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Lamar Advertising Company Announces Second Quarter 2018 Operating Results

August 8, 2018

Three Month Results

-- Net revenue increased 5.7% to $419.8 million -- Net income was $100.4 million -- Adjusted EBITDA increased 7.6% to $195.8 million

Three Month Acquisition-Adjusted Results

-- Acquisition-adjusted net revenue increased 3.4% -- Acquisition-adjusted EBITDA increased 5.4%

BATON ROUGE, La., Aug. 08, 2018 (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 second quarter ended June 30, 2018.

“We are very pleased by our revenue growth in the second quarter, which demonstrates that outdoor advertising remains a core communications platform for top businesses,” said Chief Executive Sean Reilly. “Our sales pacings for the third quarter are similarly encouraging; therefore, we are increasing the range for full year AFFO per share guidance in the revised guidance section of this press release.”

Second Quarter Highlights

-- Same unit digital revenue increased 6.3% -- Consolidated acquisition-adjusted expenses increased 1.7% -- AFFO increased 10.2% -- Diluted AFFO per share increased 9.4%

Second Quarter Results Lamar reported net revenues of $419.8 million for the second quarter of 2018 versus $397.1 million for the second quarter of 2017, a 5.7% increase. Operating income for the second quarter of 2018 increased $7.5 million to $135.7 million as compared to $128.2 million for the same period in 2017. Lamar recognized net income of $100.4 million for the second quarter of 2018 compared to net income of $92.4 million for same period in 2017. Net income per diluted share was $1.02 and $0.94 for the three months ended June 30, 2018 and 2017, respectively.

Adjusted EBITDA for the second quarter of 2018 was $195.8 million versus $181.9 million for the second quarter of 2017, an increase of 7.6%.

Cash flow provided by operating activities was $175.0 million for the three months ended June 30, 2018, an increase of $14.8 million as compared to the same period in 2017. Free cash flow for the second quarter of 2018 was $132.9 million as compared to $119.2 million for the same period in 2017, an 11.5% increase.

For the second quarter of 2018, Funds From Operations, or FFO, was $150.9 million versus $140.9 million for the same period in 2017, an increase of 7.1%. Adjusted Funds From Operations, or AFFO, for the second quarter of 2018 was $150.5 million compared to $136.5 million for the same period in 2017, an increase of 10.2%. Diluted AFFO per share increased 9.4% to $1.52 for the three months ended June 30, 2018 as compared to $1.39 for the same period in 2017.

Acquisition-Adjusted Three Months Results Acquisition-adjusted net revenue for the second quarter of 2018 increased 3.4% over Acquisition-adjusted net revenue for the second quarter of 2017. Acquisition-adjusted EBITDA for the second quarter of 2018 increased 5.4% as compared to Acquisition-adjusted EBITDA for the second quarter of 2017. Acquisition-adjusted net revenue and Acquisition-adjusted EBITDA include adjustments to the 2017 period for acquisitions and divestitures for the same time frame as actually owned in the 2018 period. See “Reconciliation of Reported Basis to Acquisition-Adjusted Results”, which provides reconciliations to GAAP for Acquisition-adjusted measures.

Six Months ResultsLamar reported net revenues of $780.8 million for the six months ended June 30, 2018 versus $743.4 million for the same period in 2017, a 5.0% increase. Operating income for the six months ended June 30, 2018 was $201.6 million as compared to $203.6 million for the same period in 2017. Lamar recognized net income of $115.5 million for the six months ended June 30, 2018 as compared to net income of $134.2 million for the same period in 2017. Net income per diluted share decreased to $1.17 for the six months ended June 30, 2018 as compared to $1.36 for the same period in 2017. In addition, Adjusted EBITDA for the six months ended June 30, 2018 was $334.7 million versus $310.2 million for the same period in 2017, a 7.9% increase.

Cash flow provided by operating activities increased to $215.8 million for the six months ended June 30, 2018, as compared to $194.8 million in the same period in 2017. Free cash flow for the six months ended June 30, 2018 increased 9.6% to $214.3 million as compared to $195.5 million for the same period in 2017.

For the six months ended June 30, 2018, FFO was $229.6 million versus $230.6 million for the same period in 2017, a 0.4% decrease. AFFO for the six months ended June 30, 2018 was $246.9 million compared to $223.0 million for the same period in 2017, a 10.7% increase. Diluted AFFO per share increased to $2.50 for the six months ended June 30, 2018, as compared to $2.27 in the same period in 2017, an increase of 10.1%.

LiquidityAs of June 30, 2018, Lamar had $338.6 million in total liquidity that consisted of $319.0 million available for borrowing under its revolving senior credit facility and approximately $19.6 million in cash and cash equivalents.

Revised GuidanceThe Company is revising its 2018 full year guidance for AFFO and Earnings per share. Lamar expects Diluted AFFO per share for 2018 to be between $5.30 and $5.40, as compared to our previous guidance range of $5.15 and $5.30. In addition, Earnings per diluted share is expected to be between $2.94 and $3.04, as compared to our previous guidance range of $2.96 to $3.11. The revised Earnings per diluted share guidance includes losses of approximately $0.08 per share for the divestiture of our Puerto Rico operations, which were not previously projected in our original guidance. See “Supplemental Schedules Unaudited REIT Measures and Reconciliations to GAAP Measures”, for a reconciliation to GAAP.

Forward Looking StatementsThis 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; (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 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, 2017, 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 MeasuresThe 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 EBITDA (earnings before interest, taxes, depreciation and amortization), Free Cash Flow, Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Diluted AFFO per share, Outdoor Operating Income and Acquisition-Adjusted Results. 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, stock-based compensation, depreciation and amortization and gain or loss on disposition of assets and investments. -- 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) stock-based compensation expense; (iii) non-cash portion of tax provision; (iv) non-real estate related depreciation and amortization; (v) amortization of deferred financing costs; (vi) loss on extinguishment of debt; (vii) non-recurring infrequent or unusual losses (gains); (viii) less maintenance capital expenditures; and (ix) 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, 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 assets or divested 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”.

Adjusted EBITDA, FFO, AFFO, Outdoor Operating Income and Acquisition-Adjusted Results are not intended to replace other performance measures determined in accordance with GAAP. Free Cash Flow, FFO nor AFFO 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 and Acquisition-Adjusted Results 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 and Diluted AFFO per share 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 divestures, 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, Outdoor Operating Income and Acquisition-Adjusted Results may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of Adjusted EBITDA, FFO, AFFO, Outdoor Operating Income and Acquisition-Adjusted Results to the most directly comparable GAAP measures have been included herein.

Conference Call InformationA conference call will be held to discuss the Company’s operating results on Wednesday, August 8, 2018 at 8:00 a.m. central time. Instructions for the conference call and Webcast are provided below:

Conference Call All Callers: 1-334-323-0520 or 1-334-323-9871 Passcode: Lamar Replay: 1-334-323-0140 or 1-877-919-4059 Passcode: 18730879 Available through Wednesday, August 15, 2018 at 11:59 p.m. eastern time Live Webcast: www.lamar.com Webcast Replay: www.lamar.com Available through Wednesday, August 15, 2018 at 11:59 p.m. eastern time Company Contact: Buster Kantrow Director of Investor Relations (225) 926-1000 bkantrow@lamar.com

General InformationFounded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with more than 348,000 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 2,900 displays.

LAMAR ADVERTISING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) Three months ended Six months ended June 30, June 30, ------------------------------ ----------------------------- 2018 2017 2018 2017 -------------- -------------- -------------- -------------- Net revenues $ 419,800 $ 397,078 $ 780,826 $ 743,440 - ---------- - - ---------- - - ---------- - - ---------- - Operating expenses (income) Direct advertising expenses 140,784 135,075 279,077 266,919 General and administrative expenses 67,435 63,723 135,520 133,572 Corporate expenses 15,791 16,363 31,504 32,700 Stock-based compensation 6,607 2,565 14,121 5,043 Depreciation and amortization 55,322 51,782 112,162 103,207 (Gain) loss on disposition of assets (1,843 ) (607 ) 6,858 (1,643 ) - ---------- - - ---------- - - ---------- - - ---------- - 284,096 268,901 579,242 539,798 - ---------- - - ---------- - - ---------- - - ---------- - Operating income 135,704 128,177 201,584 203,642 Other (income) expense Loss on extinguishment of debt — 71 15,429 71 Interest income (132 ) — (156 ) (4 ) Interest expense 31,892 31,979 65,471 63,462 - ---------- - - ---------- - - ---------- - - ---------- - 31,760 32,050 80,744 63,529 - ---------- - - ---------- - - ---------- - - ---------- - Income before income tax expense 103,944 96,127 120,840 140,113 Income tax expense 3,513 3,733 5,357 5,932 - ---------- - - ---------- - - ---------- - - ---------- - Net income 100,431 92,394 115,483 134,181 Preferred stock dividends 91 91 182 182 - ---------- - - ---------- - - ---------- - - ---------- - Net income applicable to common stock $ 100,340 $ 92,303 $ 115,301 $ 133,999 - ---------- - - ---------- - - ---------- - - ---------- - Earnings per share: Basic earnings per share $ 1.02 $ 0.94 $ 1.17 $ 1.37 - ---------- - - ---------- - - ---------- - - ---------- - Diluted earnings per share $ 1.02 $ 0.94 $ 1.17 $ 1.36 - ---------- - - ---------- - - ---------- - - ---------- - Weighted average common shares 98,532,110 97,941,766 98,417,467 97,759,636 outstanding: - basic 98,834,588 98,442,860 98,725,475 98,276,283 - diluted OTHER DATA Free Cash Flow Computation: Adjusted EBITDA $ 195,790 $ 181,917 $ 334,725 $ 310,249 Interest, net (30,554 ) (30,704 ) (62,867 ) (60,835 ) Current tax expense (2,989 ) (3,348 ) (4,920 ) (5,902 ) Preferred stock dividends (91 ) (91 ) (182 ) (182 ) Total capital expenditures (29,221 ) (28,600 ) (52,473 ) (47,836 ) - ---------- - - ---------- - - ---------- - - ---------- - Free Cash Flow $ 132,935 $ 119,174 $ 214,283 $ 195,494 - ---------- - - ---------- - - ---------- - - ---------- - June 30, December 31, Selected Balance Sheet Data: 2018 2017 -------------- -------------- Cash and cash equivalents $ 19,588 $ 115,471 Working capital $ 123,654 $ 94,525 Total assets $ 4,119,970 $ 4,214,345 Total debt, net of deferred financing $ 2,564,900 $ 2,556,690 costs (including current maturities) Total stockholders’ equity $ 1,073,520 $ 1,103,493 Three months ended Six months ended June 30, June 30, ------------------------------ ------------------------------ Selected Cash Flow Data: 2018 2017 2018 2017 -------------- -------------- -------------- -------------- Cash flows provided by operating $ 175,012 $ 160,257 $ 215,784 $ 194,753 activities Cash flows used in investing $ 32,569 $ 37,941 $ 61,422 $ 73,360 activities Cash flows used in financing $ 132,515 $ 111,665 $ 249,562 $ 114,837 activities

SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) Three months ended Six months ended June 30, June 30, ------------------------ ------------------------ 2018 2017 2018 2017 ----------- ----------- ----------- ----------- Reconciliation ofCash Flows Provided by Operating Activities to Free Cash Flow: Cash flows provided by operating activities $ 175,012 $ 160,257 $ 215,784 $ 194,753 Changes in operating assets and liabilities (11,031 ) (10,424 ) 55,094 52,155 Total capital expenditures (29,221 ) (28,600 ) (52,473 ) (47,836 ) Preferred stock dividends (91 ) (91 ) (182 ) (182 ) Other (1,734 ) (1,968 ) (3,940 ) (3,396 ) - ------- - - ------- - - ------- - - ------- - Free cash flow $ 132,935 $ 119,174 $ 214,283 $ 195,494 - ------- - - ------- - - ------- - - ------- - Reconciliation ofNet Income to Adjusted EBITDA: Net Income $ 100,431 $ 92,394 $ 115,483 $ 134,181 Loss on extinguishment of debt — 71 15,429 71 Interest income (132 ) — (156 ) (4 ) Interest expense 31,892 31,979 65,471 63,462 Income tax expense 3,513 3,733 5,357 5,932 - ------- - - ------- - - ------- - - ------- - Operating Income 135,704 128,177 201,584 203,642 Stock-based compensation 6,607 2,565 14,121 5,043 Depreciation and amortization 55,322 51,782 112,162 103,207 (Gain) loss on disposition of assets (1,843 ) (607 ) 6,858 (1,643 ) - ------- - - ------- - - ------- - - ------- - Adjusted EBITDA $ 195,790 $ 181,917 $ 334,725 $ 310,249 - ------- - - ------- - - ------- - - ------- - Capital expenditure detail by category: Billboards - traditional $ 8,420 $ 7,260 $ 15,207 $ 13,539 Billboards - digital 11,815 13,376 20,117 20,963 Logo 2,653 2,110 5,105 3,911 Transit 368 65 740 288 Land and buildings 2,598 3,132 6,029 4,514 Operating equipment 3,367 2,657 5,275 4,621 - ------- - - ------- - - ------- - - ------- - Total capital expenditures $ 29,221 $ 28,600 $ 52,473 $ 47,836 - ------- - - ------- - - ------- - - ------- -

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

Three months ended June 30, -------------------- 2018 2017 % Change --------- --------- ------- Reconciliation of Reported Basis to Acquisition-Adjusted Results(a): Net revenue $ 419,800 $ 397,078 5.7 % Acquisitions and divestitures — 9,010 - ------- - ------- Acquisition-adjusted net revenue $ 419,800 $ 406,088 3.4 % Reported direct advertising and G&A expenses $ 208,219 $ 198,798 4.7 % Acquisitions and divestitures — 5,111 - ------- - ------- Acquisition-adjusted direct advertising and G&A expenses $ 208,219 $ 203,909 2.1 % Outdoor operating income $ 211,581 $ 198,280 6.7 % Acquisitions and divestitures — 3,899 - ------- - ------- Acquisition-adjusted outdoor operating income $ 211,581 $ 202,179 4.7 % Reported corporate expenses $ 15,791 $ 16,363 (3.5 )% Acquisitions and divestitures — — - ------- - ------- Acquisition-adjusted corporate expenses $ 15,791 $ 16,363 (3.5 )% Adjusted EBITDA $ 195,790 $ 181,917 7.6 % Acquisitions and divestitures — 3,899 - ------- - ------- Acquisition-adjusted EBITDA $ 195,790 $ 185,816 5.4 % - ------- - ------- (a) Acquisition-adjusted net revenue, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses and EBITDA include adjustments to 2017 for acquisitions and divestitures for the same time frame as actually owned in 2018.

Three months ended June 30, ------------------------ 2018 2017 ----------- ----------- Reconciliation of Net Income to Outdoor Operating Income: Net Income $ 100,431 $ 92,394 Interest expense, net 31,760 31,979 Income tax expense 3,513 3,733 Loss on extinguishment of debt — 71 - ------- - - ------- - Operating Income 135,704 128,177 Corporate expenses 15,791 16,363 Stock-based compensation 6,607 2,565 Depreciation and amortization 55,322 51,782 Gain on disposition of assets (1,843 ) (607 ) - ------- - - ------- - Outdoor Operating Income $ 211,581 $ 198,280 - ------- - - ------- -

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

Adjusted Funds From Operations:

Three months ended Six months ended June 30, June 30, ------------------------------ ------------------------------ 2018 2017 2018 2017 -------------- -------------- -------------- -------------- Net income $ 100,431 $ 92,394 $ 115,483 $ 134,181 Depreciation and amortization related to real 52,184 48,865 105,909 97,386 estate (Gain) loss from disposition of real estate (1,848 ) (568 ) 7,845 (1,407 ) assets and investments (tax effected) Adjustment for unconsolidated affiliates and 147 213 342 390 non-controlling interest - ---------- - - ---------- - - ---------- - - ---------- - Funds From Operations $ 150,914 $ 140,904 $ 229,579 $ 230,550 - ---------- - - ---------- - - ---------- - - ---------- - Straight-line income (680 ) (58 ) (957 ) (95 ) Stock-based compensation expense 6,607 2,565 14,121 5,043 Non-cash portion of tax provision 581 385 (441 ) 30 Non-real estate related depreciation and 3,138 2,917 6,253 5,821 amortization Amortization of deferred financing costs 1,206 1,275 2,448 2,623 Loss on extinguishment of debt — 71 15,429 71 Capitalized expenditures—maintenance (11,080 ) (11,300 ) (19,205 ) (20,678 ) Adjustment for unconsolidated affiliates and (147 ) (213 ) (342 ) (390 ) non-controlling interest - ---------- - - ---------- - - ---------- - - ---------- - Adjusted Funds From Operations $ 150,539 $ 136,546 $ 246,885 $ 222,975 - ---------- - - ---------- - - ---------- - - ---------- - Divided by weighted average diluted common 98,834,588 98,442,860 98,725,475 98,276,283 shares outstanding - ---------- - - ---------- - - ---------- - - ---------- - Diluted AFFO per share $ 1.52 $ 1.39 $ 2.50 $ 2.27 - ---------- - - ---------- - - ---------- - - ---------- -

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

Projected 2018 Adjusted Funds From Operations Year ended December 31, 2018 ------------------------------ Low High -------------- -------------- Net income $ 290,850 $ 300,850 Depreciation and amortization related to real estate 211,000 211,000 Loss from disposal of real estate assets and investments 6,000 6,000 Adjustment for unconsolidated affiliates and non-controlling interest 900 900 - ---------- - - ---------- - Funds From Operations $ 508,750 $ 518,750 - ---------- - - ---------- - Straight-line income (1,500 ) (1,500 ) Stock-based compensation expense 30,150 30,150 Non-cash portion of tax provision (1,000 ) (1,000 ) Non-real estate related depreciation and amortization 12,000 12,000 Amortization of deferred financing costs 5,000 5,000 Loss on extinguishment of debt 15,500 15,500 Capitalized expenditures—maintenance (44,000 ) (44,000 ) Adjustment for unconsolidated affiliates and non-controlling interest (900 ) (900 ) Adjusted Funds From Operations $ 524,000 $ 534,000 - ---------- - - ---------- - Weighted average diluted common shares outstanding 98,900,000 98,900,000 - ---------- - - ---------- - Diluted earnings per share $ 2.94 $ 3.04 - ---------- - - ---------- - Diluted AFFO per share $ 5.30 $ 5.40 - ---------- - - ---------- -

The guidance provided above is based on a number of assumptions that management believes to be reasonable and reflect our expectations as of August 2018. 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.

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