Baton Rouge, LA – May 28, 2020 – Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces that its board of directors has declared a quarterly dividend of $0.50 per share payable on June 30, 2020, to stockholders of record of Lamar’s Class A common stock and Class B common stock on June 22, 2020.

“While customer activity has picked up, as we noted when we reported first-quarter results, the trajectory of our business through the remainder of 2020 remains difficult to predict,” Lamar chief executive Sean Reilly said. “Given that uncertainty, the board concluded that adjusting the dividend for the second quarter is the prudent course of action. We plan to evaluate our dividend plans on a quarterly basis, giving consideration to our liquidity, our leverage and the operating environment that we foresee. We fully intend to honor our obligation as a REIT to pay out at least 90% of our full-year taxable income.”

Lamar previously paid a dividend of $1.00 per share on March 31, 2020.

Insider’s take:  Cutting the second quarter dividend in half saves about $50 million which is equal to about 30% of first quarter adjusted cashflow of $160.  A good move to conserve cash until the Covid recovery is certain.  Outfront has suspended its dividend until December 2020.  Lamar finished the day down 2% on a day when the S&P 500 was down 0.2%, Clear Channel Outdoor was down 3.8% and OUTFRONT was down 6%.

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