Landmark Infrastructure released fourth quarter 2019 financials last week.  Some highlights from the 10k annual financials, fourth quarter earnings release and earnings call

• Rental revenue increased 5% to $15.5 million during the fourth quarter of 2019.
• Net income totaled $1.1 million for the fourth quarter of 2019.
• The portfolio is mostly big markets.  Average monthly rent for Landmark OOH assets is $2,456/month.  80% of Landmark’s US Out of home portfolio is in Top 100 Basic Trading Areas as this table shows.

Landmark Out of Home Assets by Basic Trading Area

• Out of home portfolio growth is overseas.  Landmark ended 2019 with 669 out of home sites in the US, down from 672 out of home sites in the US in 2018.  The international out of home portfolio increased from 48 sites in 2018 t0 182 sites in 2019.  Here’s a list of the top states in which Landmark owns out of home sites.

Location of Landmark Out of Home Sites

• CEO Tim Brazy stated on the conference call that Landmark has shifted its focus to site development:  “We’ll continue to selectively acquire higher cap rate ground lease assets directly, but our focus remains on these development assets which we believe will provide attractive wireless and outdoor advertising returns…digital kiosk installation has commenced in the first quarter with 25 digital kiosks installed as of today and further permitting anticipated as installations ramp up over the coming quarters…with regard to development activities in outdoor advertising we’ve upgraded 13 static billboards to digital billboards as of today resulting in incremental rental revenues.”
• CFO George Doyle said the firm spent $20 million on ad-supported Dallas Area Rapid Transit (DART) digital kiosks in 2019 and $20 million in static to digital billboard conversions in the UK during 2019.  Doyle added this on the firm’s out of home development activities:  “We’ve been doing a limited amount of digital conversion and acquiring sites that are being converting over the last couple of years in western Europe.  We just see a sizeable opportunity there.  Digital screens are attractive in that market.”

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