Lamar Advertising Company Announces Second Quarter Ended June 30, 2025 Operating Results

Three Month Results

• Net revenues were $579.3 million
• Net income was $155.0 million
• Adjusted EBITDA was $278.4 million

Six Month Results

• Net revenues were $1.08 billion
• Net income was $294.2 million
• Adjusted EBITDA was $488.6 million

BATON ROUGE, La., Aug. 08, 2025 (GLOBE NEWSWIRE) -- Lamar Advertising Company (the "Company" or "Lamar") (NASDAQ:LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company's operating results for the second quarter ended June 30, 2025.

"Revenue growth accelerated slightly in the second quarter, with increases on both the national and local levels. Meanwhile, in early July we completed a milestone acquisition, with the first-ever UPREIT transaction in the billboard industry," Lamar chief executive Sean Reilly said. "Our pacings indicate further year-over-year improvement in revenues is likely in the second half of 2025, though perhaps not to the degree that we'd anticipated entering the year. As a result, we've slightly revised our guidance for full-year diluted AFFO per share from a range of $8.13 to $8.28 per share to a range of $8.10 to $8.20 per share."

Second Quarter Highlights

• Net revenues increased 2.5%
• Net income increased 12.7%
• Adjusted EBITDA increased 2.5%
• AFFO increased 5.5%

Second Quarter Results

Lamar reported net revenues of $579.3 million for the second quarter of 2025 versus $565.3 million for the second quarter of 2024, a 2.5% increase. Operating income for the second quarter of 2025 increased $13.5 million to $197.7 million as compared to $184.2 million for the same period in 2024. Lamar recognized net income of $155.0 million for the second quarter of 2025 as compared to net income of $137.6 million for the same period in 2024, an increase of $17.4 million. Net income per diluted share was $1.52 and $1.34 for the three months ended June 30, 2025 and 2024, respectively.

Adjusted EBITDA for the second quarter of 2025 was $278.4 million versus $271.6 million for the second quarter of 2024, an increase of 2.5%.

Cash flow provided by operating activities was $229.5 million for the three months ended June 30, 2025 versus $256.3 million for the second quarter of 2024, a decrease of $26.9 million. Free cash flow for the second quarter of 2025 was $199.1 million as compared to $203.5 million for the same period in 2024, a 2.2% decrease.

For the second quarter of 2025, funds from operations, or FFO, was $225.3 million versus $209.3 million for the same period in 2024, an increase of 7.7%. Adjusted funds from operations, or AFFO, for the second quarter of 2025 was $225.3 million compared to $213.5 million for the same period in 2024, an increase of 5.5%. Diluted AFFO per share increased 6.7% to $2.22 for the three months ended June 30, 2025 as compared to $2.08 for the same period in 2024.

Acquisition-Adjusted Three Months Results

Acquisition-adjusted net revenue for the second quarter of 2025 increased 1.9% over acquisition-adjusted net revenue for the second quarter of 2024. Acquisition-adjusted EBITDA for the second quarter of 2025 increased 2.0% as compared to acquisition-adjusted EBITDA for the second quarter of 2024. Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2024 period for acquisitions and divestitures for the same time frame as actually owned in the 2025 period. See "Reconciliation of Reported Basis to Acquisition-Adjusted Results", which provides reconciliations to GAAP for acquisition-adjusted measures.

Six Month Results

Lamar reported net revenues of $1.08 billion for the six months ended June 30, 2025 versus $1.06 billion for the six months ended June 30, 2024, a 2.0% increase. Operating income for the six months ended June 30, 2025 increased $80.1 million to $388.9 million as compared to $308.8 million for the same period in 2024. Lamar recognized net income of $294.2 million for the six months ended June 30, 2025 as compared to net income of $216.1 million for the same period in 2024, an increase of $78.2 million. The 36.2% increase in net income for the year ended June 30, 2025 as compared to 2024 was primarily related to the $67.8 million gain recorded for the sale of Lamar's equity interest in Vistar Media, Inc. ("Vistar") in 2025. Net income per diluted share was $2.87 and $2.10 for the six months ended June 30, 2025 and 2024, respectively.

Adjusted EBITDA for the six months ended June 30, 2025 was $488.6 million versus $483.5 million for the same period in 2024, an increase of 1.1%.

Cash flow provided by operating activities was $357.2 million for the six months ended June 30, 2025 as compared to $366.9 million for the same period in 2024, a decrease of $9.7 million. Free cash flow for the six months ended June 30, 2025 was $320.2 million as compared to $342.2 million for the same period in 2024, a 6.4% decrease.

For the six months ended June 30, 2025, funds from operations, or FFO, was $381.5 million versus $357.8 million for the same period in 2024, an increase of 6.6%. Adjusted funds from operations, or AFFO, for the six months ended June 30, 2025 was $389.6 million compared to $371.8 million for the same period in 2024, an increase of 4.8%. Diluted AFFO per share increased 5.0% to $3.81 for the six months ended June 30, 2025 as compared to $3.63 for the same period in 2024.

Liquidity

As of June 30, 2025, Lamar had $363.0 million in total liquidity that consisted of $307.3 million available for borrowing under its revolving senior credit facility and $55.7 million in cash and cash equivalents. There were $434.0 million in borrowings outstanding under the Company's revolving credit facility and $250.0 million outstanding under the Accounts Receivable Securitization Program as of the same date.

Recent Developments

On July 2, 2025, Lamar Advertising Limited Partnership ("Lamar LP"), the subsidiary operating partner of the Company, issued a total of 1,187,500 Common Units of Lamar LP (the "Common Units"). The Common Units were issued to the owners of Verde Outdoor as the consideration in connection with an acquisition, whereby the assets of Verde Outdoor were contributed to Lamar LP. The Verde Outdoor assets include more than 1,500 billboard faces across ten states.

Pursuant to the terms of the Limited Partnership Agreement of Lamar LP, the Common Units are redeemable by the holder after a holding period, which is generally twelve months, for a cash amount per Common Unit equal to the market value of an equivalent number of shares of common stock of the Company. At the Company's option, in lieu of cash, the redemption obligation may be satisfied by issuing shares of Class A common stock of the Company in exchange for Common Units tendered for redemption.

Revised Guidance

We are updating our 2025 guidance issued in February 2025. We now expect net income per diluted share for fiscal year 2025 to be between $6.09 and $6.11, with diluted AFFO per share between $8.10 and $8.20. See "Supplemental Schedules Unaudited REIT Measures and Reconciliations to GAAP Measures" for reconciliation to GAAP.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding sales trends. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others: (1) our significant indebtedness; (2) the state of the economy and financial markets generally, and the effect of the broader economy on the demand for advertising, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions; (3) the continued popularity of outdoor advertising as an advertising medium; (4) our need for and ability to obtain additional funding for operations, debt refinancing or acquisitions; (5) our ability to continue to qualify as a Real Estate Investment Trust ("REIT") and maintain our status as a REIT; (6) the regulation of the outdoor advertising industry by federal, state and local governments; (7) the integration of companies and assets that we acquire and our ability to recognize cost savings or operating efficiencies as a result of these acquisitions; (8) changes in accounting principles, policies or guidelines; (9) changes in tax laws applicable to REITs or in the interpretation of those laws; (10) our ability to renew expiring contracts at favorable rates; (11) our ability to successfully implement our digital deployment strategy; and (12) the market for our Class A common stock. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We caution investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law.

Use of Non-GAAP Financial Measures

The Company has presented the following measures that are not measures of performance under accounting principles generally accepted in the United States of America ("GAAP"): adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), free cash flow, funds from operations ("FFO"), adjusted funds from operations ("AFFO"), diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense. Our management reviews our performance by focusing on these key performance indicators not prepared in conformity with GAAP. We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for their most directly comparable GAAP financial measures.

Our Non-GAAP financial measures are determined as follows:

• We define adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), loss (gain) on extinguishment of debt and investments, equity in (earnings) loss of investee, stock-based compensation, depreciation and amortization, loss (gain) on disposition of assets and investments, transaction expenses and investments and capitalized contract fulfillment costs, net.

• Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenues.

• Free cash flow is defined as adjusted EBITDA less interest, net of interest income and amortization of deferred financing costs, current taxes, preferred stock dividends and total capital expenditures.

• We use the National Association of Real Estate Investment Trusts definition of FFO, which is defined as net income before (gain) loss from the sale or disposal of real estate assets and investments, net of tax, and real estate related depreciation and amortization and including adjustments to eliminate unconsolidated affiliates and non-controlling interest.

• We define AFFO as FFO before (i) straight-line income and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax expense (benefit); (v) non-real estate related depreciation and amortization; (vi) amortization of deferred financing costs; (vii) loss on extinguishment of debt; (viii) transaction expenses; (ix) non-recurring infrequent or unusual losses (gains); (x) less maintenance capital expenditures; and (xi) an adjustment for unconsolidated affiliates and non-controlling interest.

• Diluted AFFO per share is defined as AFFO divided by weighted average diluted common shares outstanding.

• Outdoor operating income is defined as operating income before corporate expenses, stock-based compensation, capitalized contract fulfillment costs, net, transaction expenses, depreciation and amortization and loss (gain) on disposition of assets and investments.

• Acquisition-adjusted results adjusts our net revenue, direct and general and administrative expenses, outdoor operating income, corporate expense and EBITDA for the prior period by adding to, or subtracting from, the corresponding revenue or expense generated by the acquired or divested assets before our acquisition or divestiture of these assets for the same time frame that those assets were owned in the current period. In calculating acquisition-adjusted results, therefore, we include revenue and expenses generated by assets that we did not own in the prior period but acquired in the current period. We refer to the amount of pre-acquisition revenue and expense generated by or subtracted from the acquired assets during the prior period that corresponds with the current period in which we owned the assets (to the extent within the period to which this report relates) as "acquisition-adjusted results".

• Acquisition-adjusted consolidated expense adjusts our total operating expense to remove the impact of stock-based compensation, depreciation and amortization, transaction expenses, capitalized contract fulfillment costs, net, and loss (gain) on disposition of assets and investments. The prior period is also adjusted to include the expense generated by the acquired or divested assets before our acquisition or divestiture of such assets for the same time frame that those assets were owned in the current period.

Adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are not intended to replace other performance measures determined in accordance with GAAP. Free cash flow, FFO and AFFO do not represent cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities as a measure of liquidity or of funds available to fund our cash needs, including our ability to make cash distributions. Adjusted EBITDA, free cash flow, FFO, AFFO, diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are presented as we believe each is a useful indicator of our current operating performance. Specifically, we believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for purposes of decision making and for evaluating our core operating results; (2) adjusted EBITDA is widely used in the industry to measure operating performance as it excludes the impact of depreciation and amortization, which may vary significantly among companies, depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (3) adjusted EBITDA, FFO, AFFO, diluted AFFO per share and acquisition-adjusted consolidated expense each provides investors with a meaningful measure for evaluating our period-over-period operating performance by eliminating items that are not operational in nature and reflect the impact on operations from trends in occupancy rates, operating costs, general and administrative expenses and interest costs; (4) acquisition-adjusted results is a supplement to enable investors to compare period-over-period results on a more consistent basis without the effects of acquisitions and divestitures, which reflects our core performance and organic growth (if any) during the period in which the assets were owned and managed by us; (5) free cash flow is an indicator of our ability to service debt and generate cash for acquisitions and other strategic investments; (6) outdoor operating income provides investors a measurement of our core results without the impact of fluctuations in stock-based compensation, depreciation and amortization and corporate expenses; and (7) each of our Non-GAAP measures provides investors with a measure for comparing our results of operations to those of other companies.

Our measurement of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense to the most directly comparable GAAP measures have been included herein.

Conference Call Information

A conference call will be held to discuss the Company's operating results on Friday, August 8, 2025 at 8:00 a.m. central time. Instructions for the conference call and Webcast are provided below:

Conference Call

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 Friday, August 15, 2025 at 11:59 p.m. eastern time
Company Contact:	Buster Kantrow
	Director of Investor Relations
	(225) 926-1000
	[email protected]

General Information

Founded in 1902, Lamar Advertising (NASDAQ:LAMR) is one of the largest outdoor advertising companies in North America, with over 366,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of-home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with over 5,200 displays.

LAMAR ADVERTISING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Net revenues	$	579,311			$	565,251			$	1,084,741			$	1,063,401
Operating expenses (income)
Direct advertising expenses		187,156				183,455				366,778				359,284
General and administrative expenses		86,679				84,334				175,880				167,429
Corporate expenses		27,093				25,908				53,479				53,212
Stock-based compensation		7,148				11,150				17,725				25,616
Capitalized contract fulfillment costs, net		(380	)			(190	)			(5	)			(374	)
Depreciation and amortization		78,110				77,191				155,931				152,419
Gain on disposition of assets and investments		(4,176	)			(824	)			(73,961	)			(3,012	)
Total operating expense		381,630				381,024				695,827				754,574
Operating income		197,681				184,227				388,914				308,827
Other expense (income)
Interest income		(597	)			(572	)			(1,089	)			(1,039	)
Interest expense		40,700				44,337				79,032				88,824
Equity in loss (earnings) of investee		174				(4	)			(206	)			555
		40,277				43,761				77,737				88,340
Income before income tax expense		157,404				140,466				311,177				220,487
Income tax expense		2,388				2,872				16,932				4,394
Net income		155,016				137,594				294,245				216,093
Net income attributable to non-controlling interest		661				228				1,135				503
Net income attributable to controlling interest		154,355				137,366				293,110				215,590
Preferred stock dividends		91				91				182				182
Net income applicable to common stock	$	154,264			$	137,275			$	292,928			$	215,408
Earnings per share:
Basic earnings per share	$	1.52			$	1.34			$	2.88			$	2.11
Diluted earnings per share	$	1.52			$	1.34			$	2.87			$	2.10
Weighted average common shares outstanding:
Basic		101,271,391				102,248,621				101,851,428				102,181,890
Diluted		101,653,373				102,594,217				102,233,863				102,522,569
OTHER DATA
Free Cash Flow Computation:
Adjusted EBITDA	$	278,383			$	271,554			$	488,604			$	483,476
Interest, net		(38,570	)			(42,125	)			(74,887	)			(84,514	)
Current tax expense		(2,439	)			(3,182	)			(25,251	)			(4,458	)
Preferred stock dividends		(91	)			(91	)			(182	)			(182	)
Total capital expenditures		(38,201	)			(22,648	)			(68,088	)			(52,130	)
Free cash flow	$	199,082			$	203,508			$	320,196			$	342,192

SUPPLEMENTAL SCHEDULES SELECTED BALANCE SHEET AND CASH FLOW DATA (IN THOUSANDS)
	June 30, 2025				December 31, 2024
	(Unaudited)
Selected Balance Sheet Data:
Cash and cash equivalents	$	55,726			$	49,461
Working capital deficit	$	(325,124	)		$	(353,206	)
Total assets	$	6,673,968			$	6,586,549
Total debt, net of deferred financing costs (including current maturities)	$	3,363,713			$	3,210,864
Total stockholders' equity	$	906,883			$	1,048,020

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
	(Unaudited)
Selected Cash Flow Data:
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

SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS)
	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Reconciliation of Cash Flows Provided By Operating Activities to Free Cash Flow:
Cash flows provided by operating activities	$	229,487			$	256,342			$	357,232			$	366,904
Changes in operating assets and liabilities		10,346				(28,574	)			34,513				29,617
Total capital expenditures		(38,201	)			(22,648	)			(68,088	)			(52,130	)
Preferred stock dividends		(91	)			(91	)			(182	)			(182	)
Capitalized contract fulfillment costs, net		(380	)			(190	)			(5	)			(374	)
Other		(2,079	)			(1,331	)			(3,274	)			(1,643	)
Free cash flow	$	199,082			$	203,508			$	320,196			$	342,192
Reconciliation of Net Income to Adjusted EBITDA:
Net income	$	155,016			$	137,594			$	294,245			$	216,093
Interest income		(597	)			(572	)			(1,089	)			(1,039	)
Interest expense		40,700				44,337				79,032				88,824
Equity in loss (earnings) of investee		174				(4	)			(206	)			555
Income tax expense		2,388				2,872				16,932				4,394
Operating income		197,681				184,227				388,914				308,827
Stock-based compensation		7,148				11,150				17,725				25,616
Capitalized contract fulfillment costs, net		(380	)			(190	)			(5	)			(374	)
Depreciation and amortization		78,110				77,191				155,931				152,419
Gain on disposition of assets and investments		(4,176	)			(824	)			(73,961	)			(3,012	)
Adjusted EBITDA	$	278,383			$	271,554			$	488,604			$	483,476
Capital expenditure detail by category:
Billboards - traditional	$	8,887			$	3,865			$	14,933			$	11,013
Billboards - digital		22,242				11,195				38,318				24,608
Logo		3,379				1,800				5,985				3,136
Transit		370				1,034				958				1,385
Land and buildings		1,360				2,364				1,670				4,680
Operating equipment		1,963				2,390				6,224				7,308
Total capital expenditures	$	38,201			$	22,648			$	68,088			$	52,130

SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS)
	Three Months Ended June 30,									Six Months Ended June 30,
		2025			2024		% Change				2025			2024		% Change
Reconciliation of Reported Basis to Acquisition-Adjusted Results(a):
Net revenue	$	579,311		$	565,251		2.5	%		$	1,084,741		$	1,063,401		2.0	%
Acquisitions and divestitures		—			3,131						—			5,021
Acquisition-adjusted net revenue		579,311			568,382		1.9	%			1,084,741			1,068,422		1.5	%
Reported direct advertising and G&A expenses		273,835			267,789		2.3	%			542,658			526,713		3.0	%
Acquisitions and divestitures		—			1,744						—			3,316
Acquisition-adjusted direct advertising and G&A expenses		273,835			269,533		1.6	%			542,658			530,029		2.4	%
Outdoor operating income		305,476			297,462		2.7	%			542,083			536,688		1.0	%
Acquisition and divestitures		—			1,387						—			1,705
Acquisition-adjusted outdoor operating income		305,476			298,849		2.2	%			542,083			538,393		0.7	%
Reported corporate expense		27,093			25,908		4.6	%			53,479			53,212		0.5	%
Acquisitions and divestitures		—			—						—			—
Acquisition-adjusted corporate expenses		27,093			25,908		4.6	%			53,479			53,212		0.5	%
Adjusted EBITDA		278,383			271,554		2.5	%			488,604			483,476		1.1	%
Acquisitions and divestitures		—			1,387						—			1,705
Acquisition-adjusted EBITDA	$	278,383		$	272,941		2.0	%		$	488,604		$	485,181		0.7	%

__________________________________
(a)	Acquisition-adjusted net revenue, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses and EBITDA include adjustments to 2024 for acquisitions and divestitures for the same time frame as actually owned in 2025.

	Three Months Ended June 30,											Six Months Ended June 30,
		2025				2024			% Change				2025				2024			% Change
Reconciliation of Net Income to Outdoor Operating Income:
Net income	$	155,016			$	137,594			12.7	%		$	294,245			$	216,093			36.2	%
Interest expense, net		40,103				43,765							77,943				87,785
Equity in loss (earnings) of investee		174				(4	)						(206	)			555
Income tax expense		2,388				2,872							16,932				4,394
Operating income		197,681				184,227			7.3	%			388,914				308,827			25.9	%
Corporate expenses		27,093				25,908							53,479				53,212
Stock-based compensation		7,148				11,150							17,725				25,616
Capitalized contract fulfillment costs, net		(380	)			(190	)						(5	)			(374	)
Depreciation and amortization		78,110				77,191							155,931				152,419
Gain on disposition of assets and investments		(4,176	)			(824	)						(73,961	)			(3,012	)
Outdoor operating income	$	305,476			$	297,462			2.7	%		$	542,083			$	536,688			1.0	%

SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS)
	Three Months Ended June 30,											Six Months Ended June 30,
		2025				2024			% Change				2025				2024			% Change
Reconciliation of Total Operating Expenses to Acquisition-Adjusted Consolidated Expense:
Total operating expenses	$	381,630			$	381,024			0.2	%		$	695,827			$	754,574			(7.8	)	%
Gain on disposition of assets and investments		4,176				824							73,961				3,012
Depreciation and amortization		(78,110	)			(77,191	)						(155,931	)			(152,419	)
Capitalized contract fulfillment costs, net		380				190							5				374
Stock-based compensation		(7,148	)			(11,150	)						(17,725	)			(25,616	)
Acquisitions and divestitures		—				1,744							—				3,316
Acquisition-adjusted consolidated expense	$	300,928			$	295,441			1.9	%		$	596,137			$	583,241			2.2		%

SUPPLEMENTAL SCHEDULES UNAUDITED REIT MEASURES AND RECONCILIATIONS TO GAAP MEASURES (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Adjusted Funds from Operations:
Net income	$	155,016			$	137,594			$	294,245			$	216,093
Depreciation and amortization related to real estate		74,015				72,393				147,651				144,122
Gain from sale or disposal of real estate and investments, net of tax		(4,145	)			(726	)			(60,742	)			(2,820	)
Adjustments for unconsolidated affiliates and non-controlling interest		456				12				330				384
Funds from operations	$	225,342			$	209,273			$	381,484			$	357,779
Straight-line expense		1,372				794				2,381				2,067
Capitalized contract fulfillment costs, net		(380	)			(190	)			(5	)			(374	)
Stock-based compensation expense		7,148				11,150				17,725				25,616
Non-cash portion of tax provision		(95	)			(310	)			(339	)			(64	)
Non-real estate related depreciation and amortization		4,095				4,799				8,280				8,297
Amortization of deferred financing costs		1,533				1,640				3,056				3,271
Capitalized expenditures-maintenance		(13,277	)			(13,627	)			(22,662	)			(24,454	)
Adjustments for unconsolidated affiliates and non-controlling interest		(456	)			(12	)			(330	)			(384	)
Adjusted funds from operations	$	225,282			$	213,517			$	389,590			$	371,754
Divided by weighted average diluted common shares outstanding		101,653,373				102,594,217				102,233,863				102,522,569
Diluted AFFO per share	$	2.22			$	2.08			$	3.81			$	3.63

SUPPLEMENTAL SCHEDULES UNAUDITED REIT MEASURES AND RECONCILIATIONS TO GAAP MEASURES (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
Revised projected 2025 Adjusted Funds From Operations:
	Year ended December 31, 2025
	Low				High
Net income	$	625,400			$	627,400
Depreciation and amortization related to real estate		293,000				293,000
Gain from sale or disposal of real estate, net of tax		(77,600	)			(77,600	)
Adjustments for unconsolidated affiliates and non-controlling interest		(1,500	)			(1,500	)
Funds from operations	$	839,300			$	841,300
Straight-line expense		4,500				4,500
Capitalized contract fulfillment costs, net		500				500
Stock-based compensation expense		27,000				35,000
Non-cash portion of tax provision		500				500
Non-real estate related depreciation and amortization		12,000				12,000
Amortization of deferred financing costs		6,200				6,200
Capitalized expenditures-maintenance		(60,000	)			(60,000	)
Adjustments for unconsolidated affiliates and non-controlling interest		1,500				1,500
Adjusted funds from operations	$	831,500			$	841,500
Weighted average diluted common shares outstanding		102,615,000				102,615,000
Diluted earnings per share	$	6.09			$	6.11
Diluted AFFO per share	$	8.10			$	8.20

The guidance provided above is based on a number of assumptions that management believes to be reasonable and reflects our expectations as of August 8, 2025. Actual results may differ materially from these estimates as a result of various factors, and we refer to the cautionary language regarding "forward-looking statements" included in the press release when considering this information.