Billboard giant Lamar Advertising Co.’s adjusted funds from operations climbed to $109.5 million, or $1.14 per share, during the third quarter.

A year earlier, Lamar’s adjusted funds from operations were $97.3 million, or $1.02 per share. Real Estate Investment Trust shareholders use the measure, which indicates a trusts’s ability to pay dividends, instead of net income.

Lamar is in the process of converting to a REIT. Shareholders will vote on the move on Nov. 17.

The trusts don’t pay corporate income taxes as long as they distribute 90 percent of profits to shareholders.

Lamar reported that its third-quarter revenue increased 4.3 percent to $335 million.

On a non-REIT basis, Lamar earned $35 million, or 37 cents per share, compared to $17.1 million, or 19 cents per share, a year ago.

Those results fell in line with Wall Street’s expectations. Stock analysts surveyed by Thomson Reuters had predicted earnings of 37 cents per share on revenue of $332.2 million.