• Landmark US outdoor purchases slowing.

    Landmark Infrastructure’s domestic US outdoor assets purchases are slowing. Here are the highlights from Landmark’s first quarter 2017 financials and the earnings call transcript.

    • Revenue increased 57% to $12.2 million during the first quarter of 2017,  due to the impact of acquisitions during the past 12 months.
    • Cashflow increased 56% to $11.2 million during the first quarter of 2017.
    • Landmark acquired 11 outdoor advertising leases and easements during the first quarter of 2017.  The firm had 531 outdoor leases and easements at March 31, 2017:


    • CFO George Doyle suggested that most of the company’s future outdoor purchases would come from the firm’s European Joint Venture:

    “We’re seeing a lot of opportunities in the wireless areas. We’re also seeing some in the outdoor and the renewables. But a lot of opportunities in wireless right now. As far as geographies, the billboard acquisitions, a lot of those are going to be in Europe. The JV or the partnership that we put together in the fourth quarter is working out really well. We’re seeing some very attractive assets to acquire over there. So that’s where a lot of our outdoor advertising assets will be acquired during the year.”

    • CEO Arthur Brazy added this about the slowdown in US outdoor purchases:. “Outdoor advertising is — it’s a great industry, very stable and strong performing assets. But it’s not growing and doesn’t have the activity you’re seeing in the wireless segment.”

    Insider’s take:  Landmark’s US Outdoor acquisitions have slowed.  Insider will be watching future quarters closely to see if this is a trend.  Growth is not for lack of effort.  Insider regularly hears from his landlords that Landmark is approaching them.

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