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 third quarter.
The company reported adjusted funds from operations of $163 million, compared to $150.1 million during the same time frame in 2018, an increase of 8.8%. 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 $457.8 million in net revenue during third quarter, up from $418.5 million. The company generated $99.7 million in net income during third quarter, or 99 cents per share, up from $94.1 million or 95 cents per share as of September 2018.
“We anticipate continued strength in the fourth quarter," said Sean Reilly, CEO of Lamar Advertising in a news release.
Lamar Advertising Company's stock was trading around $82 per share as of market close on Tuesday, down from its 52-week peak of $84 per share in June.