Lamar Advertising Company announced on July 7, 2025, the acquisition of assets from Verde Outdoor, with the transaction closing on July 2, 2025. This deal brought over 1,500 billboard faces, including 80 digital displays, across 10 states into Lamar's portfolio.
This acquisition was executed as the first-ever UPREIT transaction in the billboard industry. Verde's owners received common units of Lamar Advertising Limited Partnership (Lamar LP), which are convertible into cash or shares of Lamar's Class A common stock.
Lamar's CEO, Sean Reilly, highlighted that this UPREIT structure is expected to become a template for future acquisitions, allowing billboard owners to diversify their asset bases in a tax-efficient manner. The acquisition expands Lamar's presence in key markets across the Midwest, Southeast, and Mid-Atlantic regions.
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