Lamar Advertising Company LAMR

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
67/100
Moderate

Ranked against 23 peers in REIT - Specialty

About Lamar Advertising Company

Lamar Advertising Company is one of the largest outdoor advertising companies in North America, with over 362,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboards, 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 … Full LAMR analysis →

Key strengths

  • Accretive Growth Track Record Growth appears accretive (score 0.70), suggesting disciplined capital allocation.
  • Efficient Property Management Property management is efficient (score 0.65).

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Moderate
67
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where LAMR ranks in REIT - Specialty

Lamar Advertising Company ranks #3 of 21 scored companies in REIT - Specialty by moat score — the top 14%. The widest moat in the group is Gaming and Leisure Properties, (GLPI) at 85/100.

# Company Moat score Rating
1 Gaming and Leisure Properties, GLPI 85/100 Strong
2 Digital Realty Trust, Inc. DLR 69/100 Moderate
3 Lamar Advertising Company LAMR 67/100 Moderate
4 Equinix, Inc. EQIX 67/100 Moderate
5 Farmland Partners Inc. FPI 64/100 Moderate
6 EPR Properties EPR 63/100 Moderate
7 Global Self Storage, Inc. SELF 63/100 Moderate
8 SBA Communications Corporation SBAC 62/100 Moderate
9 American Tower Corporation (REI AMT 62/100 Moderate

See every Real Estate Investment Trusts company ranked by moat score →

How LAMR scores on the REIT Specialized defenses

Rent Pricing Power

Score 67 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 50 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 77 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 76 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 59 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 70 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding LAMR's moat

What is Lamar Advertising Company's moat score?

Lamar Advertising Company (LAMR) scores 67 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #3 of 21 scored companies in REIT - Specialty, the top 14%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 23 companies in REIT - Specialty. Its strongest defense is Balance Sheet & Cost of Capital (77/100) and its weakest is AFFO Strength (50/100).

How does Lamar Advertising Company compare with other REIT - Specialty companies?

Lamar Advertising Company ranks #3 of 21 scored companies in REIT - Specialty by moat score. The widest moat in REIT - Specialty is Gaming and Leisure Properties, (GLPI) at 84/100. The companies ranked closest are Digital Realty Trust, Inc. (DLR) at 68 just above it and Equinix, Inc. (EQIX) at 66 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 23 companies in REIT - Specialty. The defenses are then weighted to produce the overall score out of 100.

Why is Lamar Advertising Company scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for Lamar Advertising Company?

The REIT Specialized template measures 6 defenses, and LAMR scores: Rent Pricing Power (67), AFFO Strength (50), Balance Sheet & Cost of Capital (77), Capital Recycling & Growth (76), Operational Efficiency (59), Portfolio Quality & Diversification (70). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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