Baton Rouge-based Lamar Advertising Co., an outdoor and transit advertising company that operates as a real estate investment trust, saw an uptick in business during the second quarter.
The company reported adjusted funds from operations of $154.1 million, or $1.54 per share, compared to $150.5 million, or $1.52 per share, for the same period in 2018. Adjusted funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
Lamar had $448 million in net revenue during second quarter, up from $419 million. The company generated $118 million in net income during second quarter, or $1.18 per share, up from $100 million or $1.02 per share as of June 2018.
Lamar Advertising Co. on Wednesday reported fourth-quarter adjusted funds from operations increased to $147.5 million, or $1.48 per share, com…
CEO Sean Reilly noted the company had anticipated higher profits but expects stronger returns during the second half of the year.
"The acquisition pipeline remains robust with over $200 million in outdoor assets purchased so far this year," Reilly said.
The company acquired a small billboard operator in Arkansas in a deal that closed this year.
Baton Rouge-based Lamar Advertising Co. acquired a billboard operator based in Arkansas in a deal that closed recently.
Ashby Street Outdoor Holdings had about 1,900 outdoor advertising displays across four states: Arkansas, Kansas, Oklahoma and Missouri. It was founded in 2011. The price was not disclosed.
Lamar Advertising Co. has appointed Jay Johnson as chief financial officer, succeeding Keith Istre who announced in January his plan to retire…