LMRK - Landmark Infrastructure Partners LP Announces Completion of Digital Infrastructure Acquisitions
EL SEGUNDO, Calif., Sept. 30, 2020 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (the “Partnership” or “Landmark”) (NASDAQ: LMRK) announced today that it has acquired data center sites in the greater Toronto, Ontario and Atlanta, Georgia areas from Sungard Availability Services (“Sungard AS”), a leading provider of cloud connected infrastructure solutions. Landmark is leasing the acquired data center sites back to Sungard AS in their entirety, which combined totals approximately 215,000 square feet and approximately 4 megawatts of critical capacity. The acquisitions were funded by borrowings from the Partnership’s existing revolving credit facility and are expected to be immediately accretive to Landmark’s adjusted funds from operations (“AFFO”).
“We continue to expand our digital infrastructure footprint with the addition of high-quality data center properties to our portfolio, including these recent acquisitions in the key markets of Toronto and Atlanta,” said Tim Brazy, Chief Executive Officer of the Partnership’s general partner. “We have seen attractive acquisition opportunities within the data center space and remain focused on further redeploying capital raised from the recent sale of our European outdoor advertising portfolio.”
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.
CONTACT:
Marcelo Choi
Vice President, Investor Relations
(213) 788-4528
ir@landmarkmlp.com