Market Overview

KBRA Assigns Preliminary Ratings to LMRK Issuer Co. III LLC, Series 2018-1


Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three
classes of secured tenant site contract revenue notes, series 2018-1
(the "Notes") issued by LMRK
Issuer Co. III LLC
(see ratings list below).

Proceeds from the sale of the Notes will be used to purchase 435 sites
leased to 31 primary tenants through 545 tenant leases. The sites will
consist of real property interests in the form of easements and
assignments. The portfolio will have an aggregate annualized revenue of
approximately $13.415 million calculated for the month of May 2018.

This transaction represents the second public securitization for
Landmark Infrastructure Partners GP LLC ("Landmark", the "Manager" or
the "Company"). Landmark is a master limited partnership formed by
Landmark Dividend LLC to acquire, own and manage a portfolio of real
property interests that it leases to companies in the wireless
communication, outdoor advertising and renewable power generation

The transaction will benefit from sufficient credit support, along with
a dynamic transaction structure that accelerates principal payments to
the noteholders upon the weakening of collateral performance. Such
structural features include cash trap conditions, servicer termination
events and reserve accounts.

KBRA analyzed the transaction using KBRA's Global
General Rating Methodology for Asset-Backed Securities
on November 28, 2017.

For complete details on the analysis, please see KBRA's pre-sale report, LMRK
Issuer Co. III LLC, Series 2018-1
, published at

Series and Class       Preliminary Rating       Principal Balance (USD)
Series 2018-1, Class C       A-(sf)       $95,530,000
Series 2018-1, Class D       BBB-(sf)       $13,180,000
Series 2018-1, Class F       BB-(sf)       $16,730,000

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required,
pursuant to SEC Rule 17g-7, to provide a description of a transaction's
representations, warranties and enforcement mechanisms that are
available to investors when issuing credit ratings. KBRA's disclosure
for this transaction can be found in the report available here.

Related Publications: (available at


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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. In addition, KBRA is
recognized by the National Association of Insurance Commissioners as a
Credit Rating Provider and a certified Credit Rating Agency (CRA) by the
European Securities and Markets Authority (ESMA). Kroll Bond Rating
Agency Europe Limited is registered with ESMA as a CRA.

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