Baton Rouge-based Lamar Advertising Co. racked up a double-digit increase in the third quarter, as adjusted funds from operations swelled to $122.6 million, or $1.27 per share.

A year earlier, the outdoor advertising giant reported $109.5 million, or $1.14 per share. Stock analysts surveyed by Zacks Investment Research had forecast $1.16 per share.

Lamar is a Real Estate Investment Trust. The trusts don’t pay corporate income taxes on profits if at least 90 percent of profits go to shareholders. The trusts also use different performance measures, and one is AFFO, which indicates a trust’s ability to pay dividends.

Lamar’s third-quarter revenue grew by 4.6 percent to $350.7 million.

“AFFO growth is strong and our expectation is that we will exceed the high end of our AFFO guidance for the full year of 2015,” Lamar Chief Executive Sean Reilly said.

In February, Lamar projected AFFO in the range of $417 million and $427 million, or $4.34 to $4.45 per share.