Landmark Infrastructure Partners owns 951 out of home advertising sites.   Here are the highlights from the Landmark’s third quarter 2021 earnings release and conference call.

• Landmark’s quarterly out of home revenues increased by 4% to $3.8 million during the third quarter of 2021.
• The company owned 951 out of home advertising sites at September 30, 2021 with an average rent per site of $1,954.
• The company has installed 269 ad supported kiosks under an agreement with the Dallas Area Rapid Transit (“DART”) system.
• The company’s board of directors has approved a going-private transaction at a price of $16.50 per common share.  The transaction will close in the fourth quarter of 2021 if shareholders approve.

CEO Tim Brazy on the company’s out of home portfolio

We saw some improvement within our outdoor advertising segment which has been the segment most affected by the pandemic, as rental revenues increase slightly in the third quarter compared to the second quarter.  We expect the outdoor advertising industry will fully rebound over the long run.  We’re optimistic that the worst is behind us for the outdoor advertising segment with the industry well positioned for recovery…

Brazy says the company’s transit kiosks are lagging

Dart rental revenues are not yet meaningful and have not ramped up as anticipated.  While mass transit ridership has been recovering across the country…it continues to lag overall outdoor travel activity…at DART, total ridership increased by 20% in the third quarter…but at these levels total ridership is still down approximately 43% compared to the third quarter of 2019.  The lower than anticipated transit ridership levels at DART have delayed our ability to generate meaningful advertising rental revenues on the digital kiosks that have been placed within DART’s footprint…

Billboard Insider’s take:  Landmark continues to push to acquire out of home easements and leases.  Look what Billboard Insider received this week.

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