Financial Data and Key Metrics Changes - Revenue growth accelerated in Q2 to 1.9% on a consolidated acquisition adjusted basis, marking the seventeenth consecutive quarter of acquisition adjusted revenue growth [4][10] - EBITDA increased by 2% on an acquisition adjusted basis, with a slight improvement in margins compared to Q2 of the previous year [4] - Adjusted funds from operations (AFFO) totaled $225.3 million in Q2, an increase of 5.5% from $213.5 million in the previous year [12] - Diluted AFFO per share increased by 6.7% to $2.22 per share compared to $2.08 per share in the previous year [12] - The company revised its full year AFFO per share guidance to a range of $8.1 to $8.2, a reduction of $0.55 from the prior range [6][17] Business Line Data and Key Metrics Changes - Billboard operations experienced low single-digit top line growth, while the airport and logos division significantly outpaced the broader portfolio, growing revenue by 11.76% and 6.1% respectively [11] - Local and regional sales accounted for approximately 79% of billboard revenue in Q2, continuing to grow for the seventeenth consecutive quarter [12] - Programmatic advertising increased by around 10% [7] Market Data and Key Metrics Changes - Categories of strength included services (up 8.2%), financial (up 11%), building and construction (up 16.3%), and insurance (up 22%) [20] - Weaker categories included education (down 3.8%), beverages (down 16%), and telecom (down 17%) [20] Company Strategy and Development Direction - The company is focusing on acquisitions, having spent $87 million on 20 acquisitions through Q2, with a total year-to-date cash acquisition amount of approximately $110 million [7] - The company completed a milestone UPREIT transaction, which is expected to be a tool for future acquisitions [8][39] - The management expressed optimism about the potential for increased M&A activity due to the favorable UPREIT structure [39][41] Management Comments on Operating Environment and Future Outlook - The current operating environment is described as solid but not spectacular, with increased activity in national RFPs and local proposals [5] - Management is cautious about October due to potential headwinds from political advertising [5][30] - The company expects back half growth to be better than the first half but not as strong as earlier expectations [6] Other Important Information - The company ended Q2 with approximately $3.4 billion in total consolidated debt and a weighted average interest rate of 4.7% [14] - Total leverage was 2.95 times net debt to EBITDA, among the lowest levels ever for the company [15] - The company paid a cash dividend of $1.55 per share in both the first and second quarters, with a recommendation to declare the same for the third quarter [18][19] Q&A Session Summary Question: Can you quantify the updated guidance for top line growth and visibility into the back half? - Management indicated that Q3 political headwind is about 100 basis points and about 200 basis points in Q4, with a significant amount of political revenue from the previous year to replace [28][31] Question: Clarification on the reduction in AFFO guidance? - Management clarified that the reduction is due to both slower operational performance and the exit from the Vancouver contract [34][36] Question: Will the UPREIT structure accelerate M&A activity? - Management believes it will be a significant factor in increasing M&A activity, as it provides a tax-efficient option for sellers [39][41] Question: Why are airport and transit results holding up better? - Management noted that airports are experiencing strong growth due to a rebound in air travel, while transit operations have a different recovery profile [46][48] Question: Timeline for integrating acquired assets? - Integration timelines vary; expense synergies happen quickly for fill-in acquisitions, while revenue synergies take longer due to existing contracts [50][51]

Financial Performance - Lamar Advertising reported quarterly funds from operations (FFO) of $2.22 per share, exceeding the Zacks Consensus Estimate of $2.15 per share, and up from $2.08 per share a year ago, representing an FFO surprise of +3.26% [1] - The company posted revenues of $579.31 million for the quarter ended June 2025, which missed the Zacks Consensus Estimate by 0.45%, compared to year-ago revenues of $565.25 million [2] - Over the last four quarters, Lamar has surpassed consensus FFO estimates two times but has not beaten consensus revenue estimates [2] Stock Performance and Outlook - Lamar shares have increased approximately 2.5% since the beginning of the year, while the S&P 500 has gained 7.8% [3] - The future stock price movement will largely depend on management's commentary during the earnings call and the company's FFO outlook [3][4] - The current consensus FFO estimate for the coming quarter is $2.18 on revenues of $589.51 million, and for the current fiscal year, it is $8.19 on revenues of $2.28 billion [7] Industry Context - The REIT and Equity Trust - Other industry, to which Lamar belongs, is currently ranked in the top 39% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors [5]

[Company Overview and Business Update](index=1&type=section&id=Company%20Overview%20and%20Business%20Update) Lamar Advertising Company reported Q2 2025 results, noting slight revenue growth acceleration, a landmark UPREIT acquisition, and a revised full-year AFFO per share guidance [Introduction and CEO Commentary](index=1&type=section&id=Introduction%20and%20CEO%20Commentary) Lamar Advertising Company, a leading outdoor advertising owner, saw slight Q2 2025 revenue growth, completed a significant UPREIT acquisition, and adjusted its full-year AFFO guidance - Lamar Advertising Company (Nasdaq: LAMR) is a leading owner and operator of outdoor advertising and logo sign displays[2](index=2&type=chunk) - Revenue growth accelerated slightly in Q2 2025, with increases at both national and local levels[3](index=3&type=chunk) - Completed the first-ever UPREIT transaction in the billboard industry in early July[3](index=3&type=chunk) - Revised full-year diluted AFFO per share guidance from **$8.13-$8.28 to $8.10-$8.20**, anticipating continued year-over-year revenue improvement in H2 2025, though perhaps not as initially expected[3](index=3&type=chunk) [Financial Performance Highlights](index=1&type=section&id=Financial%20Performance%20Highlights) Lamar's Q2 2025 financial performance showed increased net revenues, operating income, and net income, with diluted AFFO per share growing by 6.7% [Second Quarter Ended June 30, 2025](index=1&type=section&id=Second%20Quarter%20Ended%20June%2030%2C%202025) Q2 2025 saw Lamar's net revenues rise 2.5% to $579.3 million, with operating income and net income also increasing significantly Second Quarter 2025 Key Financials (YoY Change) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (%) | | :-------------------------- | :------------------ | :------------------ | :--------- | | Net Revenues | $579.3 | $565.3 | 2.5% | | Operating Income | $197.7 | $184.2 | 7.3% | | Net Income | $155.0 | $137.6 | 12.7% | | Net Income per Diluted Share| $1.52 | $1.34 | 13.4% | | Adjusted EBITDA | $278.4 | $271.6 | 2.5% | | Cash Flow from Operations | $229.5 | $256.3 | -10.4% | | Free Cash Flow | $199.1 | $203.5 | -2.2% | | FFO | $225.3 | $209.3 | 7.7% | | AFFO | $225.3 | $213.5 | 5.5% | | Diluted AFFO per Share | $2.22 | $2.08 | 6.7% | [Six Months Ended June 30, 2025](index=3&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025) For H1 2025, net revenues grew 2.0% to $1.08 billion, and net income surged 36.2% due to a Vistar Media equity sale gain Six Months 2025 Key Financials (YoY Change) | Metric | 6M 2025 (Millions) | 6M 2024 (Millions) | Change (%) | | :-------------------------- | :------------------ | :------------------ | :--------- | | Net Revenues | $1,084.7 | $1,063.4 | 2.0% | | Operating Income | $388.9 | $308.8 | 25.9% | | Net Income | $294.2 | $216.1 | 36.2% | | Net Income per Diluted Share| $2.87 | $2.10 | 36.7% | | Adjusted EBITDA | $488.6 | $483.5 | 1.1% | | Cash Flow from Operations | $357.2 | $366.9 | -2.6% | | Free Cash Flow | $320.2 | $342.2 | -6.4% | | FFO | $381.5 | $357.8 | 6.6% | | AFFO | $389.6 | $371.8 | 4.8% | | Diluted AFFO per Share | $3.81 | $3.63 | 5.0% | - The **36.2% increase in net income** for the six months ended June 30, 2025, was primarily due to a **$67.8 million gain** from the sale of Lamar's equity interest in Vistar Media, Inc[12](index=12&type=chunk) [Acquisition-Adjusted Results](index=3&type=section&id=Acquisition-Adjusted%20Results) Acquisition-adjusted results for Q2 2025 showed a 1.9% net revenue increase and a 2.0% Adjusted EBITDA increase, reflecting organic performance Acquisition-Adjusted Results (YoY Change) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (%) | | :-------------------------- | :------------------ | :------------------ | :--------- | | Acquisition-Adjusted Net Revenue | $579.3 | $568.4 | 1.9% | | Acquisition-Adjusted EBITDA | $278.4 | $272.9 | 2.0% | - Acquisition-adjusted results account for acquisitions and divestitures in the prior period to match the ownership timeframe in the current period, providing a more consistent comparison[11](index=11&type=chunk) [Liquidity and Capital Resources](index=3&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, Lamar maintained $363.0 million in total liquidity, including available credit and cash, with outstanding borrowings Liquidity as of June 30, 2025 | Metric | Amount (Millions) | | :----------------------------------------- | :---------------- | | Total Liquidity | $363.0 | | Available under Revolving Senior Credit Facility | $307.3 | | Cash and Cash Equivalents | $55.7 | | Borrowings Outstanding (Revolving Credit Facility) | $434.0 | | Outstanding (Accounts Receivable Securitization Program) | $250.0 | [Recent Developments](index=3&type=section&id=Recent%20Developments) Lamar Advertising Limited Partnership acquired Verde Outdoor assets in July 2025, adding over 1,500 billboard faces through a Common Units issuance - On July 2, 2025, Lamar Advertising Limited Partnership acquired Verde Outdoor assets, including over **1,500 billboard faces** across ten states[16](index=16&type=chunk) - The acquisition consideration involved issuing **1,187,500 Common Units** of Lamar LP to Verde Outdoor owners[16](index=16&type=chunk) - Common Units are redeemable by the holder after a general twelve-month holding period for cash or, at the Company's option, for shares of Class A common stock[17](index=17&type=chunk) [Revised Full-Year Guidance](index=3&type=section&id=Revised%20Full-Year%20Guidance) Lamar updated its 2025 full-year guidance, narrowing net income per diluted share and slightly lowering diluted AFFO per share ranges Revised 2025 Full-Year Guidance | Metric | Previous Range | Revised Range | | :-------------------------- | :------------- | :------------ | | Net Income per Diluted Share| N/A | $6.09 - $6.11 |\n| Diluted AFFO per Share | $8.13 - $8.28 | $8.10 - $8.20 | [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section cautions that forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from projections - Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from projections[19](index=19&type=chunk) - Key risks include significant indebtedness, the state of the economy and financial markets, demand for advertising, ability to obtain funding, REIT qualification, industry regulation, acquisition integration, and changes in accounting or tax laws[19](index=19&type=chunk) - Investors are cautioned not to place undue reliance on these statements, which speak only as of the document's date[19](index=19&type=chunk) [Use of Non-GAAP Financial Measures](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) This section defines and explains Lamar's non-GAAP financial measures, such as Adjusted EBITDA and AFFO, as supplemental performance indicators with limitations - The Company uses non-GAAP measures like Adjusted EBITDA, Free Cash Flow, FFO, and AFFO to review performance, believing they are meaningful supplemental measures of operating performance[20](index=20&type=chunk)[22](index=22&type=chunk) - These non-GAAP measures should not be considered in isolation or as a substitute for their most directly comparable GAAP financial measures[20](index=20&type=chunk)[22](index=22&type=chunk) - Detailed definitions are provided for Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, FFO (per NAREIT), AFFO, Diluted AFFO per share, Outdoor operating income, Acquisition-adjusted results, and Acquisition-adjusted consolidated expense[21](index=21&type=chunk)[24](index=24&type=chunk) [Supplemental Financial Schedules](index=7&type=section&id=Supplemental%20Financial%20Schedules) This section provides detailed financial schedules, including condensed consolidated statements of income, balance sheet, cash flow, and non-GAAP reconciliations [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This schedule presents unaudited condensed consolidated statements of income for Q2 and H1 2025 and 2024, detailing revenues and net income Condensed Consolidated Statements of Income (Selected Data, in thousands) | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net revenues | $579,311 | $565,251 | $1,084,741 | $1,063,401 | | Total operating expense | $381,630 | $381,024 | $695,827 | $754,574 | | Operating income | $197,681 | $184,227 | $388,914 | $308,827 | | Net income | $155,016 | $137,594 | $294,245 | $216,093 | | Diluted earnings per share | $1.52 | $1.34 | $2.87 | $2.10 | [Selected Balance Sheet and Cash Flow Data](index=8&type=section&id=Selected%20Balance%20Sheet%20and%20Cash%20Flow%20Data) This schedule provides selected unaudited balance sheet data as of June 30, 2025, and cash flow data for Q2 and H1 2025 and 2024 Selected Balance Sheet Data (in thousands) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Cash and cash equivalents | $55,726 | $49,461 | | Total assets | $6,673,968 | $6,586,549 | | Total debt, net | $3,363,713 | $3,210,864 | | Total stockholders' equity | $906,883 | $1,048,020 | Selected Cash Flow Data (in thousands) | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Cash flows provided by operating activities | $229,487 | $256,342 | $357,232 | $366,904 | | Cash flows used in investing activities | $99,202 | $31,645 | $33,776 | $76,661 | | Cash flows used in financing activities | $110,947 | $183,118 | $317,469 | $256,744 | [Reconciliation of Non-GAAP Measures](index=9&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles non-GAAP measures like Free Cash Flow and Adjusted EBITDA to their comparable GAAP measures for Q2 and H1 2025 and 2024 Reconciliation of Cash Flows Provided By Operating Activities to Free Cash Flow (in thousands) | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Cash flows provided by operating activities | $229,487 | $256,342 | $357,232 | $366,904 | | Total capital expenditures | $(38,201) | $(22,648) | $(68,088) | $(52,130) | | Free cash flow | $199,082 | $203,508 | $320,196 | $342,192 | Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income | $155,016 | $137,594 | $294,245 | $216,093 | | Depreciation and amortization | $78,110 | $77,191 | $155,931 | $152,419 | | Adjusted EBITDA | $278,383 | $271,554 | $488,604 | $483,476 | Acquisition-Adjusted Results (in thousands) | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Acquisition-adjusted net revenue | $579,311 | $568,382 | $1,084,741 | $1,068,422 | | Acquisition-adjusted EBITDA | $278,383 | $272,941 | $488,604 | $485,181 | [Unaudited REIT Measures and Reconciliations to GAAP Measures](index=12&type=section&id=Unaudited%20REIT%20Measures%20and%20Reconciliations%20to%20GAAP%20Measures) This section reconciles FFO and AFFO to net income, including diluted AFFO per share for reported periods and revised 2025 full-year projections Adjusted Funds from Operations (in thousands) | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income | $155,016 | $137,594 | $294,245 | $216,093 | | Funds from operations | $225,342 | $209,273 | $381,484 | $357,779 | | Adjusted funds from operations | $225,282 | $213,517 | $389,590 | $371,754 | | Diluted AFFO per share | $2.22 | $2.08 | $3.81 | $3.63 | Revised Projected 2025 Adjusted Funds From Operations (in thousands) | Metric (in thousands) | Low (Year ended Dec 31, 2025) | High (Year ended Dec 31, 2025) | | :-------------------- | :---------------------------- | :----------------------------- | | Net income | $625,400 | $627,400 | | Funds from operations | $839,300 | $841,300 | | Adjusted funds from operations | $831,500 | $841,500 | | Diluted earnings per share | $6.09 | $6.11 | | Diluted AFFO per share | $8.10 | $8.20 | [Conference Call Information](index=6&type=section&id=Conference%20Call%20Information) Lamar Advertising Company scheduled a conference call for August 8, 2025, to discuss its operating results, providing details for participation via phone and webcast - A conference call to discuss operating results was scheduled for **Friday, August 8, 2025, at 8:00 a.m. central time**[25](index=25&type=chunk) Conference Call Details | Item | Detail | | :------------ | :---------------------------------------- | | All Callers | 1-800-420-1271 or 1-785-424-1634 | | Passcode | 63104 | | Live Webcast | ir.lamar.com | | Webcast Replay| ir.lamar.com (Available through Aug 15, 2025) | [General Company Information](index=6&type=section&id=General%20Company%20Information) Founded in 1902, Lamar Advertising is one of North America's largest outdoor advertising companies, offering a wide range of billboard, transit, and airport advertising formats, including the largest network of digital billboards in the U.S - Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America[26](index=26&type=chunk) - Operates over **366,000 displays** across the United States and Canada[26](index=26&type=chunk) - Offers various advertising formats including billboard, interstate logo, transit, and airport advertising, and boasts the largest network of digital billboards in the U.S. with over **5,200 displays**[26](index=26&type=chunk)

Group 1 - Lamar Advertising Company will release its second quarter earnings report for the period ended June 30, 2025, before the market opens on August 8, 2025 [1] - A conference call will be hosted by Lamar on August 8, 2025, at 8:00 a.m. Central time to discuss the company's results and answer operational questions [1] - Instructions for dialing into the conference call include two phone numbers and a passcode, with a live webcast available on the company's investor relations website [1]

Core Insights - Lamar Advertising (LAMR) has acquired Verde Outdoor assets, adding over 1,500 billboard faces, including 80 digital displays, across 10 states in key markets [1][9] - The acquisition was executed as an Umbrella Partnership Real Estate Investment Trust (UPREIT) transaction, marking a first in the billboard industry [2] - Verde Outdoor owners will receive dividends equivalent to Lamar's common stock and can convert their units into cash or shares of Class A common stock [3] Company Overview - Lamar holds a significant national presence in outdoor advertising and is a leading provider of logo signs in the U.S. [4] - The acquisition emphasizes Lamar's strategy to enhance its digital platform through acquisitions and technological advancements in the out-of-home (OOH) advertising sector [4] - The company has expanded its digital network to approximately 5,100 displays, positioning itself to leverage growing programmatic advertising channels [5] Market Performance - Over the past three months, Lamar's shares have increased by 7.4%, slightly trailing the industry's growth of 7.8% [6]

Core Insights - Lamar Advertising Company has completed its first-ever UPREIT transaction in the billboard industry by acquiring Verde Outdoor's assets [1][5] - The acquisition adds over 1,500 billboard faces, including 80 digital displays, across 10 states, enhancing Lamar's market presence in the Midwest, Southeast, and Mid-Atlantic regions [2] Company Overview - Verde Outdoor was established in 2021 and has rapidly expanded through strategic acquisitions and organic development, particularly in Sioux City, Charleston, Savannah, Hudson Valley, and the Mid-Atlantic [3] - The transaction involved Verde contributing its assets to Lamar Advertising Limited Partnership, with Verde's owners receiving common units of Lamar LP that track the value of Lamar's Class A common stock [4] Transaction Structure - The UPREIT structure allows Lamar to issue partnership units to billboard owners on a tax-deferred basis, facilitating acquisitions [5] - The CEO of Lamar highlighted the significance of this deal and expressed optimism about using the UPREIT structure for future acquisitions [6]

Core Insights - Lamar Advertising (LAMR) shares have increased by 18.4% over the past three months, outperforming the industry growth of 10.1% [1][8] - The company has a strong presence in outdoor advertising across the U.S. and Canada, supported by a diversified tenant base, which contributes to stable revenues [1][3] - The focus on expanding digital capabilities and acquisitions positions the company for long-term growth [2][4][5] Company Performance - Lamar completed 10 acquisitions worth $22.1 million in the first quarter of 2025, enhancing its market position [4] - The company operates approximately 5,100 digital billboards, making it the largest network of digital displays in the U.S. [5] - Lamar has raised its dividend eight times in the last five years, with a five-year annualized dividend growth rate of 24.17% [6][8] Shareholder Value - The company has repurchased common stock worth $150 million year to date, with an additional $150 million approved for repurchase, totaling $250 million remaining under the program [9] - These share repurchase efforts are aimed at enhancing shareholder value and boosting investor confidence [9] Industry Trends - Out-of-home (OOH) advertising is experiencing rapid growth and increasing market share compared to other media forms [4] - Higher technology investments are expected to further support the growth of OOH advertising in the coming years [4]

Company Overview - Lamar Advertising (NASDAQ:LAMR) issued guidance for 2025, projecting approximately 4% growth in Adjusted Funds From Operations (AFFO) per share over 2024 [1][2] - The company reported 1Q25 earnings on May 8, 2025, and reaffirmed its guidance during the earnings call, indicating that it is on track to meet its previously provided AFFO per share guidance [5][6] Market Concerns - There are macroeconomic concerns affecting advertising spend, with key advertisers potentially pulling back due to uncertainties in supply chains and consumer spending [2] - MAGNA revised its forecast for media advertising revenues, projecting a growth of 4.3% in 2025, down from a previous forecast of 4.9% [2] Performance Insights - As of May 2025, 75% of ad space is already contracted, which provides a solid revenue base for the company [6] - The growth is expected to be back-end loaded, with sequential strength anticipated as the year progresses [6] Industry Dynamics - The out-of-home (OOH) advertising industry has shown resilience, with billboards gaining market share from traditional media like linear TV and radio [9][10] - The industry benefits from limited new supply due to regulatory constraints, creating a strong competitive moat for existing players [9][11] Financial Strategies - The company has engaged in share buybacks, repurchasing 1.223 million shares for a total of $131.6 million in April 2025, which is expected to be accretive to AFFO per share [12][13] - Lamar is also pursuing accretive acquisitions that should contribute positively to AFFO [13] Growth Outlook - Despite a projected slowdown to 4% AFFO per share growth, the underlying growth rate is believed to be closer to 6%+ due to challenging comparisons with 2024 [8][16] - The company is trading at 13.7X AFFO, which is considered opportunistic given its growth outlook of 4% to 8% over the next five years [16]

Core Points - Lamar Advertising (LAMR) has declared a quarterly cash dividend of $1.55 per share, payable on June 30, 2025, to shareholders of record as of June 19, 2025 [1] - The company anticipates total quarterly distributions to stockholders in 2025 to reach at least $6.20 per common share [1] Dividend Growth - Lamar has increased its dividend nine times over the past five years, showcasing a commitment to solid dividend payouts [2] - The five-year annualized dividend growth rate stands at 24.17%, indicating strong growth potential [2] Stock Repurchase Program - The company has completed $150 million in stock repurchases and has $100 million remaining under the current program [3] - An increase of $150 million to the stock repurchase program has been approved, raising the total available for repurchase to $250 million [3] Stock Performance - Over the past three months, shares of Lamar Advertising have decreased by 7.2%, while the industry has remained flat with a 0.0% change [4] Comparison with Other REITs - Other REITs with better rankings include CareTrust REIT (CTRE) and W.P. Carey (WPC), both currently rated as Zacks Rank 2 (Buy) [5] - The Zacks Consensus Estimate for CTRE's 2025 FFO per share is $1.78, reflecting an 18.7% year-over-year growth [6] - WPC's full-year FFO per share estimate is $4.88, indicating a 3.8% increase from the previous year [6]

Group 1 - Lamar Advertising Company declared a quarterly cash dividend of $1.55 per share, payable on June 30, 2025, to stockholders of record on June 16, 2025, with expected total distributions of at least $6.20 per common share in 2025 [1][2] - The company completed $150 million in stock repurchases under its existing program and has increased the stock repurchase program by an additional $150 million, bringing the total available for repurchase to $250 million [2] Group 2 - Lamar Advertising Company, founded in 1902, is one of the largest outdoor advertising companies in North America, operating over 363,000 displays across the United States and Canada [4] - The company offers a variety of advertising formats, including billboards, interstate logos, transit, and airport advertising, and has the largest network of digital billboards in the U.S. with approximately 5,100 displays [4]