Master Limited Partnership Landmark Infrastructure Trust Sells New Preferred Units – Updated

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Newer Master Limited Partnership (MLP) Landmark Infrastructure Partners LP (NASDAQ:LMRK) has sold a new offering of preferred units (preferred stock of master limited partnerships is referred to as “preferred units”).

Landmark Infrastructure Partners LP is a MLP that came public in 2015 and specializes in owning or leasing properties that are then leased to cell phone companies, advertisers for billboards and for wind turbines.  The company owns/leases over 1,400 sites and some of their key tenants are AT&T, American Tower, Sprint and Verizon so their revenue stream is pretty much assured. In spite of the solid tenant base the company is fairly small with revenues of just $28 million in 2015, although over $13 million in distributable cash flow was realized.

The new units carry a coupon of 8% and have the normal terms which means they are redeemable (at the companies’ option) beginning in 2021. The shares are perpetual and thus will have no stated maturity date.

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This issue should begin trading Friday on the OTC Grey Market under the ticker LMRKP.

Be aware that owners of this security will generate a K-1 at tax time.

Details of this issue can be found here.

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