Lamar Advertising Co., the Baton Rouge-based outdoor advertising giant, reported adjusted funds from operations increased 5.3 percent for the fourth quarter to $135.8 million, or $1.38 per share, from $128.9 million, or $1.32 per share, for the same period in 2016.

Lamar is a real estate investment trust and doesn't pay income taxes on profits as long as 90 percent go to shareholders through dividends. Adjusted funds from operations help predict a real estate investment trust's ability to pay dividends.

Lamar reported fourth-quarter net revenue of $398.5 million versus $386.7 million for the fourth quarter of 2016, a 3.0 percent increase.

For all of 2017, AFFO was up 1.5 percent to $496.3 million, or $5.05 per share, from $488.9 million, or $5 per share, in 2016. Lamar reported net revenue of $1.54 billion for the year versus $1.50 billion in 2016, a 2.7 percent increase.

“We delivered AFFO per share of $5.05 for 2017, exceeding the top end of our revised guidance,” said Chief Executive Sean Reilly. “We’re optimistic about a stronger 2018 with improved sales growth and continued control of expense growth translating to a further increase in AFFO.”