Landmark Infrastructure has announced third quarter 2016 financials.  Here are the highlights of the firm’s press release and webcast.

• Third quarter revenue increased by 59% to 8.8% million due to acquisitions.

• Third quarter adjusted EBIDTA increased by 63% to $8.3 million.

• The company has been busy raising capital for acquisitions.  In August Landmark raised $46 million in 7.9% preferred units to raise capital for acquisitions  In October Landmark raised $56 million of common stock.  Most of the effort, however is going towards cellular and solar power site acquisitions.

• At September 2016 Landmark had an investment in 394 outdoor advertising locations with a remaining average life of 13 years.   Average monthly rent per location was $1,739.  Some locations have more than one billboard.  Insider calculates the average monthly rent per billboard at $1,345.

• The company took $1.2 million in impairment charges during the quarter.  The company’s CFO said that impairment charges involved some wireless towers and a couple small billboards where the company was given a termination notice on a lease.

Insider’s take:  Looks like Landmark is focusing on large urban and freeway billboard sites.  Most small rural billboard sites have rents well below $1,245 per m0nth.  Insider has heard that Landmark isn’t interested in purchasing billboard sites with less than $300/month in lease revenue.

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