Headquartered in Baton Rouge, LA, Lamar Advertising Company is one of the largest owners and operators of outdoor advertising structures in the United States. This real estate investment trust (REIT) provides advertising services to restaurants, retailers, automotive, real estate, health care and gaming companies. The company has its operations spread across the United States and Canada. The company’s operations include:
Billboard advertising: Most of the company's advertising space are on two types of billboard advertising displays: bulletins and posters. In addition to traditional static displays, Lamar also rents digital billboards. As of Dec 31, 2020, the company owned and operated around 153,200 billboard advertising displays in 45 states and Canada. Moreover, as of the same date, the company owned and operated more than 3,600 digital billboard advertising displays in 43 states and Canada.
Logo sign advertising: Lamar installs logo signs that generally advertise nearby food, gas, camping, lodging and other attractions, as well as directional signs to direct vehicle traffic to nearby services and tourist attractions, near highway exits. The company has emerged as the largest provider of logo signs in the United States, operating 23 of the 26 privatized state logo sign contracts. As of Dec 31, 2020, the company operated more than 137,100 logo sign advertising displays in 23 states and the province of Ontario, Canada.
Transit advertising: The company generally enters into transit contracts with the local municipalities and airport authorities, allowing it exclusive right to rent advertising displays to customers, at airports and on buses, benches or shelters. As of Dec 31, 2020, the company operated more than 47,700 transit advertising displays in 22 states and Canada.
Note: All EPS numbers presented in this report represent FFO per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.