EL SEGUNDO, Calif., Sept. 28, 2020 (GLOBE NEWSWIRE) — Landmark Infrastructure Partners LP (the “Partnership” or “Landmark”) (NASDAQ: LMRK) announced today that it has completed the acquisition of a data center portfolio in the Midwest from a market leader in web hosting and managed cloud services. The portfolio includes three data center sites totaling approximately 138,000 square feet and a 5.2 megawatt critical capacity that are fully occupied by the tenant under a 15 year net lease. The acquisition was funded by borrowings from the Partnership’s existing revolving credit facility and is expected to be immediately accretive to Landmark’s adjusted funds from operations (“AFFO”).
“We are extremely pleased to announce this acquisition from a national market leader in its industries,” said Tim Brazy, Chief Executive Officer of the Partnership’s general partner. “We believe our Sponsor has built a best-in-class digital infrastructure platform and that effort should continue to benefit the Partnership as it grows its data center portfolio. This purchase represents a partial redeployment of the capital from the recent sale of our European outdoor advertising portfolio and we will continue to look for attractive acquisition opportunities going forward.”
CBRE’s Jordan Thompson and David Saad represented the seller in the transaction.
About Landmark Infrastructure Partners LP
The Partnership owns and manages a portfolio of real property interests and infrastructure assets that the Partnership leases to companies in the wireless communication, outdoor advertising, renewable power generation and digital infrastructure industries.
Cautionary Note Regarding Forward Looking Statements
Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as “believe,” “possible,” “if,” “will,” “expect” and “assuming” and involve risks and uncertainties including, those related to the acquisition of our new data center portfolio, the integration of these assets into our existing asset pool and the benefits of the acquisition to our AFFO. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2019, as supplemented by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. Any forward-looking statements in this press release are made as of the date of this press release and the Partnership undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or of which the Partnership becomes aware, after the date hereof, unless required by law.