BATON ROUGE, Louisiana — Higher sales helped boost Baton Rouge-based Lamar Advertising Co.'s first-quarter adjusted funds from operations by more than 30 percent to $78.9 million, or 82 cents per share.
Adjusted funds from operations, or AFFO, is a measure that helps predict a Real Estate Investment Trust's ability to pay dividends. Lamar converted to a trust in 2014. The trusts don't pay income taxes on profits if at least 90 percent are paid to shareholders through dividends.
A year ago, Lamar's AFFO was $58.8 million, or 62 cents per share.
In March, Lamar Chief Executive Sean Reilly said it expects AFFO for 2015 in the range of $417 million to $427 million, or $4.34 to $4.45 per share.
Reilly tells The Advocate (http://bit.ly/1F5ZuYy) the continued growth in local billboard sales, up 6.7 percent, was also a first-quarter highlight.
Information from: The Advocate, http://theadvocate.com
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