale of real ? ? (15,508 ) (17,985 )property interestsUnrealized gain on (319 ) (1,636 ) ? ? derivativesStraight line rent (211 ) ? ? ? adjustmentAmortization of above-and below-market rents, (242 ) (236 ) (968 ) (890 )netForeign currency ? ? (2,721 ) ? transaction gainAdd: Impairments 57 1,642 257 2,288 Acquisition-related 21 549 453 1,163 Unrealized loss on ? ? 8,010 7,327 derivativesLoss on sale of real ? 23 ? ? property interestsLoss on early ? ? 2,231 ? extinguishment of debtUnit-based compensation ? ? 120 130 Straight line rent ? 186 173 600 adjustmentRepayments of investments 127 134 522 564 in receivablesAdjustments forinvestment in 1,456 1,499 5,376 6,169 unconsolidated jointventureForeign currency ? 3,478 ? 2,433 transaction lossDeemed capitalcontribution to fundgeneral and 828 896 3,283 3,954 administrative expensereimbursement^ (2)Adjusted EBITDA $ 17,263 $ 16,426 $ 65,312 $ 63,547

________________(1)For all periods presented, 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 $120million 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.