Lamar Advertising Company (LAMR) Citi’s Miami Global Property CEO Conference 2026 summary

Market positioning and business model

• Yield remains near 5%, above the REIT average, with AFFO multiples below peers, suggesting undervaluation.

• Severe regulatory constraints create high barriers to entry, protecting dominant market shares in small and mid-sized markets.

• Digital conversion expands capacity and allows for more targeted advertising.

• Local market dominance enables control over digital competition and pricing.

Regulatory environment and competitive moat

• Billboard operations are regulated at federal, state, and local levels, with local ordinances often most restrictive.

• Permits are tied to the billboard company, not landowners, reinforcing asset control.

• Combined regulatory regimes create a significant competitive moat.

Technology, AI, and operational efficiency

• AI is expected to enhance sales, operations, and business intelligence.

• A major ERP upgrade is nearing completion, with $50 million invested, aiming for significant efficiency gains.

• The new system will reduce proposal time and enable smarter, more frequent client engagement.

• Anticipated margin improvement of 0.5% in 2027, with further gains expected.