Landmark Infrastruture Partners Announces New Floating to Fixed Convertible Preferred Units-Corrected

MLP Landmark Infrastructure Partners (NASDAQ:LMRK) has announced the issuance of a new series of convertible preferred units (partnership preferreds are units instead of shares).

The Series C will be a floating to fixed rate issue.

Currently Landmark has 2 fixed rate regular preferred issues outstanding.  The LMRKP issue has a 8% coupon and trades at $25.13 while the LMRKO issue has a 7.9% coupon and trades at $24.05.

The preliminary prospectus is here.

This issue will result in a K-1 being issued to the investor as well as paying NON qualified distributions.

16 thoughts on “Landmark Infrastruture Partners Announces New Floating to Fixed Convertible Preferred Units-Corrected”

  1. I tend to shy away from securities issuing K-1s because of prior past complications ( really awful experiences ) in tax reporting. So having you mention this in your post is much appreciated.

    Another of your holdings, SOHOK, does not state if it issues a K-1 or 1099. I read the prospectus but could not find any information. As you hold it on your portfolios, I’m sure you know, can you help?

    1. Inspbudget, there is no reason for it to be mentioned. Its a debt issue. No K-1s are ever issued for debt from any company.

    2. Hi InspBudget–don’t know of a reason why Sotherly would issue a k-1 as it is a lodging REIT so should be a standard 1099.

  2. I have positions in the two outstanding Landmark securities and they are good for the IRA. They have removed the UBTI (with the change to a REIT subsidiary) and do not have tax exposure.

    1. Greg – I recently got my K-1 from Landmark and there are still some UBIT issues for 2017. However, I’m not sure this will be 100% corrected for 2018.

    2. Hello Greg, I just want to be sure that there will be no UBTI with LMRKO. Is your comment based on your 2017 K-1? The post that follows yours has confused the issue as he mentions some UBTI issues. Thank you, John

  3. Landmark is definitely worth a good look.

    They own the land under many outdoor signs and wireless towers.

    – As 5G wireless rolls out, the land under the outdoor signs will become more valuable for the newer, smaller antennas.

    – Surprisingly (to me) the wireless antenna REITS generally do not own the land under their antennas. The wireless REITs are their largest customers.

    It’s a nice back door tech play.

  4. Tim, based on current prices, the LMRKO is clearly the issue to buy at the current time. I’m not sure of the rate on the new Series C issue, but it is unlikely that it will be a floating rate for a number of years – based on some other new issuances from other companies.

    Thanks for the update on this issue, it is appreciated.

    1. Been looking for the pricing on the new one, but I suspect you are right kaptain–it will be inferior.

  5. Tim and followers, what is the ticket for this issue? I know my vision is faulty, but just can’t seem to find it. Thank you

    1. Dan – the OTC Grey Market ticker is LMMKP. The permanent ticker will be LMRKN

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