Lamar Advertising Company Announces Fourth Quarter and Year Ended December 31, 2021 Operating Results

2/25, 12:00 PM (Source: GlobeNewswire)

Three Month Results

  • Net revenue was $494.6 million
  • Net income was $123.3 million
  • Adjusted EBITDA was $230.7 million

Twelve Month Results

  • Net revenue was $1.79 billion
  • Net income was $388.1 million
  • Adjusted EBITDA was $827.3 million

BATON ROUGE, La., Feb. 25, 2022 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the fourth quarter and year ended December 31, 2021.

“As our record financial results in 2021 demonstrate, businesses large and small today have a growing appreciation for the reach and impact of out-of-home advertising," Lamar CEO Sean Reilly said. "We set new marks in 2021 for revenue, adjusted EBITDA and AFFO per share, and we've seen the sales momentum continue into 2022. Based on current pacing, we expect full-year AFFO to be between $7.03 and $7.18 per share.”

Fourth Quarter Highlights

  • Net revenue increased 15.4%
  • Adjusted EBITDA margin of 46.6%
  • Diluted AFFO per share increased 4.1%

Fourth Quarter Results

Lamar reported net revenues of $494.6 million for the fourth quarter of 2021 versus $428.5 million for the fourth quarter of 2020, a 15.4% increase. Operating income for the fourth quarter of 2021 increased $8.7 million to $149.9 million as compared to $141.2 million for the same period in 2020. Lamar recognized net income of $123.3 million for the fourth quarter of 2021 as compared to net income of $108.7 million for the same period in 2020, an increase of $14.6 million. Net income per diluted share was $1.21 and $1.08 for the three months ended December 31, 2021 and 2020, respectively.

Adjusted EBITDA for the fourth quarter of 2021 was $230.7 million versus $207.9 million for the fourth quarter of 2020, an increase of 11.0%.

Cash flow provided by operating activities was $246.2 million for the three months ended December 31, 2021, an increase of $37.8 million as compared to the same period in 2020. Free cash flow for the fourth quarter of 2021 was $149.0 million as compared to $160.1 million for the same period in 2020, a 7.0% decrease.

For the fourth quarter of 2021, funds from operations, or FFO, was $183.6 million versus $167.6 million for the same period in 2020, an increase of 9.6%. Adjusted funds from operations, or AFFO, for the fourth quarter of 2021 was $180.7 million compared to $172.1 million for the same period in 2020, an increase of 5.0%. Diluted AFFO per share increased 4.1% to $1.78 for the three months ended December 31, 2021 as compared to $1.71 for the same period in 2020.

Acquisition-Adjusted Three Months Results

Acquisition-adjusted net revenue for the fourth quarter of 2021 increased 14.0% over acquisition-adjusted net revenue for the fourth quarter of 2020. Acquisition-adjusted EBITDA for the fourth quarter of 2021 increased 10.4% as compared to acquisition-adjusted EBITDA for the fourth quarter of 2020. Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2020 period for acquisitions and divestitures for the same time frame as actually owned in the 2021 period. See “Reconciliation of Reported Basis to Acquisition-Adjusted Results”, which provides reconciliations to GAAP for acquisition-adjusted measures.

Twelve Month Results

Lamar reported net revenues of $1.79 billion for the twelve months ended December 31, 2021 versus $1.57 billion for the twelve months ended December 31, 2020, a 13.9% increase. Operating income for the twelve months ended December 31, 2021 increased $111.1 million to $521.2 million as compared to $410.1 million for the same period in 2020. Lamar recognized net income of $388.1 million for the twelve months ended December 31, 2021 as compared to net income of $243.4 million for the same period in 2020, an increase of $144.7 million. Net income per diluted share was $3.83 and $2.41 for the twelve months ended December 31, 2021 and 2020, respectively.

Adjusted EBITDA for the twelve months ended December 31, 2021 was $827.3 million versus $671.5 million for the same period in 2020, an increase of 23.2%.

Cash flow provided by operating activities was $734.4 million for the twelve months ended December 31, 2021, an increase of $164.5 million as compared to the same period in 2020. Free cash flow for the twelve months ended December 31, 2021 was $593.4 million as compared to $472.5 million for the same period in 2020, a 25.6% increase.

For the twelve months ended December 31, 2021, FFO was $643.4 million versus $477.2 million for the same period in 2020, an increase of 34.8%. AFFO for the twelve months ended December 31, 2021 was $667.7 million compared to $514.8 million for the same period in 2020, an increase of 29.7%. Diluted AFFO per share increased 29.2% to $6.59 for the twelve months ended December 31, 2021 as compared to $5.10 for the same period in 2020.

Liquidity

As of December 31, 2021, Lamar had $662.4 million in total liquidity that consisted of $562.6 million available for borrowing under its revolving senior credit facility and $99.8 million in cash and cash equivalents. There was $175.0 million in borrowings outstanding under each of the revolving senior credit facility and accounts receivable program as of December 31, 2021.

Recent Developments

During the three months ended December 31, 2021, Lamar closed 23 acquisitions for a total cash purchase price of $204.7 million, adding over 1,200 advertising displays. During the twelve months ended December 31, 2021, the Company closed 45 acquisitions for a total cash purchase price of $312.3 million, adding approximately 2,700 advertising displays.

On February 24, 2022, Lamar declared a quarterly cash dividend of $1.10 per common share to its Class A and Class B stockholders to be paid on March 31, 2022. Subject to the approval of the Company’s Board of Directors, the Company expects aggregate quarterly dividends to its Class A and Class B stockholders will be $4.40 per common share, including the dividend payable on March 31, 2022.

Guidance

We expect net income per diluted share for fiscal year 2022 to be between $4.83 and $4.90, with diluted AFFO per share between $7.03 and $7.18. 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 severity and duration of the COVID-19 pandemic and its impact on our business, financial condition and results of operations; (3) the state of the economy and financial markets generally, including the impact caused by the COVID-19 pandemic and the effect of the broader economy on the demand for advertising; (4) the continued popularity of outdoor advertising as an advertising medium; (5) our need for and ability to obtain additional funding for operations, debt refinancing or acquisitions; (6) our ability to continue to qualify as a Real Estate Investment Trust (“REIT”) and maintain our status as a REIT; (7) the regulation of the outdoor advertising industry by federal, state and local governments; (8) 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; (9) changes in accounting principles, policies or guidelines; (10) changes in tax laws applicable to REITs or in the interpretation of those laws; (11) our ability to renew expiring contracts at favorable rates; (12) our ability to successfully implement our digital deployment strategy; and (13) 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, 2020, 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 investees, stock-based compensation, depreciation and amortization, gain or loss on disposition of assets 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 gains or losses from the sale or disposal of real estate assets and investments 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 revenue and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax provision; (v) non-real estate related depreciation and amortization; (vi) amortization of deferred financing costs; (vii) loss on extinguishment of debt; (viii) non-recurring infrequent or unusual losses (gains); (ix) less maintenance capital expenditures; and (x) 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, depreciation and amortization and loss (gain) on disposition of assets.
  • 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, 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, February 25, 2022 at 8:00 a.m. central time. Instructions for the conference call and Webcast are provided below:

Conference Call

All Callers:1-203-518-9859 or 1-800-343-1703
Passcode:52145
  
  
Live Webcast:        www.lamar.com/About/Investors/Presentations
  
Webcast Replay:        www.lamar.com
 Available through Friday, March 4, 2022 at 11:59 p.m. eastern time
  
Company Contact:Buster Kantrow
 Director of Investor Relations
 (225) 926-1000
 bkantrow@lamar.com
  

General Information

Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with over 354,000 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 3,900 displays.


LAMAR ADVERTISING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2021   2020   2021   2020 
Net revenues$494,574  $428,525  $1,787,401  $1,568,856 
Operating expenses (income)       
Direct advertising expenses 157,079   138,448   576,952   557,274 
General and administrative expenses 85,267   66,494   308,781   275,145 
Corporate expenses 21,573   15,730   74,379   64,901 
Stock-based compensation 14,828   7,726   37,368   18,772 
Capitalized contract fulfillment costs, net 455   (649)  (445)  387 
Depreciation and amortization 65,623   63,748   271,294   251,296 
Gain on disposition of assets (193)  (4,203)  (2,115)  (9,026)
Total operating expense 344,632   287,294   1,266,214   1,158,749 
Operating income 149,942   141,231   521,187   410,107 
Other expense (income)       
Loss on extinguishment of debt       21,604   25,235 
Interest income (209)  (180)  (763)  (797)
Interest expense 25,746   30,565   106,384   137,623 
Equity in earnings of investee (2,243)     (3,384)   
  23,294   30,385   123,841   162,061 
Income before income tax expense 126,648   110,846   397,346   248,046 
Income tax expense 3,334   2,140   9,256   4,660 
Net income 123,314   108,706   388,090   243,386 
Preferred stock dividends 92   92   365   365 
Net income applicable to common stock$123,222  $108,614  $387,725  $243,021 
Earnings per share:       
Basic earnings per share$1.22  $1.08  $3.83  $2.41 
Diluted earnings per share$1.21  $1.08  $3.83  $2.41 
Weighted average common shares outstanding:       
Basic 101,240,519   100,856,139   101,133,269   100,756,361 
Diluted 101,468,468   100,884,464   101,349,865   100,902,700 
OTHER DATA       
Free Cash Flow Computation:       
Adjusted EBITDA$230,655  $207,853  $827,289  $671,536 
Interest, net (24,065)  (28,943)  (99,744)  (130,917)
Current tax expense (2,938)  (1,067)  (7,682)  (5,457)
Preferred stock dividends (92)  (92)  (365)  (365)
Total capital expenditures (54,577)  (17,639)  (126,090)  (62,272)
Free cash flow$148,983  $160,112  $593,408  $472,525 
                


SUPPLEMENTAL SCHEDULES
SELECTED BALANCE SHEET AND CASH FLOW DATA
(IN THOUSANDS)

 December 31,
2021
 December 31,
2020
Selected Balance Sheet Data:   
Cash and cash equivalents$99,788  $121,569 
Working capital deficit$(274,358) $(167,302)
Total assets$6,047,494  $5,791,441 
Total debt, net of deferred financing costs (including current maturities)$3,013,595  $2,886,516 
Total stockholders’ equity$1,217,089  $1,202,768 


 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2021   2020   2021   2020 
Selected Cash Flow Data:       
Cash flows provided by operating activities$246,183  $208,416  $734,417  $569,873 
Cash flows used in investing activities$258,522  $29,207  $461,760  $96,888 
Cash flows provided by (used in) financing activities$24,620  $(126,653) $(294,519) $(377,917)
                


SUPPLEMENTAL SCHEDULES
UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES
(IN THOUSANDS)

 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2021   2020   2021   2020 
Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow:       
Cash flows provided by operating activities$246,183  $208,416  $734,417  $569,873 
Changes in operating assets and liabilities (41,170)  (26,637)  (9,582)  (22,369)
Total capital expenditures (54,577)  (17,639)  (126,090)  (62,272)
Preferred stock dividends (92)  (92)  (365)  (365)
Capitalized contract fulfillment costs, net 455   (649)  (445)  387 
Other (1,816)  (3,287)  (4,527)  (12,729)
Free cash flow$148,983  $160,112  $593,408  $472,525 
        
Reconciliation of Net Income to Adjusted EBITDA:       
Net income$123,314  $108,706  $388,090  $243,386 
Loss on extinguishment of debt       21,604   25,235 
Interest income (209)  (180)  (763)  (797)
Interest expense 25,746   30,565   106,384   137,623 
Equity in earnings of investee (2,243)     (3,384)   
Income tax expense 3,334   2,140   9,256   4,660 
Operating income 149,942   141,231   521,187   410,107 
Stock-based compensation 14,828   7,726   37,368   18,772 
Capitalized contract fulfillment costs, net 455   (649)  (445)  387 
Depreciation and amortization 65,623   63,748   271,294   251,296 
Gain on disposition of assets (193)  (4,203)  (2,115)  (9,026)
Adjusted EBITDA$230,655  $207,853  $827,289  $671,536 
        
Capital expenditure detail by category:       
Billboards - traditional$18,817  $2,430  $31,894  $11,131 
Billboards - digital 17,444   3,196   55,285   22,618 
Logo 5,461   7,710   12,926   13,108 
Transit 740   540   2,514   3,212 
Land and buildings 8,844   2,835   14,077   6,303 
Operating equipment 3,271   928   9,394   5,900 
Total capital expenditures$54,577  $17,639  $126,090  $62,272 
                


SUPPLEMENTAL SCHEDULES
UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES
(IN THOUSANDS)

 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2021   2020  % Change  2021   2020  % Change
Reconciliation of Reported Basis to Acquisition-Adjusted Results(a):           
Net revenue$494,574  $428,525  15.4% $1,787,401  $1,568,856  13.9%
Acquisitions and divestitures    5,482        1,524   
Acquisition-adjusted net revenue$494,574  $434,007  14.0% $1,787,401  $1,570,380  13.8%
Reported direct advertising and G&A expenses(b)$242,346  $204,942  18.3% $885,733  $832,419  6.4%
Acquisitions and divestitures    4,317        (1,394)  
Acquisition-adjusted direct advertising and G&A expenses$242,346  $209,259  15.8% $885,733  $831,025  6.6%
Outdoor operating income$252,228  $223,583  12.8% $901,668  $736,437  22.4%
Acquisition and divestitures    1,165        2,918   
Acquisition-adjusted outdoor operating income$252,228  $224,748  12.2% $901,668  $739,355  22.0%
Reported corporate expense$21,573  $15,730  37.1% $74,379  $64,901  14.6%
Acquisitions and divestitures               
Acquisition-adjusted corporate expenses$21,573  $15,730  37.1% $74,379  $64,901  14.6%
Adjusted EBITDA$230,655  $207,853  11.0% $827,289  $671,536  23.2%
Acquisitions and divestitures    1,165        2,918   
Acquisition-adjusted EBITDA$230,655  $209,018  10.4% $827,289  $674,454  22.7%

(a)  Acquisition-adjusted net revenue, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses and EBITDA include adjustments to 2020 for acquisitions and divestitures for the same time frame as actually owned in 2021.   
(b)  Does not include expense (income) of $455 and ($445) for the three and twelve months ended December 31, 2021 and (income) expense of ($649) and $387 for the three and twelve months ended December 31, 2020, related to capitalization contract fulfillment costs, net. 


SUPPLEMENTAL SCHEDULES
UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES
(IN THOUSANDS)

 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2021   2020  % Change  2021   2020  % Change
Reconciliation of Net Income to Outdoor Operating Income:           
Net income$123,314  $108,706  13.4% $388,090  $243,386  59.5%
Loss on extinguishment of debt         21,604   25,235   
Interest expense, net 25,537   30,385     105,621   136,826   
Equity in earnings of investee (2,243)       (3,384)     
Income tax expense 3,334   2,140     9,256   4,660   
Operating income 149,942   141,231  6.2%  521,187   410,107  27.1%
Corporate expenses 21,573   15,730     74,379   64,901   
Stock-based compensation 14,828   7,726     37,368   18,772   
Capitalized contract fulfillment costs, net 455   (649)    (445)  387   
Depreciation and amortization 65,623   63,748     271,294   251,296   
Gain on disposition of assets (193)  (4,203)    (2,115)  (9,026)  
Outdoor operating income$252,228  $223,583  12.8% $901,668  $736,437  22.4%


 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2021   2020  % Change  2021   2020  % Change
Reconciliation of Total Operating Expense to Acquisition-Adjusted Consolidated Expense:           
Total operating expense$344,632  $287,294  20.0% $1,266,214  $1,158,749  9.3%
Gain on disposition of assets 193   4,203     2,115   9,026   
Depreciation and amortization (65,623)  (63,748)    (271,294)  (251,296)  
Capitalized contract fulfillment costs, net (455)  649     445   (387)  
Stock-based compensation (14,828)  (7,726)    (37,368)  (18,772)  
Acquisitions and divestitures    4,317        (1,394)  
Acquisition-adjusted consolidated expense$263,919  $224,989  17.3% $960,112  $895,926  7.2%
                      


SUPPLEMENTAL SCHEDULES
UNAUDITED REIT MEASURES
AND RECONCILIATIONS TO GAAP MEASURES
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2021   2020   2021   2020 
Adjusted Funds from Operations:       
Net income$123,314  $108,706  $388,090  $243,386 
Depreciation and amortization related to real estate 62,538   60,048   259,933   238,932 
Gain from disposition of real estate assets (153)  (1,368)  (1,865)  (5,790)
Adjustment for unconsolidated affiliates and non-controlling interest (2,138)  173   (2,756)  629 
Funds from operations$183,561  $167,559  $643,402  $477,157 
Straight-line expense 248   982   2,443   3,597 
Capitalized contract fulfillment costs, net 455   (649)  (445)  387 
Stock-based compensation expense 14,828   7,726   37,368   18,772 
Non-cash portion of tax provision 396   1,073   1,574   (797)
Gain from the one-time sale of non-real estate assets    (3,197)     (3,197)
Non-real estate related depreciation and amortization 3,085   3,700   11,361   12,364 
Amortization of deferred financing costs 1,472   1,442   5,877   5,909 
Loss on extinguishment of debt       21,604   25,235 
Capitalized expenditures-maintenance (25,499)  (6,412)  (58,196)  (24,028)
Adjustment for unconsolidated affiliates and non-controlling interest 2,138   (173)  2,756   (629)
Adjusted funds from operations$180,684  $172,051  $667,744  $514,770 
Divided by weighted average diluted common shares outstanding 101,468,468   100,884,464   101,349,865   100,902,700 
Diluted AFFO per share$1.78  $1.71  $6.59  $5.10 
                


SUPPLEMENTAL SCHEDULES
UNAUDITED REIT MEASURES
AND RECONCILIATIONS TO GAAP MEASURES
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

Projected 2022 Adjusted Funds From Operations:

  Year ended December 31, 2022
  Low High
Net income $492,715  $499,715 
Depreciation and amortization related to real estate  244,500   244,500 
Gain from disposition of real estate assets and investments  (6,000)  (6,000)
Adjustment for unconsolidated affiliates and non-controlling interest  (2,620)  (2,620)
Funds From Operations $728,595  $735,595 
Straight-line expense  3,800   3,800 
Stock-based compensation expense  30,000   38,000 
Non-cash portion of tax provision  600   600 
Non-real estate related depreciation and amortization  10,500   10,500 
Amortization of deferred financing costs  5,935   5,935 
Capitalized expenditures—maintenance  (65,000)  (65,000)
Adjustment for unconsolidated affiliates and non-controlling interest  2,620   2,620 
Adjusted Funds From Operations $717,050  $732,050 
Weighted average diluted shares outstanding  102,000,000   102,000,000 
Diluted earnings per share $4.83  $4.90 
Diluted AFFO per share $7.03  $7.18 

The guidance provided above is based on a number of assumptions that management believes to be reasonable and reflects our
expectations as of February 2022. 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.


Primary Logo

Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.