Lamar Advertising Co. on Thursday reported third-quarter adjusted funds from operations of $150.1 million, or $1.51 per share, compared to $137.5 million, or $1.40 per share, for the same period in 2017.

The Baton Rouge-based outdoor and transit advertising company operates as a real estate investment trust and 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.

The company said it had net income of $94 million, or 95 cents per share, compared to $96.3 million, or 98 cents per share, for same period in 2017. The company posted revenue of $418.5 million versus $399.3 million a year ago.

Chief Executive Sean Reilly said the company is tracking to finish 2018 at the upper end or slightly above a revised guidance for full-year adjusted funds from operations of $5.30 to $5.40 per share.