LAMAR ADVERTISING CO

Lamar Advertising Company (NASDAQ: LAMR) is one of the largest outdoor advertising companies in the United States, operating since 1902 and publicly traded since 1996. The company operates through three primary segments: billboard advertising, logo sign advertising, and transit advertising displays. As of December 31, 2025, Lamar operates approximately 360,800 total advertising displays across the United States and Canada, including roughly 159,300 billboard displays in 45 states and Canada, over 144,400 logo sign displays in 24 states and Ontario, and approximately 40,600 transit advertising displays in 23 states and Canada. The company also operates approximately 5,500 digital billboard displays in 43 states and Canada.

The company's business model centers on renting advertising space to customers through a decentralized management structure with centralized financial control. Lamar employs over 3,500 people, including approximately 1,000 local account executives who provide high-quality sales and service in local markets. The company owns approximately 11,200 parcels of property beneath its advertising displays and leases approximately 71,500 outdoor sites. Local advertising constitutes approximately 79 percent of outdoor net revenues, reflecting the company's focus on small to mid-size markets where it can achieve strong market share positions.

Lamar's competitive advantages include its extensive geographic diversification, strong local market presence, and integrated service offerings that encompass advertising copy production, placement, and maintenance. The company is the largest provider of logo signs in the United States, operating 24 of 28 privatized state logo sign contracts. Digital billboards, which display rotating advertisements every 6 to 8 seconds, generated approximately 33 percent of billboard advertising revenues and represent a significant growth area for the company.

The company operates as a real estate investment trust following a 2014 reorganization, with a subsequent 2022 conversion to an Umbrella Partnership REIT structure. Lamar's website is www.lamar.com. The company's tenant base is diverse, with no individual tenant accounting for more than 2 percent of billboard advertising revenues, and customers spanning industries including service, healthcare, restaurants, retail, automotive, and entertainment.